Pub. date: 2008 | Online Pub. Date: May 28, 2008 | DOI: 10.4135/9781412963930 | Print ISBN: 9781412941655 | Online ISBN: 9781412963930| Publisher:SAGE Publications, Inc.About this encyclopedia
Retirement is an economic-based term that traditionally refers to the ending of paid work, often signaling the end of one's professional or work career. In the United States, retirement is usually accompanied by the receipt of Social Security to provide income, Medicare to cover some health care costs, and private retirement accounts or pensions to supplement savings. One basic aspect of the retirement process is the question of a retirement age. Two concepts must be the mandatory retirement age and “full” or “normal” retirement age. Issues of a mandatory retirement age center around changes in the Age Discrimination in Employment Act (ADEA). In 1967, passage of the ADEA addressed age-related issues in the workplace by preventing hiring and firing practices based on age. In 1978, the focus of the act expanded with an amendment to the ADEA preventing companies from enforcing mandatory retirement upon employees before they reached 70 years ...