Retirement, Implications of

Dale R. Fuqua & Jody L. Newman

Retirement refers to an ongoing period in life that traditionally has been considered to begin at the point of withdrawal from work life. Retirement is a social concept implemented primarily during the past 100 years due to changes in life expectancies and population demographics. The increase in life expectancies over the past century has produced both challenges and opportunities during the retirement phase of life that continually require increased attention and resources. The arrival of the baby boom generation at retirement age has enormous implications for population demographics, the workforce, and a host of social and economic issues. A dramatic trend toward earlier retirement, coupled with increased life expectancy, ensures a growing focus on issues related to retirement. The fact that the average American can now expect to be in retirement for 15 to 20 years creates demands that no other generation has faced. Retirement has broad social and cultural ...

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