History And Future Of Retirement

This article discusses the history and future of retirement. Old-age pensions were created over 130 years ago to trick citizens and provide little to no value. Retirement age was set at approximately life expectancy, which was 65. However, with retirees living beyond 80, the value of old-age pensions has increased. Retirement is no longer a decision made at a specific age after which one enjoys a life of leisure. Many remain busy past the official retirement age and require an income to maintain their standard of living. Retirement promises a life of enjoyment and leisure, but it can also deliver boredom, isolation, and financial difficulty. Only 24 percent of private sector workers have secure indexed pensions. Finding ways to supplement one's income may take on increasing importance, and casual or less-than-full-time employment may be more prevalent in the future. Retirement as we have come to understand it is likely to undergo dramatic changes in the coming years.