Retirement is the point where a person stops employment completely. A person may also semi-retire and keep some sort of retirement job, out of choice rather than necessity. This usually happens upon reaching a determined age, when physical conditions don't allow the person to work any more (by illness or accident), or even for personal choice (usually in the presence of an adequate pension or personal savings). The retirement with a pension is considered a right of the worker in many societies, and hard ideological, social, cultural and political battles have been fought over whether this is a right. In many western countries this right is mentioned in national constitutions.

Retirement age

In most countries, the idea of a fixed retirement age is of recent origin, being introduced during the 19th and 20th centuries. Previously, the absence of pension arrangements meant that most workers continued to work until death, or relied on personal savings or the support of family or friends. Nowadays most developed nations have systems to provide pensions on retirement in old age, which may be sponsored by employers or the state. In many poorer countries, support for the old is still mainly provided through the family.

The retirement age varies from country to country but it is generally between 55 and 70. In some countries this age is different for males and females. Sometimes certain jobs, the most dangerous or fatiguing ones in particular, have an earlier retirement age.

In the United States, while most view 65 as normal retirement age, many retire before then, sometimes with contributory causes such as job-loss, disability or wealth. However, the Old Age Survivors Insurance or OASI, better known as the Social Security system has age 62 as the earliest retirement age. Normal retirement age for Social Security has historically been age 65 to receive unreduced benefits, but it is gradually increasing to age 67. For those turning 65 in the year 2008 full benefits will be payable beginning at age 66. Police officers in the United States are typically allowed to retire at half pay after only 20 years of service or three-quarter pay after 30 years, allowing people to retire in their early forties or fifties.

In 2007, retirement age for teachers in France is thirty eight years after employment and age 50 for train engineers on the SNCF, the national railway.

Many politicians, doctors, scientists, lawyers, television anchors, and professors still work well into their 70s, however some actors, models, athletes, and musicians only work until their 30s.

Military members of the US Armed Forces may elect to retire after 20 years of active duty. Their retirement pay (not a pension since they can be involuntarily called back to active duty at any time) is calculated on total number of years on active duty, their final pay grade and the retirement system in place when they entered service. Allowances such as housing and subsistence are not used to calculate a member's retired pay. Members awarded the Medal of Honor qualify for a separate stipend, regardless of the years of service. Military members in the reserve and US National Guard have their retirement based on a point system. Fact: date=April 2007