Retirement in the context of "Pension"

⭐ In the context of pensions, retirement is considered…

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⭐ Core Definition: Retirement

Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload.

Many people choose to retire when they are elderly or incapable of doing their job for health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889.

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👉 Retirement in the context of Pension

A pension (/ˈpɛnʃən/; from Latin pensiō 'payment') is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a "defined benefit plan", where defined periodic payments are made in retirement and the contributions to the pension are adjusted to support these defined retirement payments, or a "defined contribution plan", under which defined amounts are paid in during working life, and the retirement payments are whatever can be afforded from the fund.

Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement.

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Retirement in the context of Old age

Old age is the range of ages for people nearing and surpassing life expectancy. People of old age are called old people, the elderly, elders, senior citizens, seniors, or older adults. Old age is not a definite biological stage: the chronological age denoted as "old age" varies culturally and historically. Some disciplines and domains focus on the aging and the aged, such as the organic processes of aging (senescence), medical studies of the aging process (gerontology), diseases that afflict older adults (geriatrics), technology to support the aging society (gerontechnology), and leisure and sport activities adapted to older people (such as senior sport).

Old people often have limited regenerative abilities and are more susceptible to illness and injury than younger adults. They face social problems related to retirement, loneliness, and ageism.

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Retirement in the context of Professor Emeritus

An emeritus (/əˈmɛrɪtəs/) or emerita (/əˈmɛrɪtə/) is an honorary title granted to someone who retires from a position of distinction, most commonly an academic faculty position, but is allowed to continue using the previous title, as in "professor emeritus".

In some cases, the term is conferred automatically upon all persons who retire at a given rank, but in others, it remains a mark of distinguished performance (usually in the area of research) awarded selectively on retirement. It is also used when a person of distinction in a profession retires or hands over the position, enabling their former rank to be retained in their title. The term emeritus does not necessarily signify that a person has relinquished all the duties of their former position, and they may continue to exercise some of them.

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Retirement in the context of Pensioner

A pensioner is a person who receives a pension, most commonly because of retirement from the workforce. This is a term typically used in the United Kingdom (along with OAP, initialism of old-age pensioner), Ireland and Australia where someone of pensionable age may also be referred to as an "old age pensioner". In the United States, the term retiree is more common, and in New Zealand, the term superannuitant is commonly used. In many countries, increasing life expectancy has led to an expansion of the numbers of pensioners, and they are a growing political force.

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Retirement in the context of Swan song

The swan song (Ancient Greek: κύκνειον ᾆσμα; Latin: carmen cygni) is a metaphorical phrase for a final gesture, effort, or performance given just before death or retirement. The phrase refers to an ancient belief that swans sing a beautiful song just before their death while they have been silent (or alternatively not so musical) for most of their lifetime.

The belief, whose basis has been long debated, had become proverbial in ancient Greece by the 3rd century BCE and was reiterated many times in later Western poetry and art. In reality, swans learn a variety of sounds throughout their lifetime; their sounds are more distinguishable during courting rituals and not correlated with death.

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Retirement in the context of Social Security Institution

The Social Security Institution (SSI) (Turkish: Sosyal Güvenlik Kurumu (SGK)) is the governing authority of the Turkish social security system. It was established by the Social Security Institution Law No:5502, which was published in the Official Gazette No: 26173 on June 20, 2006. As a result, the Social Insurance Institution, Bağ-Kur and Retirement Fund ceased to exist and merged into a single organization. This merger brought five different retirement systems that affected civil servants, contractual paid workers, agricultural paid workers, and self-employed workers into a single retirement system offering equal actuarial rights and obligations.

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Retirement in the context of Social Security Administration

The United States Social Security Administration (SSA) is an independent agency of the U.S. federal government that administers Social Security, a social insurance program consisting of retirement, disability and survivor benefits. The Social Security Administration was established by the Social Security Act of 1935 and is codified in 42 U.S.C. § 901 (49 Stat. 635). It was created in 1935 as the "Social Security Board", then assumed its present name in 1946. Its current leader is Commissioner Frank Bisignano.

SSA offers its services to the public through 1,200 field offices, a website, and a national toll-free number. Field offices, which served 43 million individuals in 2019, were reopened on April 7, 2022 after being closed for two years due to the COVID-19 pandemic.

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