Originating in the Latin term jubilatio, the word retirement refers to result of retiring (stop working for reasons of age, accessing a pension). The concept also allows you to name the payment a person receives when they are retired.
Retirement determines that a person is no longer physically or mentally qualified to continue performing the job that until then did.
The retirement can be of type ordinary , when the person ceases his work to reach the age stipulated by law for that purpose; or extraordinary , when you must abruptly dispense with work for reasons of major cause, accidents, disability, etc. In both cases, an administrative procedure is needed to agree on the conditions of work termination and calculate the value of the amount that that person will collect as a retirement pension.
For example: "I only have two years left for retirement", "The president announced an increase in minimum retirement", "I still haven't paid this month's retirement".
Retirement, therefore, is the denomination of a administrative Procedure through which a person in work activity stops working and becomes a taxpayer. To reach retirement, the subject has to reach a certain age established by law. In most of the countries , the retirement age is around 65 years .
Quitting work, of course, causes the individual to stop receiving income. He State Therefore, it provides an income for the retiree so that he can stay. This income, which is also known as retirement, is maintained until the death of the person.
The retirement it's a right and is established and regulated by the Social Security Of each country. It consists of issuing a monthly money to those who have reached a certain age or have retired for other reasons. The State is responsible for paying this amount and it remains until the person dies. As for the amount of the pension received by the retiree, it is fixed according to different calculations according to the country and current legislation.
In each country, as we have said, the laws that exist around retirement are diverse. In some the minimum age that a person must have to enjoy this right is 67 years (those who have a disability and can access a pension regardless of their age) are excluded; This age is generally related to the work performed, in the case of jobs where physical exertion is extreme or dangerous, this limit is usually lowered. In some laws, however, the workers retire before that age if they have quoted the estimated amount of money. All these issues are established by law and any citizen has the right to know them by approaching the corresponding office in their place of residence.
Related concepts
The early retirement It occurs when a person who has a certain age and has made a certain amount of contributions and in the face of certain medical causes, retires, becoming a contributory pensioner, leaving the labor market before the age established by law for retirement.
The concept of early retirement , although many confuse it with early retirement, it implies different things. It is a non-legal term (from the right a pre-retiree is an unemployed person who does not seek employment); It is a person who has reached an agreement with the company for which he works through which they agree to terminate the employment relationship. In this agreement, the company undertakes to pay a certain percentage of the normal salary in terms of compensation and in turn dialogues with Social Security to obtain a relative retirement from the moment of the termination of work.
Finally, a partial retirement It is an early retirement in which those involved reduce their working hours. The pension that the retiree receives is a percentage of the salary he continues to receive for his part-time job. When this person reaches the age to retire, then he agrees to an ordinary retirement.
Finally, it should be noted that the funds that allow paying pensions come from active workers (who are deducted a percentage of his salary for this purpose). This means that current workers solve today's retirees and that these same workers will be tomorrow's retirees.
