Retirement Age
Definition
Retirement age is defined as the age at which one stops working full time or becomes eligible for pension benefits, typically set by government policy.
Analogy
Imagine retirement age as your school's graduation day. Just like how you stop attending classes after graduation day, people stop working full-time after reaching retirement age.
Related terms
Pension System: A program managed by the government that provides income to retired workers who have paid into the system during their working years.
Social Security Benefits: Payments made by a social security system to support elderly citizens who have retired from work.
Life Expectancy at Birth: The average number of years a newborn can expect to live if current mortality rates continue throughout their lifetime.
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