In Britain most people retire in their sixties. The majority of men retire at 65. The retirement age for women used to be 60, but now many women retire at 65. Some people take early retirement (= choose to retire early) from about 50.
In the US the usual retirement age is also 65. People can choose to retire earlier but may get less money from their pension . In the US, the phrase early retirement suggests that retirement has been proposed by a person’s employer as an alternative to them being made redundant (= unemployed). Companies do this sometimes when they need to reduce the number of people working for them. Since older people are usually paid more than younger ones, the company may ask them to retire and hire younger people to replace them. A few people choose to continue working after the age of 65, though some employers require employees to retire between 65 and 70.
When somebody retired after many years with the same employer they used to be given a present by the company. Traditionally this was a gold watch or a clock. Now, few people work for the same company for all their working lives and do not receive a present from their employer. Instead, their colleagues contribute money for a present and organize a party.
A person’s quality of life in old age depends largely on the amount of money they have. Many receive pensions, some have savings in the bank. In Britain people with no pension from a job receive a basic state pension. In the US most people can receive social security benefits, and can get government help in paying for their medical care. Many retired people have to live on a fixed income and find retirement hard.
Now that older people have better health and live longer, people over retirement age are becoming an increasingly important economic and social force. The number of retired people in Britain and the US is growing, and through organizations like the American Association of Retired Persons they have increased power to demand the services they need and the rights they deserve. This is sometimes referred to as ‘grey power’.