What Factors That Differ Retirement Age?

Retirement age is the age at which an individual normally retires, 60 to 70 for men and 55 to 70 for women. Men qualify for the state pension at 65 and women currently qualify at 60 (http://www.finance-glossary.com). Actually, until what age does people should be encouraged to remain in paid employment? It depends on many factors.

Retirement age is different in every country. In Indonesia, people who work in the government usually retire on the age 55 to 56. In America, people retire in the age of 65. In Malaysia the retirement age has just recently been raised from 55 years to 56 years. These happen because rules and laws in vary country are different too.

Usually retirement age depends on gender. Retirement age for men is different from women’s. Usually, men retire in the age of 60 to 70. Women retire in the age of 55 to 70. Women could increase their retirement benefits by 30 percent if they work as many years as men, expert says. Traditionally, women have retired earlier than men, but they tend to live longer than their male counterparts. Thus, most women are in need of a pension guarantee. But few actually have one. Data from a 2003 survey of older adults (average age 60) in Argentina showed a striking difference in pension coverage between men and women. While most men are covered by self-financed or independent pensions, over half of women are covered only through survivor’s benefits, due to the contribution of their husbands (http://www.iadb.org/news/articledetail).

Retirement age depends on what kind of the job too. Certain jobs have earlier retirement age because it’s fatiguing or dangerous. People who work in government usually retire at 55 to 70. 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, scientists, lawyers, television anchors, and professors still work well into their 70s because their job doesn’t need to do some risky activities. Usually they work in an office and sit behind the chair all day long. However, some actors, models, athletes, and musicians only work until their 30s (http://en.wikipedia.org). It is because the regeneration is fast. Many younger actors, models, or musicians have a better talent than the old one. Younger athletes have a better and stronger physics than the old athletes.

In conclusion, retirement age is something that can not be limited by just one factor. It depends on many factors, such as countries, gender, kind of jobs, and many more.

References:

Retirement. (2008, May 13) [Online article]. Retrieved May 25, 2008 from the World Wide Web:

http://en.wikipedia.org/wiki/Retirement

Definition of Normal Retirement Age (NRA). Retrieved May 25, 2008 from the World Wide Web:

http://www.finance-glossary.com/terms/normal-retirement-age

Anonymous. (November 20, 2006) Leveling The Retirement Age For Men and Women. [Online article]. Retrieved May 25, 2008 from the World Wide Web:

http://www.iadb.org/news/articledetail

Fawzia Amalia - 16207070