A person age 65 or older may face mandatory retirement if they hold an “executive or high policy-making position.
Thishad previously presented extreme challenges to older workingprofessionals who had the challenge of adjusting to retirement. Thisis mainly individuals who had a stable level of income as madepossible by their personal professionals. The most predominantindividuals who had the challenge of retiring process includeddoctors, judges, professors and lawyers. It is also worth noting thatthis group normally had higher educational attainments as compared totheir counterparts who preferred the social security fund.
Given the choice, many would prefer to keep on working.
Thismeans that most professionals were faced legal constraints thatforced them to retire from their jobs. This is because law requiredsuch individuals to retire from their professions even though theywished to continue working.
One person experiences retirement as a shock, another as a relief, and the third as an easy transition.
Anindividual’s social and economic position made retirement processto vary from one individual to the next. Those older individuals withbetter social and economic positions as dictated from their previouswork experience were more likely to experience shock duringretirement process as opposed to those with unequal previous socialand economic positions.
Research show that retirement today offers more options than ever before.
Thereare many individuals who are opting to engage in entrepreneurshipactivities after retiring today. In addition, others prefer to retireto retirement homes where they engage in leisure activities for theremaining part of their lives. On the other hand, some retiredindividuals prefer to either move in with their children or go to aretirement home.
Responses to retirement differ by personal preference.
Thereare many factors that influence an individual’s response toretirement process. Such factors fall under different categories ofsocial class, race, sexuality and gender. There are deeply personalin nature and they normally present varying responses from differentgroups of older individuals.
Employers and unions both supported a fixed retirement age.
Themain reason why employers supported the fixed retirement age wasbecause they could be able to hire younger individuals in place ofhigh-priced older workers. This had an economic impact in theproduction factors of their businesses because of decreased costs.They could employ younger individuals who were more efficient andcheaper.
Unions agreed to a faster work pace if workers could get a shorter workday.
Itis worth noting that younger generations were more efficient in theirwork and thus they were able to speed up production processes in theworking environment. Consequently, the unions presented shorterworking time that currently lays to 8 hours.
Retirement wage made retirement to be a universal process.
Forinstance, in the United States it was mainly known as social securityprogram that previously presented small amounts of benefits thatincreased overtime. This is a universal retirement plan that allemployees are required to contribute.
. The institution of retirement had been consolidated by state welfare programs.
Currently,the retirement’s benefits have been seen to be on the rise causingthis process to be an ideal for many older working individuals.Therefore many employees were able to withdraw from their jobs beforethey got worn out. This essentially meant that the institution ofretirement had been fully consolidated and that that particular lifecycle was sustained by states’ welfare programs.