People Retirement Retire Work Planning Years Early Money

In the United States, most people plan to retire when they are 65 years old. However, some people retire much earlier, either because they want to or because they have to.

"Early retirement" happens when someone retires before the age of 65. Sometimes people are able to have an early retirement because they have been very successful in their career. They don't need any more money, and they don't want to work anymore, so they decide to retire early. This might happen if someone sells a business.

Some people go into "early retirement" when they lose their job. Their company might tell them that they are going to be "fired" (told not to work anymore), but offer them a choice, so that if they retire instead of being fired they will receive some money. This can be a very attractive "option" (choice) for people who are "approaching" (almost at) retirement age.

"Mandatory retirement" happens when someone is no longer allowed to continue working in a particular job because he or she is too old. Some people think that mandatory retirement is illegal because it is a type of "age discrimination" (the practice of treating people unfairly and differently because of their age), but in some "cases" (situations) it makes sense. For example, a soldier probably won't fight very well by the time he or she is 70 years old.

Sometimes people are old and tired of working, but don't yet have enough money to "fully" (completely) retire. These people might start a "semi-retirement," where they "quit" (stop working) their regular job and begin working part-time in a very easy job, maybe just for a few hours each week. People in semi-retirement might work part-time at a coffee shop or a store, just to have some extra money.