History of Retirement in Timeline
Retirement marks the cessation of active working life, involving withdrawal from one's job or career. It can also manifest as semi-retirement, where individuals reduce their work hours or responsibilities instead of completely stopping. Retirement is a major life transition, often accompanied by financial planning and lifestyle adjustments.
1992: Health and Retirement Study (HRS) first fielded
In 1992, the Health and Retirement Study (HRS), a nationally representative longitudinal survey of adults in the U.S. ages 51+, was first fielded.
2002: Introduction of English Longitudinal Study of Ageing (ELSA)
The English Longitudinal Study of Ageing (ELSA) was introduced in 2002.
2004: Health, Ageing and Retirement in Europe started
Health, Ageing and Retirement in Europe (SHARE) started in 2004.
2004: Introduction of the Survey of Health, Ageing and Retirement in Europe (SHARE)
The Survey of Health, Ageing and Retirement in Europe (SHARE) was introduced in 2004.
2005: OECD Pensions at a Glance
OECD Pensions at a Glance was published in 2005.
2007: Health, Ageing and Retirement in Europe
Health, Ageing and Retirement in Europe continued from 2004 to 2007.
November 2008: Health, Ageing and Retirement in Europe published
In November 2008, Borsch-Supan et al. published "Health, Ageing and Retirement in Europe (2004–2007): Starting the Longitudinal Dimension."
2008: Lump sum calculation for retirement
In 2008, using i=0.02, or 2% per year real return on investments, the necessary lump sum is given by the formula as (1–0.25)*0.80*60,000*annuity-series-sum(30)=36,000*22.396=806,272 in the nation's currency.
2008: 2008 financial crisis
The 2008 financial crisis affected retirement decisions.
2010: Retirement age extended in France
In 2010, France extended the retirement age from 60 to 62, with full pension entitlement extended from 65 to 67, increasing progressively over the following eight years.
2010: Lump sum calculation for retirement
In 2010, using i=0.02, or 2% per year real return on investments, the necessary lump sum is given by the formula as (1–0.25)*0.80*60,000*annuity-series-sum(30)=36,000*22.396=806,272 in the nation's currency.
December 2011: US Treasury inflation-linked bonds yields
As of December 2011, US Treasury inflation-linked bonds (TIPS) were yielding about 0.8% real per annum for the 30-year maturity and a noteworthy slightly negative real return for the 7-year maturity.
December 2011: MSN retirement calculator defaults
The MSN retirement calculator in December 2011 has as the defaults a realistic 3% per annum inflation rate and optimistic 8% return assumptions.
2011: Standard retirement age
According to the latest statistics in 2011, the standard retirement age generally varies between 50 and 70 across different countries.
2013: Retirement age increase in Spain
In 2013, it was ruled in Spain that the retirement age was to increase from 65 to 67 progressively.
2022: Retirement age increased in Iran
In 2022, the Iranian age of retirement was increased to 42 years of work insurance payment record.
March 2023: Private industry workers access to pension plan in the US
In March 2023, only about 15% of private industry workers in the US had access to a traditional defined benefit pension plan.
2023: Retirement age increased in Iran
In 2023, the Iranian age of retirement was increased to 42 years of work insurance payment record to avoid government social security bankruptcy.
2024: Retirement community life
Retirement might coincide with important life changes; a retired worker might move to a new location, for example a retirement community in 2024.
2027: Social Security retirement age increasing in the US
By 2027, the normal retirement age for Social Security in the United States is gradually increasing to age 67 to receive unreduced benefits.
2027: Retirement age increase to 67 in Spain
By 2027, the retirement age in Spain was scheduled to increase from 65 to 67, starting in 2013.
2034: Social Security's trust funds depletion
Social Security's trust funds are expected to be depleted by 2034.
Mentioned in this timeline
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Inflation in economics signifies a rise in the average price...
France officially the French Republic is primarily in Western Europe...
Spain officially the Kingdom of Spain is a large country...
Iran officially the Islamic Republic of Iran also known as...
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