Definition

• Retirement is defined as "withdrawal from one's position or occupation or from active working life," according to Merriam-Webster's dictionary.
  
  

Finances

• Retirement plans provide people with income during retirement, a time when steady income from employment is no longer earned. Many retired people have previously established long-term retirement plans that can include Social Security benefits, employee pensions, savings or a combination.
  
  

History

• According to Social Security Online, the idea of retirement was first mentioned in 1881 by the German Emperor, William the First, in a letter to the German Parliament. In 1889, Germany became the first country to adopt an old-age social insurance program designed by the German Chancellor, Otto von Bismarck. Germany initially set the standard retirement age at 70, but later lowered it to 65.