ABSTRACT
Retirement is one of the most pivotal events in each person’s life. The decision to retire may be shaped by personal considerations such as a preference for leisure, health, or economic reasons. It may also be accounted for by mandatory legislation or any combination of these and other factors. Whatever the reasons, retirement usually brings about significant changes in life style and standard of living. It also produces other subtle influences on the daily life of retirees, their spouses, the rest of their family members, and their friends. Aside from these personal aspects of retirement, rapid population aging, the growing number of retired in the population, and the costs of maintaining them have significant impacts on the structure of the economy and on society as a whole.
