Retirement age consdered....

I was just thinking about something we discussed in Finance in the past few weeks: the retirement age. I wasn't aware that there were three different retirement ages and what it typically meant with regard to pension and retirement plans and benefits. There is the normal retirement age, which means that this is the age that an employee can retire and receive a full, unreduced pension benefit. Age 65 is the normal retirement age is most plans, but because of an amendment to the Age Discrimination is Employment Act, employees cannnot be forced to retire at some stated mandatory retirement age.

The Early Retirement Age is the earliest age that workers can retire and receive a retirement benefit, and that a majority of employees currently retire before age 65 (an example given was that a typical plan may permit a worker with 10 years of service to retire at age 55).

The deferred retirement age is any age beyond the normal retirement age, and a relatively small number of older employees continue working beyond the normal retirement age (some due to necessity moreso than enjoyment). This is interesting and important to note, particularly if you're a full-time worker (in addition to being a student) and you're concerned about your financial future (with regard to retirement plans and benefits once you're of retirement age or even past retirement age).