The point in our lives when we stop working and want to enjoy a relaxing time is what we term as Retirement. Retirement generally refers to a particular age where the individual is considered to be incapable of carrying on with the particular work anymore. However, it is not necessary that age is always the deciding factor for retirement.
A person may be asked to, or voluntarily choose to retire due to some physical ailment even before the stipulated age of retirement. The concept of retirement is a relatively new concept, not until the 19th or 20th century, was this concept so much in vogue. Earlier the idea was that a person would keep on working up until the time he could do it no more, physically.
The pension systems for retired people are also quite a novel thing, which is why its absence in the past years made people work for longer days. But just like any other concept, no longer was it conceived that its various types also evolved. The pension schemes are mostly for retired federal employees. Linda O. Foster, the secretary of a financial service provider, assists the federal employees in realizing their benefits for retirement.
Among the different types of retirements are:
- Disability retirement
- Early Retirement
- Voluntary Retirement
- Deferred Retirement
The first one as the name suggests, is taken, when there is some sort of physical disability to continue the work. This should be ideally applied for, only when the employee has provided his employer with all possible documents, supporting the inability to work due to certain medical condition. Also consideration on part of the company should be made until they have made all possible attempts to hold you back to produce their work.
The financial service provider Linda O. Foster helps her federal clients in increasing their retirement plans through various methods.
The next one, Early retirement, refers to the situation where your company may be undergoing a major change or re-organization, where they might need to cut down on the number of employees. This is when they approach and take permission from higher authorities if they can ask some of their employees to take retirement voluntarily.
The Voluntary Retirement scheme is based on your age along with the number of years that are left for a service. There are other terms and conditions which ensue your retirement voluntarily. If the conditions and terms are properly met then only can you have the privilege of procuring your annuity with immediate effect, i.e., within 30 days of your retirement.
Finally, let us briefly understand Deferred Retirement. This type of retirement annuity is based on how long you served as a federal employee and an average of your salary. One of the terms of receiving this kind of annuity is if a service of minimum five years has been given creditably to civilian service.
Retirement is a time when we prefer to live a happy and luxurious life after having worked hard for several years of our life. Therefore, it is wise to work and save as much as you can while there is still time.