Retirement Planners

In the 20th century, several factors, including population growth, technological advances, and work efficiency, greatly affected employment for older employees. As the pool of young workers grew, employers began to set work age restrictions that were altered by several laws through the years. (One note: In 1986 a federal law was passed that prohibited mandatory retirement for most workers.) The Social Security Act of 1935 gave workers and their families retirement benefits, among other social welfare programs. Depending on the age of retirement, insured workers receive monthly benefits—full benefits are allowed after age 65; early retirement after age 62 allows for 80 percent of benefits. Workers who choose to work beyond age 65 receive increased benefits.

Most people have found Social Security insufficient, especially to maintain their previous standard of living during their retirement years. To supplement retirement income, people have increasingly relied on pension plans, company profit sharing, individual retirement accounts (IRAs), and other forms of investments. Today, most workers are aware of the importance of saving and planning for retirement. They often turn to knowledgeable professionals for financial advice and strategies. The field of retirement planning grew as a specialty from traditional financial planning services. Such planners and counselors are in demand to create and administer financial retirement plans. They also address other important retirement issues such as relocation, medical insurance needs, income tax, wills, and estate planning.