Retirement has come to mean that after a period of income- generating work lasting until age 65 or, in recent times, age 60 or even 55, one should cease income generating work. A surprising number of modern institutions and assumptions have been built around this notion. Now it appears that retirement will go the way of the dodo bird. For those approaching age 50, and the generations to follow, the idea of the end of retirement is a challenge, an opportunity, and certainly a wake up call.
Various myths underlie the concept of retirement.
First, that age 65 is old. Second, that those over 65 are not generally capable of useful work. And third, that those remaining in the paid labor force will, through social security tax contributions, pay for the benefits of contemporary retirees. Each myth is refuted by current realities. Age 65 is no longer old.