The main determining factor with regard to whether and when an older adult retires is the financial resources available to him or her to lead a retired life.
Retirement is the withdrawal of a person from active work and from the job market. Researchers point out that rather than being an event that happens on the last day to work, retirement is a process that begins much before that.
It starts with the process of thinking about the prospects of retirement, followed by assessing one’s ability and resources which could support a life of retirement, and formulation of a retirement plan.
Thus, the possibility and timing of retirement is strongly determined by whether the adult has adequate financial resources to draw upon for the remainder of his life.
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