Retirement is the point of time when one has to give up employment completely because of age or other physical factors. Semi-retirement can be obtained by reduction in the number of working hours. People opt for retirement at an age when they become entitled to public and private pension benefits. Retirement can also be stimulated by physical factors such as ill-health and lack of fitness. In the retro times, low life expectancy and no provisions for pension to the employees, made them work continuously, till death. Germany was the pioneer in introducing the retirement scheme for the first time in the 1880s. These days, retirement with pension is considered to be the right of the worker in the societies. In the words of James H. Douglas, “A good job is more than just a pay check. A good job fosters independence and discipline, and contributes to the health of the community. A good job is a means to provide for the health and welfare of your family, to own a home, and save for retirement. “
