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Early retirement |
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Early retirementFor company pension schemes, an employee may retire at an early age provided it is authorised by the company. In the UK, qualifying ages are 50 for men and 45 for women. However, the amount of pension payable will reduce compared with the amount payable at normal retirement age.Similar MatchesNormal retirement ageNormal retirement ageThe age at which an individual normally retires (60 to 70 for men and 55 to 70 for women). Men qualify for the state pension at 65 and women currently qualify at 60. However the qualifying normal retirement age for women will be increasing depending on their date of birth, the scale applying for those born after 6th April 1950. For personal pension plans individuals may take retirement between the ages of 50 and 75 and for retirement annuities between the ages of 60 and 75. Employee Retirement Income Security ActEmployee Retirement Income Security ActIn the US, a federal law introduced for the protection of participants in private pension plans. Registered Retirement Savings Plan (RRSP)Registered Retirement Savings Plan (RRSP)Tax-sheltered retirement plan for Canadian citizens, much like an American IRA. Individual Retirement Account (IRA)Individual Retirement Account (IRA)A retirement account that may be established by an employed person. IRA contributions are tax deductible according to certain guidelines, and the gains in the account are tax-deferred. Debt retirementDebt retirementThe complete repayment of debt. See: Sinking fund. Further SuggestionsRetirementNormal retirement normal retirement date Employee Retirement Income Security Act (ERISA) retirement relief individual retirement account Retirement Protection Act of 1994 IRA (individual Retirement Account) phased retirement retirement annuity contract (RAC) Tax deferred retirement plans Bonds Enabling Annual Retirement Savings (BEARS) unfunded unapproved retirement benefits scheme |
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