GERO 200 Lecture Notes - Lecture 15: Baby Boomers, Mandatory Retirement, Pension
Document Summary
Can be a stage in the life course with social rules and meanings. Economic transition, from work income to social security, pensions, and savings. Income from work replaced by other forms. Social transition, from one life role to another that requires adaptation. May be a single event or a process. People didn"t really retire, they worked until they died or had a savings account to live off of in case they couldn"t work anymore. In the agricultural era, few farmers retired, but they trained their heirs, who in turn took care of them in old age. Those who didn"t have land or family to support them and could no longer work ended up in almshouses or died of neglect. Industrialization brought about the first pensions and the concept of retirement. Life expectancy has increased, which makes retirement more likely. Social security act passed in 1935, which also created a mandatory retirement for all at age 65.
