Chapter 9 Retirement and Work Flashcards
Retirement principle
The idea that a person leaves work at a fixed age, regardless of mental or physical ability
Retirement wage
A pension paid by the state to support all older people
Citizen’s wage
A government pension tied to age
Taxback
Taxes paid on earnings by recipients of the Guaranteed Income Supplement and provincial supplements that can amount to a 100 percent reduction in supplement payments for the poorest older people who work
Bridge job
Are taken by workers on the path to retirement (often in work outside the individual’s former career)
Flexible retirement
An option that allows workers to slowly cut back the number of hours they work each week
Second career
Work that allows a person to develop skills they did not use in their pre-retirement career
Free career
A second career in a field that allows a person to explore previously dormant or undeveloped interests
Third Age
The period of life after the period of work and childrearing in the middle years, but before frailty and dependence set in (the Fourth Age); a period of life created by longer life expectancy and a longer period of good health in later life
Encore careers
Take place after a midlife career ends; they accomplish something important, pay a salary, and allow a person to give back to society
Cumulative disadvantage
Occurs as disadvantages, such as low pay and time off due to family caregiving for women, add up and lead to economic disadvantage in later life
Life portfolio
Consists of a person’s commitments to specific activities and relationships, including family, community services, spiritual development, recreation, and, in some cases, work
