Should everyone have the right to retire at some point?

Yes

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by Ted Sherman

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Of course, in a free society, all people have the right to retire at any time they choose. However, it is more often ability and means to retire, rather than an arbitrary decisions to stop working. Before taking such drastic economic steps, potential retirees must determine if they have the financial resources to retire.

There are jobs that offer opportunity to retire before the typical age of 65, when Social Security can be available to pay at least some of the retiree's living expenses. For instance, there's the military. If a person joins at age 18, the minimum retirement requirement is that 20 years of service are completed. The retirement compensation is 50 percent of the service member's pay and benefits at the time of retirement. However, in today's economy, unless the military retiree is a high-ranking officer, the retirement income is barely adequate, at best.

However, there's the added benefit that the 38-year-old military retiree who enlisted at age 18 will still be young enough to complete in the job market. This would be especially advantageous if he/she has had extensive military training and experience in a field where there are considerable job opportunities.

Incidentally, for those career members who choose to stay in the military more than 20 years, their retirement pay increases incrementally as more years are served. A military person who serves 30 years receives two-thirds of the pay and benefits accumulated to that time. This is not only usually an income that allows for a comfortable retirement, but if that same hypothetical 18-year-old serves for 30 years, he/she will be only 48 years old, and still have the years and potential for a second career.

Similar service and early retirement opportunities exist in many federal, state and municipality jobs, including police and firefighters.

A person's choice to retire at any time is always available, especially when there's enough money available for the rest of his/her life. For example, some very intelligent and lucky stockbrokers, investors and others who succeed early in business, often can retire while still in their 20s. Other situations involve professional athletes. With today's salaries so extremely high, the baseball slugger, basketball star or football touchdown scorer, can retire comfortably while still in their 30s.

There are examples, such as football star quarterback Brett Favre, when retirement choices can become newspaper headlines. He first retired at age 37 from the Green Bay Packers. Favre changed his mind at age 38 when he was offered a lucrative contract by the New York Jets. After one season there, he retired again. Then, at age 39, we was brought out of retirement to join the Minnesota Vikings. He celebrated his 40th birthday in October 2009, after leading his team to five consecutive wins and no losses from the season start.

Brett Favre certainly had the right to retire whenever he chose. However, considering what he has accomplished since retiring twice, he very justly feels he's not quite yet ready to make that choice.

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