pensionists

A pensioner, also known as a retiree or senior citizen, is an individual who has reached a certain age and stopped working, typically receiving a pension. Pensions are regular payments made to a person after they have retired from employment. These payments can come from a variety of sources, including government social security programs, private company pension plans, or individual retirement savings accounts. The age at which one can claim a full pension varies by country and individual circumstances, often linked to factors like years of service or contribution levels.

The concept of retirement and pensions is a relatively modern development, evolving alongside industrialization and changing societal structures. Historically, individuals often worked until they were no longer physically able, with support from family or community. The establishment of formal pension systems aimed to provide financial security for older individuals, ensuring a basic standard of living and reducing reliance on others. Pension schemes can be defined benefit plans, which promise a specific income in retirement, or defined contribution plans, where the retirement income depends on investment performance.

Pensioners play various roles in society, contributing through volunteer work, intergenerational support, and sharing their accumulated knowledge and experience. The financial well-being of pensioners is a significant concern for governments and social policymakers, as it impacts healthcare needs, social services, and the overall economy. Demographic shifts, such as increasing life expectancy, also present ongoing challenges and opportunities for pension systems worldwide.