Retirement
Retirement is a financial lifestyle in which an individual stops working and pays for his or her living expenses using passive income, such as retirement funds, investments, real estate income or other sources of financial security. The goal of annuitization is to achieve the freedom of no longer being dependent on a regular job to earn an income, allowing one to enjoy life without the daily worries of money.
Retirement: Financial independence and quality of life
Retirement typically requires individuals to implement financial planning and savings or investment strategies throughout their working lives. This can include setting aside money regularly, investing in growth potential and minimizing expenses. When passive income reaches a certain level sufficient to cover living expenses, one may choose to stop working and enjoy a life of financial independence. Retirement is a goal for many, but it takes planning, discipline and financial preparation to achieve it.
