Final answer:
The phases of retirement are influenced by continued employment, dual-income marriages, child-rearing, personal finances, identity, and career fulfillment. Factors such as healthcare and economic conditions also play a role in determining when people retire. Erikson's psychological theory on life stages provides context for the transition into old age and retirement.
Step-by-step explanation:
The phases of retirement are influenced by various factors. Those who are still employed retire later. Dual-income marriages and child-rearing delays retirement. Poor finances mean working longer even when health is an issue. Personal identity and career fulfillment work leads to later retirement.
Many individuals redefine "old age" as they grow older and continue working past the traditional retirement age due to financial pressures or the desire to remain productive. Access to better healthcare and healthy lifestyle trends have allowed some to work longer and save more for retirement. However, economic downturns, such as the recession, have had a significant impact on older people's financial futures, sometimes forcing them to work longer than they had planned.
Erik H. Erikson's theory on the lifespan stages suggests that the final challenge in old age is to embrace integrity over despair. Accepting the transitions of life's phases, including retirement, allows individuals to engage in new activities, learn new skills, and prepare for life's final chapter with a sense of completeness and fulfillment.