Final answer:
The most likely scenario when a person retires is that they will work or take another less-demanding job before fully stopping working. Retirement often involves a transition rather than a sudden stop, influenced by financial support systems such as pensions and Social Security, and individual choice.
Step-by-step explanation:
The correct option is B:
When a person retires, the most likely scenario with regard to work is b. they work or take another less-demanding job before fully stopping working. Retirement is characterized by the withdrawal from paid work, often at a predetermined retirement age. Historically, retirement became more feasible with the introduction of pensions, Social Security, and Medicare, which provided financial support for those no longer in the workforce.
Despite the conception of retirement as a complete cessation of work, many modern workers anticipate continuing employment past the traditional retirement age. A notable percentage of U.S. workers believe they will work past retirement age, indicating a trend towards phased retirement rather than a full stop. This is possibly due to financial needs, the desire to stay active, or the enjoyment of work itself.
The labor market's responsiveness to changes in wages also affects retirement decisions. With the supply curve of labor for full-time, older workers being inelastic, these individuals are less likely to increase their work hours in response to higher wages compared to part-time or younger workers. This distinction highlights the tendency for retirees to seek less demanding or part-time roles rather than attempting to maintain their previous level of full-time work.