Types of Retirement

Retirement

Retirement is a separation from employment whereby an employee opts to

cease working once they have met the age and tenure stipulations laid out by
the employer or negotiated by the employer and a union.

Mandatory Retirement

Mandatory retirement rules are limited to a few occupations where workers

are deemed a risk to the public or themselves as they experience diminished
capacities after a specified age.4

 Examples include air traffic controllers, law enforcement officers, and pilots.

Phased Retirement

Phased retirement occurs when older employees are allowed to steadily

reduce their work hours over time, often months in advance of their official
retirement date.

Furloughs
During a furlough, an employee is still considered employed. A furlough is
considered a temporary unpaid leave from a job. If the worker is eligible
for unemployment benefits, they may be able to collect.5

In addition, many employers continue health insurance and other benefits for
furloughed employees.

Frequently Asked Questions (FAQs)

What are the different types of employment?
Workers have a variety of different relationships with employers and client
organizations. An employee may be full-time, part-time, or temporary.
Independent workers are contracted with companies on a per-job basis for a
limited time and may refer to themselves as freelancers, contractors, or
consultants. People may also volunteer, typically for nonprofit organizations,
or work as interns or apprentices with or without pay. 
Is it better to quit or be fired?
Quitting typically means forfeiting unemployment benefits but may enable you
to leave on your own terms. Being fired may or may not allow you to collect
unemployment—it usually depends on whether you were fired for cause or
laid off. If you feel that you may be fired soon, you might try to negotiate your
separation as a layoff to receive unemployment pay.