“Retirement most often is defined with reference to two characteristics: nonparticipation in the paid labor force and receipt of income from pensions, Social Security, and other retirement plans. An individual who does not work for compensation and who receives income only from pensions, Social Security, and financial assets would meet this definition of ‘retirement.’ An individual who works for compensation and receives no income from pensions or Social Security would not be retired according to this definition. Between these two extremes, however, are those who might be considered to have ‘retired’ based on one part of the definition but not the other” (Purcell, 2003, p. 30).

Purcell, P.J. (2003, Spring). Older workers: Recent trends in employment and retirement. Journal of Deferred Compensation, 8(3), 30 - 53.