The neologism pre-tirement describes the emergence of a new working state, positioned between the traditional states of employment and

retirement Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their j ...

. The word is a

portmanteau A portmanteau word, or portmanteau (, ) is a blend of wordseconomies An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the ...

, with

aging population Population ageing is an increasing median age in a population because of declining fertility rates and rising life expectancy. Most countries have rising life expectancy and an ageing population, trends that emerged first in developed countries ...

s. A "pre-tiree" will continue to create economic

wealth Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an I ...

and/or contribute to the generation of knowledge, likely on a part-time or reduced hours basis. Some "pre-tirees" use the period to give back by providing unpaid social support. This form of

unpaid work Unpaid labor or unpaid work is defined as labor or work that does not receive any direct remuneration. This is a form of non-market work which can fall into one of two categories: (1) unpaid work that is placed within the production boundary of ...

creates economic benefit, by allowing

tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...

es to be focused on other wealth creating or protecting activities, but relies on the existence of sufficient financial resource.

Research

The emergence of a new blend of work and retirement was established in Consumer Intelligence research in December 2014. Here are key findings from the research published in a report by Zopa (2014): * ‘Pre-tirement’ begins in 50s and runs well into 70s, as Britons ease themselves into retirement * Britons cut working hours earlier in life, but continue in paid employment for longer: 17% of over-65s are still in paid employment and 30% of them are in unpaid employment * 89% of 50- to 54-year-olds say they do not know when they will retire, and 35% expect to retire later * Only 24% of those 55–64 said they would be financially secure if they had to retire immediately * Giles Andrews, Zopa CEO: 'Retirement is no longer about clearing your desk on your 65th birthday' The concept appears to be similar to semi-retirement, but the term indicates a half retirement form, without indicating the gradual shift towards a fully retired end state or the non-existence of retirement. One position that may be extrapolated from the research is that a growing number of individuals hope to be healthy enough to get Pre-tirement until they die.

Causes and effects

While the research shows that a number of individuals chose to shift to this state, it also shows the existence of Enforced Pre-tirement, individuals a pension that will support their living costs. Further research will be needed to establish the different types of Pre-tirement states, and their root causes. The use of the term retirement to encompass Pre-tirement would hide this emerging state. Effects of different forms of work retirement balance have not yet been fully researched. Early findings show that an abrupt shift from ''full time work'' to ''full time retirement'' can cause depression and other negative health effects. Consideration of the positive benefits of Pre-tirement are likely to be accelerated as the impact of the aging population starts to take deeper effect.

Usage

* The term was first found in a blog by The Martian Observer (2010); the Blog's use of the neologism matches the term described in the Zopa Report. * First used in a book title by Kris Miller (2012), though her usage describes planning for retirement, rather than an emerging state of employment. * The ACAS website referred the important shift in retirement norms observed in the Zopa Report: "many people are choosing to ease into retirement in a 'phased or gradual process'. * Use of the neologism in news publications peaked after the publication of the Zopa Report. * Usage has been heard on the Radio 4 Today Program March 2015 Esther Rantzen used the term when discussing The Silver Line. *A blog popular in the F.I.R.E. community, Ask The Savings Guy, describes pretirement as a period "where nespend months or even years transitioning between fully employed and fully retired".

References

{{Reflist, 30em Termination of employment Neologisms Retirement