retirement and pension

Discussion in 'English Only' started by adrijohns, Jan 5, 2006.

  1. adrijohns Junior Member

    Tampa, FL
    colombia
    What is the difference between retirement and pension? I thought they meant the same thing. Also, what is the Spanish translation for both?

    Thanks for your help
     
  2. marinax Senior Member

    buenos aires
    español (Argentina)
    they are sinonims
    retirement: jubilación (but this also refers to the action of "stop working for the rest of your life and live on a pension")
    pension: pensión
     
  3. TrentinaNE Senior Member

    USA
    English (American)
    I'm not sure about BE, but in AE, they mean different things. Someone is in retirement when they have withdrawn from the workforce and do not plan to re-enter it. People in retirement may draw a pension, which is a post-employment compensation in the form of a regular income stream from a previous employer. They may also draw Social Security, which is a govenment-based pension, but people usually refer to it by name, i.e., Social Security benefit. Increasingly, people in the U.S. tend to rely more on individual retirement accounts, from which they can draw as needed, so the concept of private pensions applies to a smaller segment of the retired population than in years past.

    Elisabetta
     
  4. panjandrum

    panjandrum PongoMod

    Belfast, Ireland
    English-Ireland (top end)
    ... do not mean the same thing in the UK either - see TrentinaNE's post for explanation.

    OK, they are related, but some people still work while also receiving a pension. Some people retire and do not receive a pension.
     
  5. whatonearth Senior Member

    UK, English
    What? panjandrum, I don't understand...everyone in UK received a basic state pension whether you have a private pension plan or not. As far as I understand, the pensions system in the UK works almost exactly the same as the way TrentinaNE describes...(?)
     
  6. panjandrum

    panjandrum PongoMod

    Belfast, Ireland
    English-Ireland (top end)
    Oh, pleughh - sorry if am confusing things.
    I agree with TrentinaNE. What she said applies in the UK.

    But it is possible to retire from a job and not start to draw your pension.
    It is possible to start drawing a pension and still be working - not retired.
     
  7. TrentinaNE Senior Member

    USA
    English (American)
    Probably getting a bit technical here, but in the UK, can you draw a pension from an employer while you continue to work for them? In the U.S., someone might retire from and start to draw a pension from one company while working for a different company, but I don't think I've ever heard of drawing a pension from a current employer.

    Elisabetta
     
  8. whatonearth Senior Member

    UK, English
    No, you can't start drawing a company pension while still working for them, although I believe you can start drawing your state pension.
     
  9. jinti

    jinti Senior Member

    Not all pensions continue for the life of the retiree, either. For instance, my grandfather chose to collect retirement benefits from his company for only 10 years after he retired. That way, he received higher monthly payments than if he had chosen to have payments extend for the rest of his life, and at the time, he couldn't fathom living beyond age 75.

    Surprise, surprise -- he lived to be 86 and had to do without a pension for the last 11 years of his life.

    Of course, they keep raising the legal retirement age. By the time it's my turn to retire, it'll be 108.... :(
     
  10. jinti

    jinti Senior Member

    True, but you can retire from a company, start drawing a pension, and then go back to work for them as a consultant.

    In another vein, I know people who had put in 20 years at a company by the time they were in their 40's, then retired and started a second career working for another company. When they retire again in their 60's, they'll get two pensions. Not bad....
     
  11. panjandrum

    panjandrum PongoMod

    Belfast, Ireland
    English-Ireland (top end)
    My short posts are making more trouble for myself.
    I should have been clearer but I am working with a very bad keyboard.

    I didnt mean to suggest that one could retire from company X, get a pension frm company X, and still work regularly for company X. But I know several people who have left company X, draw pension from company X, but work full time for company Y - so have not actually retired.

    If you are now more confused than before, please ignore this explanatory post.
     
  12. cuchuflete

    cuchuflete Senior Member

    Maine, EEUU
    EEUU-inglés
    Not everyone in the US is covered by the Social Security system. If all UK citizens are entitled to a basic state pension, then the two systems are not at all the same.
     
  13. Brioche

    Brioche Senior Member

    Adelaide
    Australia English
    It's not being a UK citizen that gives you a pension.

    You must have paid, be treated as having paid, or be credited with, National Insurance contributions.
     
  14. adrijohns Junior Member

    Tampa, FL
    colombia
    thanks to all. I got a bit confused Perhaps i did not ask the correct question. Actually what I need to to is the monetary benefits you receive from Social Security (in the USA) when you turn 65. Is it called pension or retirement. Can a person older than 65 receive pension or retirement if they are still working?
     
  15. TrentinaNE Senior Member

    USA
    English (American)
    You asked the correct question, and I think we answered it, but we did get sidetracked on other technicalities. :eek:

    The monetary benefits from Social Security are a pension. Retirement is the state of being retired, which normally is what entitles you (under certain other conditions) to receive a pension.

    I believe that in the U.S., a person over 65 can draw a Social Security pension even while they continue working -- I'm pretty sure my father-in-law does this. However, a person typically cannot draw a private pension from a particular employer without first retiring from that company.

    Is the subject clearer now? :confused:

    Elisabetta
     

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