The article explores how different types of pension plans can influence when people choose to retire. Older men and women are retiring earlier in many countries, possibly due to high unemployment and better pension benefits. Encouraging later retirement could help balance the aging population. Some countries are changing pension rules to promote private retirement savings plans over traditional pension schemes. The study shows that the retirement age can depend on how much money you expect to earn and how your pension fund grows over time. Different pension plans offer different incentives for retirement, with defined-benefit plans having unique features like non-linear formulas and actuarial adjustments.