
That state of affairs that we call "retirement" in this country is now entering what I call Phase III. In Phase I, retirement for most people meant simply that they no longer were able to work due to age or illness. The fortunate ones who accumulated enough money to support themselves comfortably when they grew too old to work were in the minority. Back then, in our largely agrarian economy, the best that many Americans could look forward to was living out old age in the homes of their children.