The federal Employee Retirement Income Security Act (ERISA) and the requirements of the Social Security and Medicare systems are the major laws that affect the retirement process. In addition, the federal Age Discrimination in Employment Act (ADEA) necessitates that the entire retirement process be monitored to avoid age discrimination.

Early retirement incentives have been a popular means for employers to contract their workforce and to reduce compensation expenses. These programs raise their own legal issues including when they must be disclosed and legal requirements for obtaining liability waivers.

With individuals over age 65 becoming a larger segment of the population, their financial needs in retirement are a major national issue. Preretirement planning is crucial assistance that can help retirees achieve financial security. The aging of the workforce along with financial needs are resulting in more employees delaying retirement, returning to work after retirement, or using the latest trend in retirement practices, phased retirement.