Legal Definitions - retirement

Definition: Retirement is when someone chooses to stop working, usually because they have reached a certain age or have enough money saved to support themselves without working. It can also mean withdrawing from action or for privacy, or paying off a debt.

• After working for 40 years, John decided to retire and spend more time with his family.
• Carol's retirement to her house by the lake allowed her to enjoy a peaceful and quiet life.
• The company announced the retirement of a series of bonds, meaning they were paying off the debt they owed.

The first example illustrates retirement as the voluntary termination of one's own employment or career. John chose to retire after working for 40 years. The second example shows retirement as withdrawal from action or for privacy. Carol retired to her house by the lake to enjoy a more peaceful life. The third example demonstrates retirement as the withdrawal from circulation or payment of a debt. The company retired a series of bonds, meaning they paid off the debt they owed.