Legal Definitions - retire

In legal contexts, "retire" carries multiple meanings. It can refer to an individual ceasing their employment, or to the act of paying off a debt, such as a promissory note, thereby closing the loan. Additionally, a jury is said to "retire" when they withdraw to the jury room to deliberate and reach a verdict.

The term retire has several distinct meanings in legal and financial contexts, beyond its common usage of ending one's career.

• To cease working or end a career:

  This is the most common understanding, referring to an individual permanently stopping their employment or professional occupation, often after reaching a certain age or fulfilling career goals.

  • Example 1: After dedicating 40 years to public service as a city planner, Mr. Henderson decided to retire and pursue his passion for woodworking.

    Explanation: This illustrates an individual ending their long-term professional career, transitioning out of the workforce.

  • Example 2: The renowned attorney announced her intention to retire from her law firm at the end of the year, passing her caseload to her junior partners.

    Explanation: Here, "retire" signifies the attorney's decision to permanently step down from her professional practice.

• To pay off a debt or financial obligation:

  In financial and legal terms, to retire a debt means to fully pay it off, thereby satisfying all obligations and concluding the financial agreement. This applies to loans, bonds, or other forms of indebtedness.

  • Example 1: The small business owner worked diligently to retire the loan she took out to start her company, making the final payment ahead of schedule.

    Explanation: This demonstrates the complete repayment of a business loan, fulfilling the financial obligation.

  • Example 2: The municipal government voted to use surplus funds to retire a portion of its outstanding bonds, reducing future interest payments for taxpayers.

    Explanation: Here, "retire" refers to the government buying back or paying off its issued bonds, thereby eliminating that specific debt.

  • Example 3: Upon receiving a bonus, Maria decided to use the funds to completely retire her student loan debt, freeing her from monthly payments.

    Explanation: This shows an individual fully paying off a personal loan, bringing the debt to an end.

• For a jury to withdraw for deliberation:

  In a courtroom setting, when a jury is instructed to retire, it means they are directed to leave the courtroom and move to a private room to discuss the evidence, arguments, and legal instructions, and to reach a verdict.

  • Example 1: After the judge delivered the final instructions, the bailiff led the jury out of the courtroom to retire and begin their deliberations.

    Explanation: This illustrates the formal process where the jury withdraws to a private space to discuss the case and decide on a verdict.

  • Example 2: The jury had to retire for the night without reaching a verdict, with plans to resume their discussions the following morning.

    Explanation: This shows the jury withdrawing from public view to continue their private deliberations, even if it spans multiple days.