Legal Definitions - retirement

Retirement refers to the act of withdrawing or stepping back from a particular activity, status, or obligation. It has several distinct applications:

• 1. Ending Employment or a Career: This is the most common use of the term, referring to an individual's voluntary decision to cease working, often after reaching a certain age or accumulating sufficient years of service.

  • Example A: After 40 years as a dedicated surgeon, Dr. Eleanor Vance announced her retirement from medical practice to spend more time with her grandchildren.

    Explanation: This illustrates Dr. Vance voluntarily ending her professional career as a surgeon, a common understanding of retirement.

  • Example B: Mark, a software engineer, took an early retirement package offered by his company, deciding to pursue his passion for woodworking full-time.

    Explanation: Here, Mark voluntarily terminates his employment before the standard retirement age, demonstrating the personal choice aspect of ending one's working life.

• 2. Withdrawal for Privacy or Seclusion: This refers to the act of retreating from public life, social interaction, or active engagement to seek solitude or a quieter existence.

  • Example A: Following a highly publicized trial, the judge sought retirement to a remote mountain lodge, hoping to escape media scrutiny and reflect in peace.

    Explanation: This example shows the judge withdrawing from public attention and seeking a private, secluded environment.

  • Example B: The renowned author announced her temporary retirement from public appearances and interviews to focus entirely on completing her next novel without distraction.

    Explanation: This illustrates a deliberate withdrawal from active public engagement to achieve a specific personal or professional goal requiring solitude.

• 3. Withdrawal from Circulation or Payment of a Debt: In a financial or corporate context, this refers to the act of removing financial instruments (like bonds or shares) from active circulation, often by paying off the associated debt or buying them back.

  • Example A: The city council approved the early retirement of municipal bonds, using surplus tax revenue to pay off the debt ahead of schedule and save on interest.

    Explanation: This demonstrates the city paying off its financial obligation (the bonds) and removing them from circulation before their maturity date.

  • Example B: The corporation initiated a stock buyback program, leading to the retirement of a significant number of its outstanding shares from the market.

    Explanation: Here, the company purchases its own shares, effectively taking them out of circulation and reducing the total number of shares held by investors.