Simple English definitions for legal terms
Read a random definition: outer space
Retirement is when someone decides to stop working, usually because they have reached a certain age. It can also mean taking a break from being active or wanting some privacy. Sometimes, it refers to paying off a debt.
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.
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.