Retiring

Retiring refers to the act of ending active work life, typically by leaving a paid occupation and transitioning to a post-employment phase. It is commonly linked to reaching a certain age or meeting pension requirements, but it can also occur by choice, health considerations, or financial readiness. In some contexts, the term can also describe withdrawing from public life or ceasing participation in a competition or event.

Timing and eligibility for retirement vary by country, employer, and pension schemes. Eligibility often depends on a combination of age and years of service, with benefits potentially reduced for early retirement. Many workers prepare years in advance through private savings, employer-provided pensions, and investment strategies. Employers may offer options such as phased retirement, which allows a gradual transition to shorter hours while maintaining some benefits.

Planning for retirement typically addresses finances, health care, housing, and social engagement. Key tasks include budgeting for post-work expenses, ensuring access to health insurance, diversifying investments, estate planning, and assigning durable powers of attorney. Maintaining social networks, pursuing hobbies, volunteering, or part-time work can help sustain purpose and community ties during retirement.

Avoiding confusion, retiring can be distinguished from other uses of the verb retire, such as withdrawing from competition or paying off a debt or obligation in certain contexts, though these senses are less central to retirement as a life stage.