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Retirement
The state of exiting the workforce, usually at the end of one's career, and living on savings or pension.
More Details
Retirement is the period of time in which a person stops working and begins to receive retirement benefits, such as a pension or Social Security. Retirement is typically associated with reaching a certain age, although it can also be triggered by other events, such as becoming disabled or reaching a certain number of years of service in a particular job.
Example
Imagine that you have been working for many years and are now ready to retire.
You might have saved money in a retirement account, such as a 401(k) or IRA, in order to have a financial cushion when you stop working. When you retire, you will likely stop receiving a regular paycheck and will instead start to receive retirement benefits from your employer or the government. You may also be eligible for Medicare, which is a government-run health insurance program for people over the age of 65.
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