Retirement is a legal concept that refers to the cessation of employment or active participation in the workforce typically after reaching a certain age or fulfiling specific eligibility criteria. Retirement may be voluntary, where individuals choose to withdraw from employment, or mandatory, as specified by employment contracts, collective bargaining agreements, or government regulations. Upon retirement, individuals may become entitled to retirement benefits, such as pensions, social security benefits, or other forms of retirement income, provided by employers, government programs, or private retirement plans. Legal frameworks governing retirement vary by jurisdiction and may include laws related to employment contracts, labour rights, social security, taxation, and pension regulations. Retirement laws aim to ensure the financial security and well-being of retirees, protect their rights, and promote a smooth transition from employment to retirement.
Retirement is the period after you’ve stopped working and before death.
- An act of retiring; withdrawal.
- uncountable The state of being retired; seclusion.
- The portion of one’s life after retiring from one’s career.
Retirement commonly refers to the time in a person’s life when they stop working, withdrawing from full-time employment. A person may choose full retirement or semi-retirement, where they keep a part-time job. In retirement, a person is supported by a pension, savings or superannuation. Retirement usually occurs when a person reaches a certain age, also known as a fixed retirement age. The ‘normal’ age of retirement varies from country to country. A person might seek retirement before the normal age of retirement due to physical limitations, a disability, accumulated wealth or loss of a job. A person opting for early retirement usually loses the eligibility to receive government or employer sources of support and funds. Furthermore, if a retiree decides to go back to work, retirement benefits usually cease. Retirement also refers to a fixed asset that has reached the end of its useful life and is disposed of.
Investors try to save and grow their money in order to fund their retirement.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March, 2024.
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