UK Accounting Glossary
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.
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This glossary post was last updated: 6th February 2020.