Define: Retirement

UK Accounting Glossary

Definition: Retirement



What is the dictionary definition of Retirement?

Dictionary Definition


  1. An act of retiring; withdrawal.
  2. uncountable The state of being retired; seclusion.
  3. The portion of one’s life after retiring from one’s career.

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Full Definition of Retirement


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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Cite Term


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Page URL
https://payrollheaven.com/define/retirement/
Modern Language Association (MLA):
Retirement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 02, 2020 https://payrollheaven.com/define/retirement/.
Chicago Manual of Style (CMS):
Retirement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/retirement/ (accessed: April 02, 2020).
American Psychological Association (APA):
Retirement. PayrollHeaven.com. Retrieved April 02, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/retirement/

Definition Sources


Definitions for Retirement are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

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