1. The act of ending a working or professional career: Sue's mother decided to take an early retirement.

The working staff is smaller now because of several retirements.

2. The period after a person has permanently stopped his or her job or profession: The staff wished her a long and happy retirement.
3. Money which a person receives from a savings plan or a pension once he or she is no longer involved in a career nor working for a living: The family can live fairly well on the father's retirement.