Retirement definition: Copy, customize, and use instantly
Introduction
The term "Retirement" refers to the period in a person’s life when they choose to permanently leave the workforce and rely on savings, pensions, or other benefits. It is essential for establishing the timing and conditions under which a person transitions from active employment to a status of financial independence.
Below are various examples of how "Retirement" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Retirement" as the end of an individual’s employment
This definition ties "Retirement" to the end of employment and the beginning of a period of financial security.
"Retirement" means the permanent cessation of employment with the employer, resulting in the individual transitioning to a status of financial independence.
Definition of "Retirement" as a defined age for pension eligibility
This definition connects "Retirement" to the age at which an individual becomes eligible for pension or benefits.
"Retirement" refers to the point in time when an employee reaches the required age to begin receiving retirement benefits or pension payments as specified by the employer’s retirement plan.
Definition of "Retirement" as a voluntary decision to cease working
This definition links "Retirement" to an individual’s voluntary choice to leave their employment.
"Retirement" means the voluntary decision by an employee to cease all employment-related activities and receive benefits or pension payments in accordance with the employer’s retirement policy.
Definition of "Retirement" as a period of income replacement after employment
This definition applies "Retirement" to the concept of receiving income replacement after ceasing work.
"Retirement" refers to the stage of life during which an individual no longer participates in gainful employment and receives income through pensions, retirement funds, or other sources.
Definition of "Retirement" as the age for mandatory work cessation
This definition connects "Retirement" to the mandatory cessation of work at a specific age.
"Retirement" means the age at which an individual must cease their employment according to company policy or government regulation, and may begin receiving retirement benefits.
Definition of "Retirement" as a transition to a fixed-income status
This definition ties "Retirement" to transitioning from active work to a fixed-income lifestyle.
"Retirement" refers to the process by which an individual stops working and begins receiving financial support from retirement savings, pensions, or annuities.
Definition of "Retirement" as a phase for accessing social security
This definition links "Retirement" to social security eligibility.
"Retirement" means the age or status when an individual becomes eligible to access social security benefits, either in part or in full, based on the individual’s work history.
Definition of "Retirement" as the beginning of pension payments
This definition connects "Retirement" to the commencement of pension benefits.
"Retirement" refers to the point at which an employee stops working and begins to receive pension payments or retirement distributions from an employer-sponsored plan.
Definition of "Retirement" as a person’s decision to stop working after a long career
This definition applies "Retirement" to a person’s decision after years of employment.
"Retirement" means the decision made by an individual to permanently leave the workforce after a long period of career involvement, supported by retirement savings and benefits.
Definition of "Retirement" as the cessation of employment due to health or age reasons
This definition links "Retirement" to cessation of work due to health or age-related factors.
"Retirement" refers to the cessation of employment due to health-related reasons or upon reaching a prescribed age when the individual is no longer able to continue active work.
Definition of "Retirement" as eligibility for early retirement benefits
This definition applies "Retirement" to early retirement.
"Retirement" means the voluntary cessation of employment before the standard retirement age, where the individual becomes eligible for early retirement benefits according to the company’s policies.
Definition of "Retirement" as receiving retirement income
This definition connects "Retirement" to the receipt of retirement income.
"Retirement" refers to the status wherein an individual no longer works and begins receiving income from various sources, such as pension plans, social security, or retirement savings.
Definition of "Retirement" as a decision based on financial security
This definition ties "Retirement" to financial independence.
"Retirement" means the decision by an individual to leave the workforce after securing financial independence through savings, investments, or pension benefits.
Definition of "Retirement" as a condition for severance pay
This definition applies "Retirement" to severance or exit payments.
"Retirement" refers to the event that triggers the payment of severance or exit benefits as stipulated in the employment agreement upon an employee's permanent exit from the workforce.
Definition of "Retirement" as a period for discontinuing professional obligations
This definition connects "Retirement" to the cessation of professional responsibilities.
"Retirement" means the period during which an individual ceases to fulfill professional obligations, usually due to age, health, or the completion of a career, while enjoying the benefits of prior contributions to pension plans or other retirement funds.
Definition of "Retirement" as the end of employment with pension plan activation
This definition ties "Retirement" to the activation of pension benefits.
"Retirement" refers to the cessation of employment at which point pension plans and other retirement benefits are activated to support the individual’s financial needs.
Definition of "Retirement" as an end to full-time employment
This definition applies "Retirement" to the end of a full-time career.
"Retirement" means the cessation of full-time employment after reaching a designated age or milestone, at which point the individual begins receiving retirement benefits and transitions to a different phase of life.
Definition of "Retirement" as a condition for withdrawing from a pension plan
This definition links "Retirement" to pension withdrawal.
"Retirement" refers to the stage in which an employee qualifies to begin withdrawing funds from a pension or retirement savings plan due to the end of their active working career.
Definition of "Retirement" as an individual’s transition to post-career life
This definition ties "Retirement" to transitioning into post-career activities.
"Retirement" means the transition from professional employment to post-career activities, including receiving retirement benefits and having the freedom to engage in personal or leisure pursuits.
Definition of "Retirement" as cessation of professional responsibilities
This definition ties "Retirement" to the end of professional responsibilities.
"Retirement" means the cessation of professional responsibilities, including the termination of all paid employment and the transition to receiving retirement benefits.
Definition of "Retirement" as eligibility for annuity payments
This definition connects "Retirement" to eligibility for receiving annuities.
"Retirement" refers to the condition where an individual reaches the requisite age or tenure to begin receiving annuity payments from an established retirement plan.
Definition of "Retirement" as voluntary exit from the workforce
This definition links "Retirement" to a voluntary decision.
"Retirement" means the voluntary decision of an employee to exit the workforce permanently, after which the individual is entitled to retiree benefits or pension payments.
Definition of "Retirement" as the withdrawal from full-time work
This definition connects "Retirement" to a withdrawal from full-time work.
"Retirement" refers to the withdrawal from full-time work, after which an individual typically relies on savings, pensions, or social security for financial support.
Definition of "Retirement" as cessation of work due to age
This definition ties "Retirement" to age-related cessation of work.
"Retirement" means the termination of work due to reaching a certain age defined by legal or organizational standards, at which point the individual may begin receiving retirement benefits.
Definition of "Retirement" as the termination of employment for personal reasons
This definition applies "Retirement" to personal reasons.
"Retirement" refers to the termination of employment when an individual chooses to step away from their job for personal or health-related reasons, transitioning to financial support through pensions or savings.
Definition of "Retirement" as the commencement of pension payments
This definition connects "Retirement" to the beginning of pension distributions.
"Retirement" refers to the commencement of pension payments, where the individual has transitioned from employment to receiving regular retirement disbursements.
Definition of "Retirement" as the transition to part-time work
This definition links "Retirement" to a transition from full-time to part-time work.
"Retirement" means the transition from full-time to part-time employment, after which the individual may gradually reduce their work commitments while receiving partial pension or retirement funds.
Definition of "Retirement" as eligibility for full pension
This definition ties "Retirement" to eligibility for a full pension.
"Retirement" refers to the point when an employee meets the criteria for receiving a full pension, either due to age, years of service, or other factors.
Definition of "Retirement" as the beginning of a period of leisure
This definition links "Retirement" to leisure activities post-employment.
"Retirement" means the period of life after an individual has concluded their professional career and begins engaging in personal, leisure, or voluntary activities, supported by retirement funds.
Definition of "Retirement" as a statutory requirement for workers
This definition connects "Retirement" to statutory mandates.
"Retirement" refers to the statutory requirement for employees to cease work at a prescribed age, after which they may begin collecting social security or other forms of retirement income.
Definition of "Retirement" as the conclusion of an employee's contract
This definition applies "Retirement" to the conclusion of an employee's contract.
"Retirement" means the conclusion of an employee’s contract with the employer, followed by the initiation of retirement benefits or pension plans as outlined in the employment agreement.
Definition of "Retirement" as a benefit triggered by employment duration
This definition connects "Retirement" to the duration of employment.
"Retirement" refers to the point when an employee qualifies for retirement benefits after fulfilling a certain duration of service, either through voluntary or mandated retirement.
Definition of "Retirement" as early withdrawal from the workforce
This definition links "Retirement" to early workforce withdrawal.
"Retirement" means the early withdrawal from the workforce due to personal choice, often triggered by a specific age or health condition, with benefits determined by employer or government policies.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.