Retirement
In short
The permanent withdrawal from one's job or active working life. It often occurs when a person reaches a certain age or becomes unable to work due to health reasons.
In plain words
It is when you stop working for good. Instead of going to a job every day, you spend your time on hobbies, family, or rest. Most people do this when they get older.
A simple example
A teacher stops going to school every morning after working for forty years. They now spend their time gardening and travelling instead of teaching lessons.
Why it matters
It changes how people live and how they get money. It requires careful planning for pensions and savings to ensure a person can afford life without a monthly salary.
Easy to mix up
Do not confuse it with resignation, which is leaving a job to start a new one.