Definition 1
The period of a person's life during which he/she is no longer working, or the commencement of that period. The standard age for retirement in the United States is considered 65, although many individuals choose to retire earlier or later due to personal or financial reasons. After retirement, an individual's needs are usually funded through any combination of sources including a pension plan, a retirement acount such as a 401(k) plan, Social Security, and/or a savings account/nest egg.

Definition 2
The disposal of a fixed asset at the end of its useful life.

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