early retirement

Definitions (2)

1. A retirement plan provision which allows an employee to retire before the company's official retirement age. Generally, if an employee elects to exercise this option, he or she can expect to receive fewer benefits than if the employee had waited until the official retirement age.
2. In the case of Social Security, the practice of retiring before the official retirement age of 65. Individuals may choose to retire as early as age 62, but will get fewer benefits than if they were to retire at the official retirement age.

Use early retirement in a sentence

You should try to get as many good investments going as you can so that you can possibly have an early retirement.

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A majority of consumers may be interested in an early retirement policy; however, it may be important to explain the ramifications and losses associated with retiring before the official retirement age.

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As he developed back pain and his eyesight began to deteriorate, the airplane mechanic told his boss of his decision to take early retirement when he turned 62 next month rather than commit to three additional years of physically demanding work.

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