Retirement – this legal term has got application in the Employment Law, where refers to the act of quitting job due to reached age for pension. Retired people receive pension, annuity and other benefits, for which they have paid security during labor period. A synonym is “retreat”.
In practice, the word relates to the legal term “Retirement subsidy”. In most countries this term details a sum of money, given monthly to a retired person till the rest of their life, calculated on the employee’s retirement payment plan – i.e. on the years of work, the amount of the salary, the self-securities deposited during this time, etc. It is instrument of the Social system for supporting the citizens. Retirement subsidy shares similar meaning with “pension” and “retired pay”.