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English definition of “retire”

retire

verb
 
 
/rɪˈtaɪər/
[I] HR, WORKPLACE to leave your job or stop working, usually because of your age or ill health: She has no plans to retire.retire from sth Jenkins retires from the firm this year.retire as sth Elkin has retired as a director after 12 years on the boardretire at sth Can I get hold of the cash in my pension fund before I retire at 65? James had to retire early after suffering three heart attacks in 2007.
[T, often passive] HR, WORKPLACE, MANAGEMENT if an employer retires an employee, they make the employee leave their job, usually because they are near the age at which they would normally stop working, or because they are ill: He was retired early by his firm. Companies typically retire workers at 60 and then hire about half of them back, often at 50-70% of their previous pay.
[T] FINANCE to pay back a debt or loan completely: The funds were used to retire debt and to finance expansion. Even after the state reduced benefits to workers and raised taxes on employers, it took until 2010 to retire that loan.
[T] to take a machine or piece of equipment out of use because it is old and no longer useful: The European-made Concorde was retired from British and French service in 2005. Among the other measures is a $35 rebate to retire older refrigerators for newer, more efficient ones.
(Definition of retire from the Cambridge Business English Dictionary © Cambridge University Press)
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