Retirement is the phase of life when a person stops working and begins to live off savings, pension plans, and other sources of income. Retirement is often considered a significant life milestone and is typically associated with a transition from full-time employment to a more relaxed lifestyle.

Retirement can be voluntary or involuntary. Voluntary retirement occurs when a person decides to retire from work, either because they have reached a certain age or because they have achieved financial independence. Involuntary retirement occurs when a person is forced to retire due to health problems, job loss, or other factors beyond their control.

Retirement can have both positive and negative impacts on a person's life. On the positive side, retirement can provide an opportunity to pursue hobbies and interests, travel, spend more time with family and friends, and enjoy a more relaxed lifestyle. Retirement can also provide a sense of freedom and independence, as well as the opportunity to give back to the community through volunteer work or other activities.

On the negative side, retirement can also bring challenges, such as financial uncertainty, social isolation, and a loss of identity and purpose. Retirement can also be a significant adjustment for people who have spent their entire lives working and may struggle with the transition to a new phase of life.

To make the most of retirement, it is important to plan ahead and establish goals and objectives for this phase of life. This may include developing a retirement budget, exploring new hobbies and interests, and maintaining social connections with friends and family. Seeking the support of a financial advisor or retirement planner can also be helpful in developing a retirement plan that meets your needs and goals.