Retirement is the phase of life when an individual chooses to stop working and transitions from employment to a period of leisure and relaxation. It is a significant milestone that marks the end of one's professional career and the beginning of a new chapter in life.

Retirement planning is essential to ensure financial security and a comfortable lifestyle during this phase. It involves setting financial goals, estimating future expenses, determining the required savings and investments, and making appropriate financial decisions to achieve a stable retirement income.

Retirement age varies from country to country and can also differ based on personal choices and circumstances. It is typically associated with reaching a certain age, such as 60 or 65, but some individuals may choose to retire earlier or later depending on their financial situation and personal preferences.