What does it mean to stop working before the usual retirement age?

Stopping work before the usual retirement age is commonly referred to as taking early retirement. This means an individual chooses to retire from their job before reaching the age that is traditionally considered the standard for retirement, typically defined by factors such as social security eligibility or company policy.

Early retirement often involves specific considerations, such as pension benefits, social security penalties, and personal financial planning. Depending on the circumstances, those who take early retirement might also have access to some financial incentives from their employer or might be subjected to reduced retirement benefits.

The other options reflect different scenarios that do not directly correspond to the concept of retiring early. Resigning early implies leaving a job prior to a desired retirement date, but does not necessarily involve retirement status. Transitioning to part-time work suggests a reduction in hours rather than cessation, and being laid off indicates an involuntary termination of employment, which is unrelated to personal retirement decisions. Thus, "taking early retirement" is the most accurate description of stopping work before the usual retirement age.