Final answer:
Retirement is the last step in the life cycle of a standard or process, indicating that it is no longer needed. This concept is applicable in both personal and business contexts.
Step-by-step explanation:
Retirement is the last step in the life cycle of a standard or process. When a process is retired, it means that it is no longer needed. Retirement is commonly associated with the end of a person's professional career, where they cease working and start receiving pension or retirement benefits. Similarly, in a business context, when a process is retired, it is no longer necessary and may be replaced with more efficient methods or technologies.