To Be Retired, To Go Into Retirement
隠居 is "retirement". Make that a verb and you have to retire, to be retired, or to go into retirement.
Like 隠居, this word emphasizes life after retiring, and usually implies having a quiet, maybe secluded, lifestyle. It's a bit of an old-fashioned word, but you'll still see it in modern writing.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.
I had some stomach trouble and that forced me to retire.
My father is retired in a farming village.
I was fed up with my working life, so I decided to sell all my stocks and go into retirement.