Jubilado vs. retirado
The Spanish words jubilado and retirado both translate to "retired", but they carry different nuances depending on the context and region. Generally, jubilado implies a formal, administrative retirement with a pension, usually due to age or years of work. On the other hand, retirado is a broader term that can refer to stepping away from a specific career, such as in sports or the military, and is also widely used in some Latin American countries as a general translation of the English word "retired".
Jubilado
The word jubilado specifically refers to a person who has officially stopped working due to reaching the legal retirement age or completing the required years of service, and who typically receives a state or private pension.
Mi abuelo es un profesor jubilado que ahora pasa su tiempo cuidando el jardín.
(My grandfather is a retired teacher who now spends his time taking care of the garden.)
El centro comunitario ofrece descuentos especiales para cualquier jubilado.
(The community center offers special discounts for any retired person.)
Después de trabajar cuarenta años en el banco, por fin es un hombre jubilado.
(After working forty years at the bank, he is finally a retired man.)
Los jubilados organizaron una protesta para exigir mejores pensiones al gobierno.
(The retirees organized a protest to demand better pensions from the government.)
Ella es una médica jubilada que todavía trabaja como voluntaria en la clínica local.
(She is a retired doctor who still works as a volunteer at the local clinic.)
Retirado
The word retirado means that someone has withdrawn from their job, profession, or public life, which is most often used for athletes, military personnel, or in Latin America as a general term for being retired without necessarily implying a pension.
El general retirado escribió un libro fascinante sobre sus experiencias en la guerra.
(The retired general wrote a fascinating book about his experiences in the war.)
Es un boxeador retirado que ahora se dedica a entrenar a jóvenes talentos.
(He is a retired boxer who now dedicates himself to training young talents.)
Mis padres están retirados y viven en una casa muy tranquila cerca de la playa.
(My parents are retired and live in a very quiet house near the beach.)
El actor retirado rara vez concede entrevistas a los medios de comunicación.
(The retired actor rarely grants interviews to the media.)
Después de vender su exitosa empresa, el joven emprendedor vive como un hombre retirado.
(After selling his successful company, the young entrepreneur lives like a retired man.)
Summary
In summary, you should use jubilado when talking about a traditional worker who has officially stopped working due to age and collects a pension. You should use retirado when referring to military personnel, athletes, people who stepped away from a career early, or as a general everyday term for someone who has stopped working in certain Latin American regions.