A retiring teacher can certainly have a retirement party to celebrate this new step! This could be thrown by family and friends or by fellow faculty members. Often, schools will also acknowledge a retiring teacher during graduation ceremonies, or in the school yearbook, or at other end-of-year celebrations.
You can also honor a retiring teacher with a present – either individual presents from students or fellow teachers who will miss them, or with a group gift after taking up a collection. However, you choose to honor a retiring teacher, be sure to take the time to tell them how they have influenced your life!