Account, on retirement, incurred limit (9)
I believe the answer is:
narration
'account' is the definition.
(narration is a kind of account)
'on retirement incurred limit' is the wordplay.
'on retirement' shows that the letters should be reversed in order.
'incurred' becomes 'ran' (running is a kind of incurring).
'limit' becomes 'ration' (rationing is a kind of limiting).
'ran' reversed gives 'nar'.
'nar'+'ration'='NARRATION'
(Other definitions for narration that I've seen before include "Account of events" , "telling" , "Process of storytelling" , "Story" , "Spoken account" .)