Jack and Edward retired (4)
I believe the answer is:
abed
'retired' is the definition.
(I've seen this before)
'jack and edward' is the wordplay.
'jack' becomes 'ab'.
'and' says to put letters next to each other.
'edward' becomes 'ed'.
'ab'+'ed'='ABED'
(Other definitions for abed that I've seen before include "Yet to rise" , "Not yet up (archaic)" , "not exactly stirring" , "sleeping? Apparently" , "in a comfortable position" .)