Plain English Meaning
Wheels that tuck up into the airplane once it's airborne and come back down before landing, instead of hanging out all the time.
Full Definition
Landing gear that folds or pulls up into the airplane's structure after takeoff and extends back out before landing, rather than remaining in a fixed position throughout flight.
Context Anchor
Seen during preflight inspection, cockpit checks, takeoff, climb, approach, and landing in airplanes equipped with movable landing gear.
Derivation
Retract comes from the Latin retrahere, meaning 'to draw back.' The gear is literally drawn back into the .