Retired old lady’s dog ointment (6)
I believe the answer is:
balsam
'ointment' is the definition.
(I know that balsam is a type of ointment)
'retired old lady's dog' is the wordplay.
'retired' says the letters should be written backwards.
'old lady's' becomes 'ma's' (both can informally mean mother).
'dog' becomes 'lab' (short for labrador).
'mas'+'lab'='maslab'
'maslab' back-to-front is 'BALSAM'.
(Other definitions for balsam that I've seen before include "Fragrant medicinal gum from tree" , "Mal, BAs can produce a healing agent" , "Fragrant resin used in medicine and perfumes" , "(Aromatic medicine from) shrub" , "flowering plant" .)