I would say "In-OFF-Out" because for most jobs, one moves the the tool "in" to make the cut, and "out" at the end.
Advance, Retard, Plunge all seem to imply a different type of operation to me, although they could apply here. Cut, Back-out & Withdraw would be be more applicable I think than the first three, but overall I would go for the In-Out option.
I have read at least one author talking about "putting the cut on", but I don't recall taking the cut off.
For milling, I would use Forward-OFF-Backward as in Forward = away from you and Backward = towards you. The trouble with milling is that cutting can take place equally well in either direction, whereas in lathework, most work involves either doing something to a longitudinal external diameter, or facing a disc. Cutting an internal diameter does involve cutting the other way round, but in my limited experience is less often done.
Regards,
Peter G Shaw