To go to bed or go to sleep.
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To go to bed and get some sleep.
When someone says they’re going to hit the hay, they’re wrapping up their evening and heading off to sleep.
It’s casual and informal — the kind of thing you say at the end of a long day or a late-night gathering.
"Hit the Sack"
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Go to bed and sleep, almost identical and equally informal
"Turn In"
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Go to bed for the night, slightly more formal but the same meaning
"Hit the Hay"
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Go to bed and fall asleep