Sox First

The ageing population means we are looking at the end of retirement, as we know it. Retirement , an invention of the twentieth century, is disappearing.

In Britain, millions are shunning retirement to keep working in "sociable" jobs. According to a survey, 51% said they wished to continue working after they reach the retirement age as a way of staying active. Moreover, 47% of respondents said they feared that they would get bored when they stop working with 43% stating that they enjoy the social contact that comes from being in a working environment. All this will put pressure on people, and by extension governments, to find alternative ways to fund a "retirement" of sorts.

In America, financial services company Sun Life Financial has set up an "unretirement" index. "Unretirement" is defined as working 20 hours a week or more when you are eligible to receive Social Security.

In a sense, it's not surprising. With an ageing population, people are a lot healthier and more active in their 70s and 80s.

Retirement, invented in the 20th century, will fade to black. Not only because of demographics but sheer financial reality.Financial sources are unlikely to be adequate to pay for a 20-40 year retirement. Private pensions are diminishing or disappearing. In any case, they are harder to accumulate because of the disappearance of the single career job. Home equity is not expected to increase at near the rate of the post World War II years, and those under age 50 are not saving anywhere near as much to pay for a long retirement.

This will change society and business.

• Early retirement soars, but who is going to pay?