When you think of retirement, what comes to mind? Perhaps it is images of older people enjoying a well-deserved period of leisure and comfort in the final stretch of their lives. Cruise ships, garden centres, golf clubs and bungalows by the sea. The truth is that this image is now, in large part, the artefact of a bygone age. A long and comfortable retirement starting at 60 or 65 is beginning to look like a collective social experience whose moment has passed. The political and economic forces it relied upon appear to have run their course – and it’s time to start thinking about what comes next.

Retirement in Britain has a surprisingly short history, underpinned by dramatic improvements in older people’s quality of life over the past 50 years. Large public and private bureaucracies first started to enrol long-serving employees into pension schemes from the mid-19th century. In 1909, Britain was the first country to pioneer an old age pension, funded by the state and targeting the poorest, who could claim it from the age of 70. But it was only after the second world war that a period of leisured old age become an ordinary expectation for most British workers.

These aspirational lifestyles had many sources. The state pension had been made universal by Clement Attlee’s Labour government, alongside expanding occupational pension schemes and rising home ownership. In the 1960s, retirees acquired a taste for travel through the explosion in cheap package holidays, and in the 1970s and early 1980s embraced lifelong learning by joining such bodies as the Open University and the University of the Third Age. As healthy life expectancy rose against a backdrop of full employment, high wages and free NHS care, older Britons enjoyed earlier and more active retirements. Gone were the days of working until your body gave out simply to make ends meet.

Not everything was golden for the over-60s. As economic conditions worsened from the 1970s, some workers in declining industries felt moral pressure to accept redundancy and preserve jobs for the young. Income........

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