Retirement (economy)
An asset retires when it ceases, in principle definitively, to work. The bulk of his income will then come from a mostly lifetime annuity, his accumulated assets during the working life, social assistance granted to the elderly, and so on. Each society has its own customs, possibly inscribed in a law or in the constitution, fixing the conditions in which one can or even one must retire, and the sums that will be paid. Funding systems are in place in most countries, based on ▪ social assistance ▪ intergenerational solidarity ▪ mixed savings in varying proportions. In history, retirement was a rare and short phenomenon. With the increase in life expectancy, it has become more or less certain in the 21st century.