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A pension (/ ˈ p ɛ n ʃ ən /; from Latin pensiō 'payment') is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be: a "defined benefit plan", where defined periodic payments are made in retirement. The ...
There had been a long practice beginning in the Roman empire to the modern nation states of providing pension to those who had served in the military. [2]Cotton Mather, the 18th century New England Puritan minister and author, proposed that elderly people should be "pleased with the retirement which you are dismissed into".
Retirement is the withdrawal from one's position or occupation or from one's active working life. [1] A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job for health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when ...
At the outset of the Civil War the General Law pension system was established by congress for both volunteer and conscripted soldiers fighting in the Union Army. [4] Payouts derived from this plan were based on degree of injury and subject to review by government boards. By 1890, general old-age pensions were incorporated for Union veterans. [5]
In October 1972, a $5 billion piece of Social Security legislation was enacted which expanded the Social Security program. For example, minimum monthly benefits of individuals employed in low income positions for at least 30 years were raised. Increases were also made to the pensions of 3.8 million widows and dependent widowers. [58]
The first evidence of pension payments comes from the Roman Empire in the 1st century BC, but beginnings of private pensions go back to the 19th century. The first private pension plan in the USA was created in 1875 by the American Express Co. [1] But the growth of people coveraged by private pensions was relatively slow.
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund.
The general retirement age is currently set to age 67 however, given sufficient pension contributions it is possible to retire as early as at age 62. The longer an individual postpones withdrawing a pension, the greater the government pension provision becomes. [72] Oman: 60 55 2023 The age is 60. Pakistan: 60 2012 [73] Peru: 60 2018 [74 ...