The Social Security Act was signed by FDR on 8/14/35. Taxes were collected for the first time in January 1937 and the first one-time, lump-sum payments were made that same month. Regular ongoing monthly benefits started in January 1940.
Pension- 1717: The Presbyterian Church creates a Fund for Pious Uses to provide for retired ministers.
1889: The American Express Company creates the first pension plan in the United States.
INDIVIDUAL RETIREMENT ACCOUNT, or IRA, was created in 1974
401k- Under the plan, retirement savings contributions are provided. The section of the Internal Revenue Code that made 401(k) plans possible was enacted into law in 1978
Best of luck
In ancient Roman times, people served in the Army for quite a long time - up to 65 years old. And then they "retired". And there were lots of programs that the Romans tried to find something for these guys to do - like give them land to farm.
I doubt that many guys made it to 65 in those days - but some did anyway. So that would have been the beginning of the concept. Probably in other city states at the same time, any really old guy was just ignored. He "retired" when he couldn't carry bricks anymore.
When Adam and Eve got tired of working, and told their multitude of kids to take care of them. {And it worked, after they said, "or God will get you for not honoring your parents.}
>> The Old Testament of the Bible speaks of the old, wise men sitting in the gates of the city - so it sounds like they were retired and society (mostly their families) supported them because they had needed knowledge and wisdom.
The first time somebody decided to quit working permanently.
ancient Rome.
by the congress and president when they got elected
