A retirement pension is a regular payment of money given to people when they stop working and reach a certain age. It is like a salary that continues even after a person retires.
Such type of retirement pension plans give the mental peace necessary to carry on life without any worries. (policybazaar.com)
Indeed, only about 5 % of the elderly were in fact receiving retirement pensions in 1932. (ssa.gov)
The annuities law also gradually raised the minimum requirement for an early retirement pension to encourage workers to save more for retirement. (ssa.gov)