Word: retirementâ
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...Otto von Bismarck, who initiated the social security pension system in 1884. He arbitrarily set the age for receiving benefits at 65, and his model has been followed ever since in much of the Western world. The same age for receiving benefits?and therefore being a candidate for forced retirement???was enshrined in the U.S. Social Security system when it was established in 1935, and was copied in almost all the private pension plans that mushroomed after World War II. Yet in Bismarck's time, only a small percentage of the population lived to 65; life expectancy at birth...