Retirement in the U.S. is considered to start at age 65. Why? After all, there’s nothing sacrosanct about that particular age. Many people are capable of working well beyond 65, while others fortunate enough to have amassed sufficient wealth prior to reaching that milestone are happy to retire earlier.
According to the Social Security Administration’s website, the first country to create a social insurance program for retirees was Germany in the 1880s. The emperor at the time, William I, wrote a letter to Parliament stating that “those who are disabled from work by age and invalidity have a well-grounded claim to care from the state.” Quite a radical idea back then! The German program was initially created to begin at age 70, but by 1916, the age limit had been reduced to 65.