The concept of retirement is rather recent in origins. Most historians trace the concept back to Germany’s “Iron Chancellor,” Otto von Bismarck, who pushed through a series of social changes in the late 19th century. Among those changes was a system something like Social Security, intended as a guaranteed pension for the elderly.

Bismarck’s idea was that workers in Germany would need to give way so that younger men would be able to enter the workforce and support their families. The concept of retirement from the workforce took root, and by the mid-point of the 20th century, most American workers expected to retire at something close to age 65.

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