the.com/pensions
a promise your younger self makes to a stranger called your 70-year-old self.
means a system where you set aside money now (or your employer/government does) so future-you has income after you stop working.
from from latin pensio, payment or installment, rooted in pendere, to weigh or pay; bismarck's germany built the first state pension in 1889, mostly to out-flank socialists by out-caring them.
bismarck ageoriginal german pension kicked in at 70
life expectancy thenmost people didnt live that long
defined benefit declinecompanies mostly replaced them with 401ks
compound intereststarting at 25 beats starting at 35, dramatically