Old Age Insurance

Old Age Insurance is a government or private program designed to provide financial support to individuals after they retire. It works through regular contributions made during their working years, which are pooled to fund benefits for retirees. When a person reaches a certain age, they receive monthly payments to help cover living expenses, ensuring financial stability in retirement. The system aims to reduce poverty among older adults and provides a safety net, allowing retirees to maintain a dignified standard of living after their active work years.