state pensions
A state pension is a regular payment made by the government to individuals who have reached a certain age and have contributed to the social security system during their working life. This financial support helps retirees maintain a basic standard of living after they stop working. The amount received can vary based on factors like the number of years worked and the contributions made.
In many countries, such as the United Kingdom and United States, state pensions are funded through taxes collected from current workers. These pensions are designed to provide a safety net for older adults, ensuring they have some income during retirement.