Practice Quiz

Financial Planner

Category - Retirement Savings and Income Planning

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Which of the following was created first in the history of retirement plans?
  1. Social Security
  2. Traditional IRAs
  3. Pensions for Massachusetts residents who were wounded in battle
  4. The American Express Company’s private pension plan
Explanation
Answer: C - Massachusetts created the first public pension arrangement during the Seventeenth century. In 1875, the American Express Company created the first private pension plan in the United States. Since then, the Federal government has created Social Security, IRAs, and other types of pension and retirement plans that are available to be used.
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