What program, established in 1935, guarantees retirement payments starting at age 65?

The program that guarantees retirement payments starting at age 65 is Social Security. Established in 1935 under the Social Security Act, it was designed to provide financial assistance to retirees. By contributing to the system through payroll taxes during their working years, individuals are eligible to receive monthly benefits once they reach the minimum retirement age, which is currently set at 65 for full benefits. Social Security serves as a crucial safety net for millions of Americans, ensuring they have a source of income after they retire.

Other programs like Medicare and Medicaid focus on different aspects of healthcare access and financial support, specifically targeting health insurance for seniors and low-income individuals, respectively. The Affordable Care Act, established much later in 2010, aims to increase healthcare affordability and access but does not provide direct retirement income. Thus, Social Security is uniquely positioned as the program specifically designed to provide retirement payments.