pension
definition
a regular payment made by the government to retired people
example
You can receive your pension when you retire or when you reach the eve of your 65th birthday.
synonyms
NONE
word origin — late Middle English (in the sense ‘payment, tax, regular sum paid to retain allegiance’): from Old French, from Latin pensio(n-) ‘payment’, from pendere ‘to pay’. The current verb sense dates from the mid 19th century