Abstract
Abstract Retirement systems in the past have attempted to protect retirees from risk. However, by making fixed benefit promises, these systems necessarily imposed a more-than-proportional risk on younger cohorts and on future generations. This chapter explores the impacts of alternative tax, pension, and health care policies to evaluate how current policies spread risk across cohorts. It also assesses conditions under which such policies increase general welfare, and where there may be scope for better policies.
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