Reducing the Risk of Investment-Based Social Security Reform

Martin Feldstein

NBER Retirement Research Center Paper No. NB 04-03
Issued in December 2004

---- Acknowledgements -----

This paper is a report on a project that is exploring alternative ways of dealing with the risk in investment-based Social Security pension plans. I am grateful to Eugene Soltes and Xuan Qin for the calculations in this paper. The research was supported by the U.S. Social Security Administration through grant #10-P-98363-1 to the National Bureau of Economic Research as part of the SSA Retirement Research Consortium. The opinions and conclusions expressed are solely those of the author and do not represent the opinions or policy of SSA, any agency of the Federal Government, or the NBER.

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