Individual Risk and Intergenerational Risk Sharing in an Investment-Based Social Security Program
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This paper examines the risk aspects of a fully phased-in investment-based defined contribution Social Security plan. Individuals save a fraction of wages in a Personal Retirement Account (PRA) invested in a 60:40 equity-debt mix and receive a similarly invested variable annuity from age 67. The
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美国国家经济研究局创建时间：
1998-12-01
