TY - JOUR T1 - Retirement Finance Reform JF - The Journal of Investing SP - 76 LP - 78 DO - 10.3905/joi.2002.319509 VL - 11 IS - 2 AU - William G. Shipman Y1 - 2002/05/31 UR - https://pm-research.com/content/11/2/76.abstract N2 - It is argued that population aging will put severe pressure on the financing of government-sponsored pay-as-you-go retirement systems. Should tax-based financing be replaced, in whole or in part, with market-based financing? And, if so, should there be a minimum benefit guaranteed by the government? Such a guarantee raises the issue of moral hazard-that is, would individuals be protected against loss of capital, whatever their investment decisions? This article explores some of the trade-offs associated with this dilemma and suggests how to avoid it. ER -