Wharton Pension Research Council Working Papers

Document Type

Working Paper

Date of this Version



The published version of this Working Paper may be found in the 1999 publication: Prospects for Social Security Reform.

Working Paper Number


Copyright/Permission Statement

All findings, interpretations, and conclusions of this paper represent the views of the author(s) and not those of the Wharton School or the Pension Research Council. © 1999 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.


The authors wish to thank David Gordon and Tomeka Hill for their help in developing the simulations presented here. We also wish to thank Olivia Mitchell for her helpful comments, to Martin Feldstein who invited us to present our research to a NBER conference on social security where the comments and discussion helped us in the development of our analytical approach, and to John Shoven for encouraging us to add a full privatization option to our analysis.

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Date Posted: 26 February 2020