A system for old-age security should probably combine different approaches: mandated savings and annuities; a redistribution of income to old people who did not earn enough when they were young to build an adequate cushion of savings; fiscal incentives for nonmandatory savings and annuities (including tax incentives for job-based pension plans); and an informal system of purely voluntary personal savings and family arrangements.
A system for old-age security should probably combine different approaches: mandated savings and annuities; a redistribution of income to old people who did not earn enough when they were young to build an adequate cushion of savings; fiscal incentives for nonmandatory savings and annuities (incl...