PT - JOURNAL ARTICLE AU - William G. Shipman TI - Retirement Finance Reform AID - 10.3905/joi.2002.319509 DP - 2002 May 31 TA - The Journal of Investing PG - 76--78 VI - 11 IP - 2 4099 - https://pm-research.com/content/11/2/76.short 4100 - https://pm-research.com/content/11/2/76.full AB - 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.