As the ratio of retirees to taxpayers increases, concern about the high cost of providing benefits in a pay-as-you-go system has led to economists offering alte... » 

As the ratio of retirees to taxpayers increases, concern about the high cost of providing benefits in a pay-as-you-go system has led to economists offering alternatives, one of which involves the investment in stocks and bonds of a person's holdings. This work examines the risks of such systems. «