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The Essence of Social Security: Debunked Myths

8 Pages Posted: 13 Nov 2015  

Robert L. Brown


Date Written: November 28, 2014


This paper attempts to focus the definition of a social security system at its most basic level. In doing so, it discovers a number of truths: 1. PAYGO systems are not remarkably different from fully funded systems. 2. Fully funded systems are not demographically immune. 3. Fully funded systems are not inherently more stable than PAYGO systems. 4. The least desirable design for a social security system is an individual account defined contribution system.

Keywords: social security, pension reform, individual accounts, defined contribution, pay-as-you-go

Suggested Citation

Brown, Robert L., The Essence of Social Security: Debunked Myths (November 28, 2014). Australian Journal of Actuarial Practice, 2, 5-12, 2014. Available at SSRN:

Robert Brown (Contact Author)

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