The Save More Tomorrow (SMarT) program of Thaler and Benartzi (2004) has been pointed to as an example of how insights from behavioral finance can be utilized to help households become better prepared for retirement. In this paper we model a representative household that discounts the future...

The Senate Aging Committee and the Government Accountability Office (GAO) both encourage Congress to take a Rawlsian perspective when evaluating Social Security reform measures that are intended to cope with changing demographics. In their estimation, a desirable reform should not only balance...