Published in: _Quantitative Economics_ (Vol. 8, No. 1, March 2017, pp. 75-115) https://doi.org/10.3982/QE648. [Staff Report 742: On Financing Retirement with an Aging Population](https://doi.org/10.21034/sr.472) [Additional Files](https://researchdatabase.minneapolisfed.org/downloads/8910jt605?locale=en) [M-files and Ftools](https://researchdatabase.minneapolisfed.org/downloads/4x51hj04n?locale=en)