4 Policy application . This chapter identifi ed a number of proposed reforms to the Social Security system in order to ensure that it will be able to continue to pay benefi ts into the indefi nite future. Evaluate each of the following proposed reforms to Social Security in terms of intergenerational equity, cost, risk, freedom of choice, and any other criteria that you think are important:

(a) raising the age for eligibility for retirement benefi ts

(b) investing the trust fund partially in equities

(c) adjusting the cost-of-living adjustment