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a.[4] Private insurers offer annuities similar to the one offered by the US social security system. What is an annuity and what risk does it insure against? b.[5] Why do annuities sold by private insurers to 65 year old US buyers have prices over 70% higher than would allow them to get 0 profit if every 65 year old bought one? c.[5] What characteristics of US Social Security structure and reforms made the average net lifetime rate of return from payroll tax and benefits higher for workers from earlier generations than from later generations. Remember that this question is about average net rates of return over entire lifetimes.