Jeffrey R. Brown is an assistant professor of finance at University of Illinois' College of Commerce and Business Administration. Kevin Hasset is Resident Scholar and Director of Economic Policy Studies at American Enterprise Institute. Kent Smetters is the Associate Professor of Insurance and Risk Management at The Wharton School, University of Pennsylvania. The research reported herein was performed pursuant to a grant from the U.S. Social Security Administration (SSA) to the Center for Retirement Research at Boston College (CRR). The findings and conclusions are solely those of the authors and do not represent the views of SSA, any agency of the Federal Government, or Boston College. The authors thank Andrew Biggs, Andy Eschtruth, Jason Furman, Jeffrey Liebman, and Olivia Mitchell for helpful comments and/or discussions and Kathryn Newmark and Gordon Gray for expert research assistance. This paper is forthcoming in the Elder Law Journal.