Yes, except it has less systemic moral hazard since the insurer can't [directly] print money and/or issue endless amounts of debt.[1] I'm not a Social Security

Yes, except it has less systemic moral hazard since the insurer can't [directly] print money and/or issue endless amounts of debt.[1] I'm not a Social Security cynic; I believe it serves a crucial but limited role in providing economic security. [1] Not per se a horrible thing, but that ability is better preserved for infrastructure and other discretionary investments rather than retirement.