[ THE FEDERAL RESERVE BANK OF ST. LOUIS ] [ 1996 ANNUAL REPORT ]As we approach our golden years,
we all hope and plan for financial
security in retirement. For genera-
tions, such ho
pes were fulfilled in
part by Social Security, with each
generation depending on the next
for funding. This chain of succession
forms the basis for public pension
systems throughout the world--but as
our populations and our economies
change, so must the system.