I am honored to deliver the 2010 Martin Feldstein lecture. It is especially appropriate that I will be discussing the issue of retirement security, because throughout the course of his distinguished career, Martin Feldstein has improved our understanding of the U.S. Social Security system and of retirement policy more broadly. We clearly are at a pivotal moment in the national discussion on retirement security. Over the past 30 years, the responsibility for funding retirement and the associated risks have shifted from employers to individuals. Today, Americans are recovering from a deep plunge in financial markets and a recession that left people less confident about their ability to achieve financial security.