One of the reasons a government-run annuity system such as Social Security may be better for society

Question:

One of the reasons a government-run annuity system such as Social Security may be better for society than simply relying on private savings is that

a. No one would save for themselves.

b. People, being overly risk averse, will save too much.

c. People, being risk neutral, will save too much.

d. People, having imperfect foresight, save too little.

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...