Population aging and early retirement have pushed pension systems into the centre of public interest. András Simonovits' concise book is the first intermediate-level treatment of modeling pension systems. Starting with a life-cycle model, and adding life-insurance and annuity, mandatory private and public pension systems are explained. Continuing with a model of demography, the macroeconomics of pension systems is analyzed. Specific topics including flexible retirement and transition from an unfunded to a funded pension system are also covered. The book contains information on representative countries including Chile, Great Britain, Germany, Hungary, the Netherlands and the US. Each of the chapters analyzes problems and suggests possible solutions.