Taking stock of reforms to social security in Latin America and the Caribbean, Keeping the Promise of Old Age Security in Latin America and the Caribbean reassesses the priorities of pension systems in the region. It argues that the main priority of any publicly-established pension system should be to prevent poverty in old age and that therefore the extent of coverage must be the most important criterion by which to judge any formal old-age security system. The authors argue for increased attention to the poverty prevention function of social security and a less prominent role for mandated savings. Keeping the Promise of Old Age Security in Latin America and the Caribbean recognizes the need to strike a balance between people's improvidence in planning for old age, on the one hand, and a government mandate to save, on the other. The appropriate balance will depend on the degree of development of financial systems, institutional capabilities and past history of pension systems.