> "Smart" people would save and invest, and have better "pensions" than they'd have in the current system Well, if, and only if, their investments have positiv

> "Smart" people would save and invest, and have better "pensions" than they'd have in the current system Well, if, and only if, their investments have positive gains. Also you can (depending on the country) pay today extra money into retirements and pension funds which are a kind of financial investments. But good luck figuring out how much of the money goes actually into administering the funds and is deducted from your payment before any investment is made. If these funds were usually an advantageous deal, their conditions would be a lot more transparent. My take is more or less: Pension is a kind of insurance (you do not know how long you are going to live), so it should be low-risk. If you have extra money, you can invest that - but there is no investment without real risks, so it has to be money which you can really afford to lose.