The money is an abstraction. If you look at the actual production and consumption, it's clear that the issue persists regardless of whether the retirement syste

The money is an abstraction. If you look at the actual production and consumption, it's clear that the issue persists regardless of whether the retirement system is government-provided or funded through private savings. You can't actually save up the things that retirees need. They will mostly require services. No matter how much cash has been set aside up to pay for it, the supply of services is largely dependent on the labour force available. The production and consumption of services needs to balance instantaneously.