Exactly, government-managed retirement funds were created after WWII, at a time when there was few retirees and a massive young workforce. Now it's the other w

Exactly, government-managed retirement funds were created after WWII, at a time when there was few retirees and a massive young workforce. Now it's the other way around : the demographic transition is hitting the retirement age all over Europe and it is an alarming problems for many countries including France and Germany.