> buy deferred annuities from AAA rated insurance companies and build their own "pensions".
Which, in a post-financial crisis world, also obviously involves relying on government-backing of the insurance companies and bailouts when ratings agencies hand out AAA ratings like candy. Ultimately, only the government can guarantee people a retirement. Which is why I personally think we should say "screw it" and just guarantee everyone a reasonable (livable) payout from social security...
Which, in a post-financial crisis world, also obviously involves relying on government-backing of the insurance companies and bailouts when ratings agencies hand out AAA ratings like candy. Ultimately, only the government can guarantee people a retirement. Which is why I personally think we should say "screw it" and just guarantee everyone a reasonable (livable) payout from social security...