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Charles E.F. Millard

Everybody in the (Risk) Pool

A new approach would make retirement plans safer for U.S. workers, without asking more of employers.
Should we pool our funds?

Should we pool our funds?

Photographer: Gianni Ferrari/Getty Images

The U.S. faces a retirement crisis.

We are living longer. Defined-benefit pensions are disappearing; the ones that exist are underfunded. Forty-five million Americans have no retirement plan at all. And nobody is seriously discussing solutions.