The literature has addressed the problem of pensions and has reached an almost unanimous conclusion that increased longevity is the main cause of the problem. However, in our opinion, longevity itself is not a problem and, therefore, should not be the cause of the problem of pensions. The real...

Pensions may be provided for in a modern society by a mix of several methods, namely by voluntary individual savings, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old-fashioned hoarding in cash. Here, we call the specific mixture...

Pensions may be provided for in a modern society by a mix of several methods, namely by voluntary individual savings, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old-fashioned hoarding in cash. Here, we call the specific mixture...