Any journey begins with a first step.

Government-run systems are very risky.

Tomorrow’s workers will face an enormous burden.

This shift will have serious implications.

Even the best welfare state faces a grim future because of demographic change.

It’s not looking good for Italy.

Bad things happen to welfare states when the population pyramid becomes a population cylinder.

Why private retirement accounts are the best approach.

Pyramid schemes based on demographics will eventually fail, too.

Japan offers relevant warning signs for the U.S.