Percentage of Chileans retiring over the next thirty years who are expected not to save enough to participate in Chile’s privatized social security plan:
By the way, they are all likely to receive governmental welfare of some kind. Don’t think that social security privatization in the U.S. will eliminate a comparable issue closer to home. Of course we are a wealthier country but we also have higher standards for treating our elderly. If you favor privatization, you favor in reality privatization plus a supplemental support system from some level of American government; add this into your costs. Read Will Wilkinson on this point.
Here is the on-line version of the Chilean article, read here also. Both pieces provide good coverage of the Chilean experience, and in my view a balanced treatment. Read also my earlier post on the preconditions for successful Chilean reform.