Because that is what happened before collective pensions. When people talked of "the poor" until the 70's, they talked about older people.

Because most workers have little enough disposable income that they can't save a lot of money.

Because it is hard to know how long you'll live as a retired person ; and individual insurance contracts are much more expensive than collective ones : insurance companies have to forecast a winning on each contract.

Because having to put your earnings into equities, as is needed for individual pension plans, puts you at the risk of market crashes.

Because unions and the state are democratic institutions, unlike the market.


Un roi sans divertissement est un homme plein de misères