A looming global retirement crisis threatens the three pillars of retirement due to insufficient funding, improper investment decisions and transferring risk to individuals least capable of bearing it. Many private-sector workers do not have coverage and are not saving enough for retirement. Governments, federal and state, and the financial industry must innovate to stem this multifaceted crisis.

The Department of the Treasury is throwing money around with the latest American International Group bailout and making the same mistakes that its recipients made.