The main problems are insufficient diversification and the failure to pick age-appropriate strategies - that is, more aggressive when you're younger, and more conservative when you approach retirement. But even then you have to invest for growth.

Russians will consume marinated mushrooms and vodka, salted herring and vodka, smoked salmon and vodka, salami and vodka, caviar on brown bread and vodka, pickled cucumbers and vodka, cold tongue and vodka, red beet salad and vodka, scallions and vodka-anything and everything and vodka.

I personally make sure that some of my investments are in foreign securities or in international commodity portfolios that are independent of the US dollar. But that's a personal preference. I do not invest in currencies because it's so complicated and so risky. I would not attempt that without excellent professional help.

The main problems are insufficient diversification and the failure to pick age-appropriate strategies - that is, more aggressive when you're younger, and more conservative when you approach retirement. But even then you have to invest for growth.

In Western Europe, most countries have variations of the lifetime pension system for most workers so they are keeping the system that we are walking away from. By comparison, 50% of the American workforce is not offered any retirement plan by their employers. And of those who are offered a plan, roughly 25% do not choose to join. In other words, everything is voluntary, and that's one of the reasons our results are so perilous for most people.

Journalists cover words and delude themselves into thinking they have committed journalism.

The issue of the pension gap has got to become visible and important to millions of people before Washington will respond seriously. Right now, everyone thinks it's his or her own problem and that individuals have to do better and save more. Of course, that is true. We all have to save more and take responsibility for our own retirement. But we have a huge social and economic problem on our hands.