The experts at the Social Security Administration *are* doing it, and
they're doing an incredibly efficient job at it too. Social Security has
less than 1% administrative overhead. No private retirement options come
even close.
Uh, according to http://www.fool.com/school/basics/basics04.htm:
"Administrative costs are the costs of recordkeeping, mailings,
maintaining a customer service line, etc. These are all necessary costs,
though they vary in size from fund to fund. The thriftiest funds can
keep these costs below 0.2% of fund assets, while the ones who use
engraved paper, colorful graphics, and phone answerers with
high-falutin' accents might fail to bring administrative costs below
0.4% of fund assets."
So the SSA is up to 5 times more wasteful than the "thrifty" private
funds, and more than twice as wasteful as the worst of them.
[...]