Look to countries that have private accounts, and the risks appear as real as the promise. High fees overwhelm excellent returns in Chile. Shady claims about returns plagued Britain's scheme. Singapore's plan leaves many asset-rich and cash-poor. Even Sweden, with its relatively sound system, is considering changes to encourage greater active participation in private accounts. Overall, the experience abroad seems to serve up this lesson: no one gets it right on the first try. --By Jyoti Thottam
CHILE
How It Works Wage earners must contribute 10% of their pay to one of several government-approved private funds. Those accounts replaced the old...