Where Retirement Works

Pensions don't have to bankrupt taxpayers or employers. How the Dutch figured it out

Kadir Van Lohuizen / VU for TIME

Hannah (sitting left) and Erno (middle) Gerecsey are spending the Sunday afternoon with their neighbours Sietze and Alida Bosch.

In early June, the Organization For Economic Cooperation and Development (OECD)--the club of the world's wealthy and almost wealthy nations--released a 208-page document perversely titled Pensions at a Glance. Inside is a rundown of how generous OECD members are to their burgeoning ranks of retirees.

The U.S. is near the bottom, with the average wage earner able to count on a government-mandated pension for just 52.4% of what he got (after taxes) in his working days--and higher-income workers even less. But the picture at the other end of the scale (dominated by Continental Europe) is misleading. Most of these governments haven't...

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