A harsh consequence is inevitable. The dubious part is the timing. If governments begin to "take management" of retirement accounts, they could stall this for a generation and prolong the exponential increase shown in this chart.
Below is the same chart, cut off at 2010. It looked ominous at that point. And yet three years later, the game continues. Though the timing remains uncertain, the important thing is to be aware that the path is unsustainable.
Same unsustainable trajectory, 3 years ago. Notice at first glance it looks exactly the same:
Attachment 5377