Old-age Security Without the State

"Many of those who basically accept free-market principles believe that the government should intervene in some areas, and that old-age security is one of them. Retirement, they think, is a far-off event, and therefore cannot be entrusted to markets. Besides, some people are not clever enough to save for their retirement, so the government must support them. There is truth to these claims. However, the conclusions do not follow."