In a recent UBS survey of wealthy investors and entrepreneurs, U.S. investors reported having 21% of their portfolios in cash, on average. Over the last 40 years, the dollar has done more declining than appreciating. If you’re earning 1% or 2% on your cash and the dollar starts to fall, you will see your purchasing power erode very quickly.

The idea of investing in private pension insurance should be suppressed, because new contracts are hardly worthwhile. Classic private annuity policies offer new customers only a maximum guaranteed interest of 0.9 percent. Negative interest is to blame. Pension insurers are now increasingly investing in equities, real estate and renewable energies.