German chancellor stating that "people shouldn't rely on their state-side retirement plan any more" means that the last three generations paid into something they'll never receive. It's called "Generationsvertrag" in Germany and for generations people were told that the current generations are basically paying the retirement of the previous generations. Since it turned out that the fond is empty the government is not slowly trying to pitch the idea that people should pay money into a private retirement plan ON TOP of the mandatory money taken out of their wage. In other words, if you're in your 30's now, stack harder. You'll need it.