The first generation to benefit from financial security provided by the AHV and pension funds is now gradually reaching retirement age. The majority also have assets, thanks to the rising prosperity that accompanied the booming post-war economy. The retiring of these Baby Boomers poses major challenges for the state pension system. New models are needed that take into account the changes in society, in that part-time solutions, job sharing, patchwork families and a different work-life balance have made employment and lifestyles much more individual. This can result in a pension gap for Millennials, calling for greater personal responsibility. In other words, the sooner Generation Y and young career starters begin making private provision arrangements, the better. A long investment horizon is worthwhile, because even putting away fairly small sums will result in a higher amount in old age, given you have the right investment strategy.