With interest rates so low there is nowhere else for money to go. In cash you lose to inflation. In bonds you will get hurt as interest rates rise. I see no other option but a conservative amount in stocks to stay afloat with lots in cash and a lot in low interest bearing instruments which is almost cash. One has to be able to ride the roller coaster for the stock portion. There are few options to park the money. Of course I am older and concerned with protecting what I have. If you are young you have more freedom to invest more aggressively.
With interest rates so low there is nowhere else for money to go.
Another counter is that if the government does take over the retirement industry, exactly who is going to be buying the stock in my retirement plan. To paraphrase the Vampire economy regarding German stock trading in the late 30.s , “The stock market was still active but everyone knew it was a lie.”
But wealth does not provide cash anymore. A million dollars will only provide $10,000 of income, you have to think about that awhile.