For most Americans unless they have a government job, if they have a pension its a private pension. That either they funded them self, or they funded with help from their employer. Social Security, is not only not only the national retirement system, but it isn't a retirement system at al. It is insurance that people pay into through their working lives and then collect from once they retire. To go along with any private savings and perhaps a pension plan that they picked up during their careers. So when people talk about privatizing Social Security and creating private savings accounts, private savings accounts already exist. And they're talking about privatizing retirement insurance.