As designed, Social Security expects to replace around 40% of a typical retiree’s income, even less than that for those that happen to earn a higher-than-average income. As if that weren’t enough, Social Security’s trust funds are on track to empty by 2034, which would slash average benefits by almost 25% if nothing is done to head off the collapse. If living on somewhere between 30% and 40% of your current income in retirement doesn’t sound all that appealing to you, you need to invest to make up the gap.

The so-called “smart money” hedge funds are dramatically underperforming this year.

Goldman Sachs explained the weakness is the result of big positions in Facebook shares and disastrous bets against stocks.