Index funds are not the cure for all our ills. If the stock market goes down, index funds will also go down. If the market crashes, so will index funds. Most importantly, even if the market performs well, it is unlikely that we will get the kind of returns we need from index funds to repair the deﬁcits the Fund currently faces.
Index funds will give us more money than we have (assuming the market cooperates) because we will spend less to get the same returns. That’s the only and single advantage of index funds. But it’s a signiﬁcant one: We would have many millions more in the Fund today if we had used index funds over the past decade.