A global retirement crisis is bearing down on workers of all ages.
Spawned years before the Great Recession and the 2008 financial
meltdown, the crisis was significantly worsened by those twin traumas.
It will play out for decades, and its consequences will be far-reaching.
Many people will be forced to work well past the traditional
retirement age of 65. Living standards will fall and poverty rates will
rise for the elderly in wealthy countries that built safety nets for
seniors after World War II. In developing countries, people's rising
expectations will be frustrated if governments can't afford retirement
systems to replace the tradition of children caring for aging parents.
The problems are emerging as the generation born after World War II moves into retirement.
"The first wave of under-prepared workers is going to try to go into
retirement and will find they can't afford to do so," says Norman
Dreger, a retirement specialist with the consulting firm Mercer in
Frankfurt, Germany. (more)
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