The world braces for retirement crisis

Associated Press
In this Dec. 21, 2013 photo, George Warren sits in his living room at Village Crossroads senior community in Nottingham, Md. Warren said he saw his modest earnings dry up so quickly that for a time he thought he might become homeless. (AP Photo/Patrick Semansky)

View gallery

15 photos

A global retirement crisis is bearing down on workers of all ages.

Spawned years before the Great Recession and the financial meltdown in 2008, 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 — to 70 or even longer. 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. (AP)

Find more news related pictures in our photo galleries and follow us on Tumblr

View Comments (26)