AP IMPACT: The world braces for retirement crisis (want to retire ever?)

[Omaha Steve]

X post from good read.

http://apnews.excite.com/article/20131229/DAB02NB00.html

Dec 29, 9:03 AM (ET)

By PAUL WISEMAN, DAVID MCHUGH and ELAINE KURTENBACH

WASHINGTON (AP) - 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.



In this Monday, Dec. 23, 2013 photo, Leslie Lynch poses for a photograph in her home in Glastonbury, Conn. Lynch, who lost her job last year, is moving out of her home of 21 years because she can no longer afford the mortgage payments. (AP Photo/Jessica Hill)


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.

The problems are emerging as the generation born after World War II moves into retirement.

FULL story at link.

[Gidney N Cloyd]

1. "Companies have eliminated traditional pension plans that cost employees nothing"

- Companies have eliminated traditional pension plans that cost employees nothing and guaranteed them a monthly check in retirement.

Where do they get this "cost employees nothing" bullshit? What part of 'compensation package' is lost on these reality-twisting bastards?