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In this Dec. 23, 2013 photo, Leslie Lynch packs up belongings in her dining room 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)

The world braces for retirement crisis

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)

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