The baby boomers facing pension crisis:

An article from the Daily Mail in UK.  However, one supposes the figures may not be different in any country.

One in four near retirement have put nothing aside

By Becky Barrow Daily Mail.co.uk 12th August

Around two million  people approaching retirement do not have a  pension and face working ‘indefinitely’ if they are  to maintain their standard of living, research has revealed.
Of the 7.3million aged between 55 and 64 in Britain, it found an extraordinary 26 per cent do not have a penny saved into a private pension.

The report describes the findings as ‘alarming’.

Uncertain times: Many Britons approaching retirement could struggle to pay their bills. It raises fears that many in their 50s and 60s – part of the ‘baby boomer’ generation – will be desperately trying to  earn money into their 70s  and beyond. And the number of younger people who do not have a pension is even higher, meaning the problem is likely to escalate.

Of those aged between 45 and 54, 30 per cent do not have a pension, according to the report by investment firm Baring Asset Management. This rises to 47 per cent for those aged 25 to 34. Women have been the worst-hit victims, after many gave up their jobs to care for their children or parents.Across all age groups, 30 per cent of men and 44 per cent of women do not have a pension.

Marino Valensise, chief investment officer at Baring, said: ‘Having such a large number of people without any form of pension provision is very worrying. It is highly likely that, for those approaching retirement age, continuing to work indefinitely will be mandatory given that they have no other income streams.’ The number of people with a pension has plummeted in the past few decades.

Vulnerable: Many women who quit work early to raise a family now find themselves without a pension
At the peak of the ‘golden age’ in 1967, for example, 8.1million private sector workers had a company pension.
Today, just 3.3million have one and there has been a sharp fall even over recent years – in 2004, the number was 4.8million. And a separate report highlights how the huge financial pressure on Britain’s older people is forcing many to sell their homes.

Lettings experts HomeLet  looked at the number of its clients aged between 66 and 70 who were selling their property and moving into rental accommodation.  Over the past year, it found a 30 per cent increase in those putting their homes on the market, a move likely to be fuelled by financial difficulties. For many, the sale of their family home to move into a rental property, where they are exposed to the whim of a landlord, is a terrible blow. John Boyle, managing director of HomeLet, said: ‘Pensioners are feeling the pinch with the spiralling cost of fuel, energy bills and basic food. ‘Combined with a reduction in income, old people are increasingly struggling to pay to live through their retirement.’ He said the number forced to sell their homes looked set to increase over the coming years. 

The Korean Herald also has run a series on The Stark Contrast in Post Retirement life.  Scary reading.

Thank goodness New Zealander's have a love affair with property and at least have the equity in their own homes.  Those that weren't 'blue-chipped'.