Is the world heading for pensions meltdown? And if so, what can we all do about it? Serena Cowdy investigates.
If you're worrying about how to fund your retirement, you're certainly not alone.
Many Britons entering old age are being faced with poor returns on their personal pension investments, and inadequate State contributions.
But government balls-ups apart, there are global reasons for the UK pensions meltdown.
I'm going to have a look at two of these - and why pensioners all over the world are suffering as a result.
Short term: Slumping stock markets
The global credit crunch has hit some pension funds - in the UK and elsewhere - particularly hard.
According to research by Morgan Stanley, falling stock markets and interest rates have wiped billions of pounds off the value of UK company pension schemes in recent months.
The investment bank estimates that falls in the FTSE 100 (Footsie) share index since the start of the year have increased Britain's collective company pensions deficit by over 150%.
Many of the UK's largest pension funds have deliberately reduced their exposure to equities in the past few years. But others are still very exposed to the credit crunch - and resulting market turmoil.
In fact, Morgan Stanley recently put together a list of the most `at risk' companies. Household names include British Airways, Northern Foods and BT.
So in plain English, many people's company pensions are still largely dependent on the stock markets. And with the Footsie rearing and plunging like a bucking bronco, these schemes seem to be in for a rough ride.
Long term: The world is aging
UK pensions are being hit by a global, demographic phenomenon known as population aging.
In other words, the average age of the British population is rising. Population aging is happening all over the world, but is particularly advanced in richer, more developed nations.
According to the United Nations, the average age of people in such countries has shot up - from 29 in 1950 to 37 in 2000 - and is forecast to rise still further - to over 45 by 2050.
This is bad news for State and company pension schemes all over the world.
In the UK, for example, many employers offering salary-related schemes have closed them to new entrants.
And companies continuing with such schemes are finding themselves under financial strain, partly because of the growing number of retired employees involved.
Several governments have already moved to counter the problems caused by their aging populations - and have faced industrial action and even civil unrest as a result.
In 2003, the French government triggered national strikes when it insisted people work longer to qualify for benefits.
And just last month - in the face of mass public strikes and protests - the Greek parliament passed a controversial pension reform bill which eliminates most early retirement schemes, merges pension funds and caps auxiliary pensions.
You think you've got it bad...
Many of us are worried about being short-changed in our old age. But spare a thought for those in an even bigger mess.
Last year, the Japanese government was forced to admit that the details of 50 million pension fiIes had been lost. That's right - lost.
And the mammoth blunder - a combination of missing records, bureaucratic confusion and wrongly-entered details - hasn't been sorted out yet.
For those people employed in Japan before 1997, government officials are still trying to work out who holds which pensions.
And experts are predicting the true owners of nearly ten million pension accounts might never be identified. Scary, huh?
So what we can all do?
It isn't all doom and gloom. There are still several things you can do to boost the amount you have to live on in your old age.
Fool writers have covered them in depth elsewhere - but here's a quick reminder of the main points:
When you retire, make sure you claim everything you're entitled to from the State.
This could mean the Basic State Pension, Pension Credits and the State Second Pension, plus a wide range of other, age-related benefits.
But don't just rely on the State pension pot. Listen to this Fool podcast to find out why you should start saving for your retirement in your twenties.
If you do have a personal pension, think about how to invest it. If you don't want to rely on the stock market, there are several other, less risky asset classes to consider.
And when it comes to your retirement, do your research and shop around to find the best annuity for you.
Finally, there are other ways of saving for your retirement. Property and ISAs are two of the most popular alternatives.
The main thing, it seems, is don't rely solely on the government - or the stock market - to provide for your old age.
Instead, do as much research as possible, understand the risks and benefits involved, and start saving early to shield yourself from any future pensions meltdown!
More: Pensions For Beginners: The Complete Guide