What happens when they realize they're also incapability of managing their money? Social security systems, national pension plans, private sector pensions, and individual retirement accounts have been underfunded (diverted) and mismanaged for decades. The $78 trillion pension problem will become more obvious when interest rates that would stay low or negative as long as its needed to "bailout incompetence" begin their undeniable rise. Political change rarely comes when people are happy.
Headline: Rich countries have a $78 trillion pension problem
Dreams of lengthy cruises and beach life may be just that, with 20 of the world's biggest countries facing a pension shortfall worth $78 trillion, Citi said in a report sent on Wednesday.
"Social security systems, national pension plans, private sector pensions, and individual retirement accounts are unfunded or underfunded across the globe," pensions and insurance analysts at the bank said in the report.
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