The current state of retirement funding is not a pretty sight. Budgets, Retirement Plans and Insurance Schemes are in trouble, no matter where in the world you look. Almost nowhere in the world are there any funds left of what employees were and continue to be paying in during their working life. Only the size of the problem seems to differ from country to country. So it’s a sure thing governments will have to “wing it” when it comes to finding the funds they owe their retirees, let alone retirees-to-be.
In the United States, the richest states are the ones with the worst retirement finances. Top of the list is CalPERS, the Californian State Personnel’s Retirement Fund whose sorry state is already almost proverbial among economists and the financial savvy alike.