The system has effectively failed most everywhere on the West. The post-WWII generations are numerous and have a long life expectancy, apparently longer than the pension systems planned for. Generations that came after them are less numerous, and, in a way, somehow less prosperous. They cannot pay enough to keep the pension systems afloat.
The Japanese faced this earlier and harder than Europe, with about 30% of their population being past the retirement age. They increased their productivity very significantly, but it's still not enough, and a lot of older folks in Japan keep working well past the retirement age, sometimes even re-hired by the companies from which they had retired.
The Japanese faced this earlier and harder than Europe, with about 30% of their population being past the retirement age. They increased their productivity very significantly, but it's still not enough, and a lot of older folks in Japan keep working well past the retirement age, sometimes even re-hired by the companies from which they had retired.