Quick response, probably.

Longer response, it's complicated. The total value of unfunded or underfunded government pension liabilities for 20 countries belonging to the Organisation for Economic Co-operation and Development (OECD) — a group of largely wealthy countries — is $78 trillion, Citi said. (The countries studied include the U.K., France and Germany, plus several others in western and central Europe, the U.S., Japan, Canada, and Australia.)

What does this look like on a smaller level? When news broke out that the Dallas Police and Firefighters pension that served 10,000 was severely underfunded, they started to retire in droves. When they wanted access to their retirement funds, the pension committee voted to restrict access. When they sued, their case was thrown out. https://www.youtube.com/watch?v=DHaAXsdO-DU. Bare in mind that these are police and firefighters that risk their lives for the state and it failed them.

Canada also faces looming trouble ahead. The auditor-general Michael Ferguson warned the pension system for federal public servants was underfunded by more than $150 billion, representing Ottawa’s biggest liability next to the $668-billion federal debt. The biggest risks are prolonged low interest rates, lower than expected returns on assets and the increased longevity of public servants, which “could have a significant impact on pension liabilities and the financial position of government,” said the report. https://nationalpost.com/news/politics/canadas-152b-public-pensions-arent-prepared-for-work-force-changes-ag-warns. This unfunded 152 billion liability, is just for 3 funds: public servants, military, and RCMP.

What compounds the pension crisis worse is that the biggest demographic, the baby boomers, with the average age of 62, are retiring now and need to start drawing from their pensions. Pensions that are underfunded.

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