Pension funds unprepared for longer lives


April 12, 2012 1:56:39 PM PDT
People worldwide are living three years longer than expected on average, which is reportedly pushing up the cost of aging by as much as 50 percent.

The added time and costs are leaving governments and pension funds ill-prepared.

That's the finding of the International Monetary Fund.

The IMF says the cost of caring for aging baby boomers is already beginning to strain government budgets.