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The contemporary world experiences the retirement crisis. One of the important issues is the public pension systems in the 21st century. After the industrial revolution, public pension systems were established by many different countries. Since its inception, they have played an important role to protect the elderly population. Moreover, they have sustained this role in industrial and postindustrial societies. On the other hand, demographic transformation has begun since the 1960s. As a result of the transformation, the elderly population grew all over the world. Aging affects virtually all societies today, but more so the industrial countries, which have generally been experiencing for a longer period. In this study, we examine the reasons of the global retirement crisis for both developed and developing countries. Later, we explore the effects of the aging population on public pension systems in the world. Then we review other factors about the crisis. In addition, we discuss new alternatives against the crisis. Moreover, we examine the results of some observations and projections that focus on demographic change and future of pension systems in the world.