The report, Developing Future Social Protection Systems – Retirement Income, is the first project of a series on social protection systems by the World Economic Forum’s Financial Services Team and focuses on retirement-income schemes around the world. Developed countries and emerging markets alike are facing substantial challenges as a result of changing demographics, fiscal constraints, economic instability and volatile financial markets. It is apparent that there is a need not only to address the long-term problems associated with these challenges but also to take short-term action.The report, produced in collaboration with the Forum’s Industry Partners and international organization experts, assesses, on the basis of economic indicators, the fiscal sustainability of various retirement income pillars of 36 countries. Moreover, it evaluates the inherent risks, challenges and opportunities of current retirement income schemes in general and for each individual pillar.This study indicates that demographic challenges and fiscal sustainability issues are most visible in the typically government-funded, pay-as-you-go schemes. In contrast, employer-sponsored pension funds and individually funded saving schemes make individual retirees more vulnerable to longevity and investment risks. Increasingly, these risks will be shifted to individual retirees. However, most retirees are ill-prepared to absorb and manage them.