Don't forget those people that have saved all their lives and have no pension other than their life long savings. This especially turns one into a saveaholic as one can see that their isn't enough if one was to have a long life. What a way to have to live out seniorhood! 
This is going to become much more of a problem as large companies separate themselves from having a pension fund for their long term employees and if they have, they will probably get rid of the long term employees prematurely so that they can minimize their outlay.
In my opinion the government should set up a savings plan for each employee in such a manner, such that they are guaranteed 70 to 80% of their annual income once they get retired regardless on how long they live. At least that way one wouldn't have to worry about perishing in poverty when one can least help oneself and individuals aren't left to the vagaries of the markets.