retirees are going to be the breaking of many businesses and states.

They were given pensions in some cases that almost matched their wages and were allowed to retire long before anybody in farming ever retired.  
I can't say who's fault this mess is, but I can say if your income was significantly above average you should have been saving some of it for your retirement.
I told my kids that they should try to save 20% of their income for their own retirement because companies go broke, fund managers make mistakes and the world has dishonest people that run off with assets.

I know that some will say they can't save 20%.  I've already told the kids that their lifestyle should reflect their income after they've saved.  If you're buying a farm or other business you probably are saving 20%.