A retirement crisis of immense proportions looms in the future of many of today’s emerging markets. As birthrates decline and life expectancy rises, emerging markets with pay-as-you-go state pension systems are being compelled to make dramatic reductions in the generosity of future retirement provision that threaten to undermine the living standards of middle-class retirees. While emerging markets with funded state pension systems are better insulated from the impact of population aging, as currently designed these systems will also fail to generate adequate replacement rates.  Meanwhile, rapid development and rapid demographic change are putting increasing pressure on alternative sources of retirement income, and especially the extended family. This report argues that the success of emerging markets at ensuring retirement security will increasingly depend on their success at building robust voluntary pension systems.