Most people not on the cusp of retiring already will probably have to work until age 70 or afterward and look forward to fewer benefits, experts say.

Those very close to retiring with pensions, Social Security, paid mortgages and other benefits as we know it will likely see the good life, but that's where it ends, as the current system cannot support future generations.

"The majority of today's retirees are able to afford a decent retirement. However, this group is living in a 'golden age' that will fade as baby boomers and Generation Xers reach traditional retirement ages in the coming decades," according to a report led by Alicia Munnell, director of the Center for Retirement Research at Boston College, CNBC reports.

Editor's Note: Did Bernanke Rig Your Retirement? Shocking Video . . .

"This gloomy forecast is due to the changing retirement income landscape. Baby Boomers and Generation Xers will be retiring in a substantially different environment than their parents did," the report adds.

Three years later, the 2009 report still holds true.

Today, many haven't saved enough to retire, especially considering people are living longer, while wealth has evaporated for many.

"They weren't prepared even before the crisis," Munnell tells CNBC.

"The gist of this whole story is that retirement ages are increasing as people live longer and health care costs rise, and at the same time the retirement system is retracting."

Some states are taking action to battle pensions costs that are straining their budgets.

In Illinois, Governor Pat Quinn has proposed raising the retirement age for public employees to 67, requiring them to pay more toward their pensions and making school districts and colleges share in the financial burden, the Associated Press reports.

Without pension reform, schools and other public services will see less money.

"We understand that retirement costs are part of our obligation, but we also have obligations to people in the area of education, the Number One priority of our state," Quinn said at a Chicago news conference, the AP adds.

"We also have obligations with respect to public safety and definitely with taking care of human beings."

Editor's Note: Did Bernanke Rig Your Retirement? Shocking Video . . .