Risk of living longer; pension funds

The medical advancements are ensuring that all of us will live till our 80's and 90's. Unfortunately we can only work till our 60's, that is we would live another 20-30 years more after our retirement. And just because we become old, none of us are ready to scale down our current standard of living. Adding to this are the big bad wolves called inflation and medical care. This brings us to a major risk in human life, the "Risk of Living Longer"!.