This is a fun topic, so here are my interpretations. Mostly this is my bubbling way of trying to stay positive and hope for the future.
1. We live in the astrological age of Pices, the 2 fishes. This age started circa 1 AD, which relates to the age of Christ. (This is also why you see the early christians using the "Jesus fish", as the protestants call it.)
2. We also live in the 5th age of the Church, according to the description of Ven Holzauser, which is full of heresies, trials, persecutions and a 'purification' of the Church is said to have started in the mid 1500s. This makes sense, as this was the start of the Protestantism, with Martin Luther, and a whole host of other spiritual evils.
http://www.cathinfo.com/catholic.php/Ven-Holzhauser-7-Ages-of-the-Churchb) Ven Holzauser says that the 5th age ends with the arrival of the Great Monarch and the Holy Pope. Thus begins the period of peace (and ties into Fatima) and the sixth age.
3. The 6th age of the Church is a beautiful restoration of the Faith throughout the world. All the world will be Catholic and all errors, heresies and spiritual evils will be destroyed, for a time.
b) The 6th age ends with the coming of the anti-christ, which begins the final age of the Church, a final persecution, and the end of the world.
4. The prophecy of St Malachy (if we are to believe it) is interesting in a few points, which many people gloss over.
a) though he started his prophecies in the 1100s, his list was not discovered and published until mid 1500s. This corresponds to the start of the 5th age.
b) According to St Malachy and the way it was written, Pope Benedict (i.e. "Glory of the Olives") is the last pope listed. The next pope "Peter the Roman" is not listed in the same manner as the previous popes; there is a new paragraph between "glory of the olives" and the sentences which lead to "Peter the Roman". Conclusion? Many scholars suggest that there could be many popes in between "Benedict" and "Peter the Roman" (i.e. the last pope).
c) My interpretation is that St Malachy's prophecies are meant for our AGE (i.e. 5th age). And that Pope Benedict is the last pope of the 5th age of the Church.
5. The Mayan calendar ended (part of it, at least) in December 2012. Pope Benedict "resigned" only 3 months later, in March 2013. Could the Mayan calendar be a predictor of the end of the 5th age of the Church?
6. There is an old Italian prophecy that says "When the White Pope and the Black Pope shall die during the same night then there will dawn for the Christian nations the Great White Day".
a) When is the last time in history that there have lived 2 men who could be referred to as "popes"? Pope Benedict is the white pope because he still wears white and he is referred to as "pope emeritus".
b) Pope Francis is the black pope, because he is the only Jesuit pope in the history of the Church and because the head of the Jesuits was always called the "black pope".
c) If such a prophecy were fulfilled, then would dawn the "great white day". I have no idea what that means, other than to hope that it would mean the election of a saintly pope, which we need very badly.
7. Summary: St Malachy's papal prophecies are for the 5th age of the Church, the one we are living in currently. The time period when it was "discovered" and it's final pope of Pope Benedict (i.e. "glory of the olives") corresponds surprisingly to the time period of the 5th age of the Church (mid 1500s til now). Though St Malachy listed "Peter the Roman" as the last pope, he was referring to the final pope of the world. The Mayan calendar ended in late 2012 and Pope Benedict retired only 3 months later, possibly predicting the end of the 5th age. The old italian prophecy of the white and black popes dying on the same night could happen at any time. Both popes are not in good health and the result would be "the great white day" for christian nations. Could this "great white day" be the election of a saintly pope? Could it be the start of the 6th age, wherein the Great Monarch will rise and battle satan's forces? I don't know, but it's fun to hypothesize and hope.