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So life expectancy has increased by a bit more than 5 years, but the retirement age increase took 2 of those years back.
More than that. The way to read that is the following:
In 1940, if you were a guy, your average life expectancy was ~61 years. If you made it to 65, those people generally lasted until ~77.
In 2001, the average guy can make it ~74 years. If you made it to 65, you can probably live another 15 years (to 80).
So the average life expectancy has gone up by quite a lot...meaning many *more* people are making it to 65 and thus pushing into their 80s. Bear in mind this data is 20 years old.
What happens to a social insurance scheme that relies on an ever-increasing population to continue to provide for the retired? What happens if, say, one generation doesn't have enough kids?
