Maintaining the ratio of working to retirement years is a reasonable first approximation to a guideline for determining the eligible age for retirement and health benefits. As the health and life expectancy of the elderly continues to improve in the future-as they surely will- retirement ages should be raised beyond age 70.Good luck with that. I'm afraid the 60+ retirement age is culturally entrenched. (I'd certainly like to retire long before 70 if possible.)
Update
Richard Posner argues that
we probably can’t afford to defer entitlements reform for 30 or 40 years...Means testing! As far as I can tell, the middle class only supports social spending when they can get something, too.
[I]n the short run, the only realistic measures for reining in social security and Medicare are a combination of higher payroll taxes and means testing
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