by Patrick Appel
Drum provides one answer:
[W]here does the preoccupation with [raising the retirement age to] age 70 come from? That would represent a decrease in the expected number of years of retirement since 1970, during a period in which the United States has become nearly twice as wealthy. That doesn't even begin to make sense. Sure, life expectancy may increase in the future, but if it does then we have the option of increasing the retirement age when it happens. For now, we should make policy based on current reality, and the current reality is that life expectancy at age 65 has increased only 3.5 years since 1970. There's no reason the retirement age should increase five years in response.