One common theme in deficit-reduction circles is raising the retirement age, which seems fine to me, I guess. The rise in life expectancy means that old folks stay on the public dole for longer, which leads to higher spending.
One thing I wonder, though, is who will be employing all these senior citizens? In our systems of employment, the longer you work somewhere, the more you get paid. Once you approach 40, though, your chances for advancement diminish greatly. Employers are much less willing to interview or hire older workers. Age discrimination has just been made very hard to prove. Put all this together, and instead of a bunch of voluntarily retired 65-year-olds, you’ll just have a bunch of involuntarily retired 65-year-olds who can’t receive Social Security benefits. Current trends seem to back me up.
Retirement age seems to be yet another canard that won’t save that much money, as opposed to, say, directly cutting benefits.