From the 2015 Year in Review

Let's peek ahead to the New York Times' 2015 Year in Review article (only available via TimesSelect, but I've hacked into the system):

Medicine

2015 was a year to remember in the world of medicine. Geneco's pioneering work with viruses genetically engineered to hunt down and kill cancer cells was approved by the FDA, stopping most forms of cancer. And SmallCorp's nanobot therapy to clear away plaque and blood clots from blood vessels have made heart attacks and strokes largely a thing of the past. Scientists estimate these two technologies will keep people healthy well into their nineties.

Now, imagine what would happen if these therapies did in fact get developed, and a the Baby Boom generation was all retired, on a system that assumed people would live fifteen years after retirement, not 30.

One reason to move away from pensions and Social Security to a system of personal accounts is simple. If YOU had to fund your retirement, you would work longer in the face of life expectancies that were 15 years longer than what is currently anticipated. If you were relying on the government and companies to fund you, though, would you give up your guaranteed benefits? It would be the right thing to do, to maintain the social contract and not bankrupt your grandkids. But given how the AARP reacts to Social Security changes that don't even affect its members, I am not hopeful.