My parents are in their late 60s. Both of my grandfathers (and great-grandfathers) retired in their 50s and enjoyed pensions for many decades of retirement.
Correct me if I'm wrong, but pensions were somewhat typical up until the 1990s... So we're now just beginning to see the "you're on your own" generation truly age out of the workforce. Looking at what Social Security pays, I can't even wrap my head around how that's possible. Especially for those who haven't managed to own their homes outright.
I feel like this is going to be a major social crisis if it's not already. A comfy retirement used to be accessible to the middle class, but that's no longer the case. I know a lot of people still working full time well into their 60s and 70s... what happens when they can't work anymore due to age?