I think the biggest thing that folks have missed is that if you live longer, you have to work longer. The idea that you can retire at 60 (and I'm not just talking pilots here) and live off your savings for 15-18 years is the flaw. The gap was much narrower back when SS was set up. Even with a pension or a 401K, you're still asking alot.

As I put my flame suit on, the age 65 issue is a blessing despite the temporary (but very real) pain that it has caused. Pilots retired at 60 and died earily. Many passed within 5 years of retiring. With better medical care and a different attitude from the FAA about medical issues, pilots will live longer and they will need to work longer too.