"The most obvious thing that needed reconsidering was the retirement age. When America introduced its Social Security (public pension) scheme in 1935 to prevent poverty in old age, the retirement age was 65 and life expectancy at birth was 62. In 1983 a decision was made to raise the official retirement age to 67, but in steps so tiny that the move will not be completed until 2027. Life expectancy at birth in America now averages about 78, so the promise of a pension is worth a great deal more than it was back in the 1930s."