Retirement Age

It should be a no-brainer that when the life expectancy increases from 62 (as it was in the US when Social Security started) to 79 as it is now in the US, the age for receiving a pension should go up. Social Security did go up slightly but not enough. And we have a real problem with pensions, especially public employee pensions.

First, military, police, and fire personnel got pensions at a rather young age. Maybe that made sense since there was a lower life expectancy for them anyway. But other public employees seem to be getting similar sweetheart deals. Teachers retiring at 50? What is the problem here. It is great that public employees are among the few that still get a pension but there needs to be a large increase in the retirement age. 70 is a better age. Or 75.
If you want to retire before than, save some money. Don't count on taxpayers subsidizing your retirement at 55, 60, 62, or earlier.
http://www.economist.com/opinion/displayStory.cfm?story_id=13900145&source=hptextfeature