Very unlikely. Plenty enough 70 year olds can still do enough damage... So no payments is very unlikely situation. What I would expect is much lower standard of living and maybe not getting the most expensive medical treatments.

Specially later I think is something that as society we have to accept. You can not keep everyone alive as long as possible. On other side, with AIs and lot of drugs becoming generic we might be able to medicate affordably for quite a while.