The first pension was put in place by Bismark as a way to "steal the clothes of the socialists whilst they were bathing". It was seen as the cheapest social benefit because life expectancies were so low. A popular policy delivered at low cost to the state.
That people are living longer is why the system is failing. It's an interesting thought experiment to consider whether any country would introduce a state pension now knowing how much they cost.
I'm in the US, but I'd be happy if social security ages were pushed out to 75 or 80 but benefits preserved.
I'm saving heavily for retirement, but the biggest challenge is figuring out how long you're going to live. If you have sort of a defined and horizon, it's much easier to calculate.
Yeah, probably 90 here in the EU is a good cut off. People I know seem to make 80 quite easily, but at 85 it goes down quite a bit and after that even the best seem to be done. For me that's 35 years ago at least but I am planning to not get to 90 and if I do, I won't be interested (or know it) anyway.
That people are living longer is why the system is failing. It's an interesting thought experiment to consider whether any country would introduce a state pension now knowing how much they cost.