It’s grimly amusing that when the age pension was introduced in Australia in 1908 the age of eligibility for men was set at one year ABOVE average male life expectancy of 64. Way to go Mr Deakin.
Now eligibility is still 65 and life expectancy is 16 years longer. The great achievements of modern medicine have ruined the budget. Balancing the books was so much easier when life was "solitary, poor, nasty, brutish and short", to quote Thomas Hobbes.