I firmly believe that the rise of retirement age has been absolutely necessary. However, we can not discuss this in isolation. The answer to the presented question depends on the broader context and multiple factors. In the following essay, I will make the case for why this has been a necessary development; in addition to providing relevant examples for when this could become a negative development.
It is essential to note that the average life expectancy has risen significantly in recent decades. For example, a few generation ago, in developed countries, the average life expectency was at roughly 65 years; In sharp contrast, in the modern world, this figure has risen substantially, reaching as high as 80 years in many developed nations. This increase in life expectancy has put significant strains on healthcare systems. As a result, it is only logical to increase the retirement age, and encourage the able elderly to contribute to the society. Otherwise, the extra pressure on these public services will become unsustainable.
Another important aspect is the demographic collapse. The birth rates have plummeted in the vast majority of developed countries. Japan, in particular, as suffered one of the worst birth rate declines. Because of this, there are not enough young individuals to fill jobs, contribute to economy, and support the elderly population, either directly or through taxation.
Nevertheless, there are valid concerns that need to be adequately addressed. For instance, in recent decades, due to technological advancements, the productivity of the average worker has improved significantly; despite this, in many developed countries, the effective wage of workers has stagnated. At the same time, the price of housing has risen considerably. This developments have forced many older individuals back into the job market, as they are struggling to make ends meet. In the mean time, the wealth of a few individuals, have skyrocketed. It is clear that pulic has not been the main beneficiary of these economic advances. I argue, that governments should increase taxes on the ultra-wealthy and reinvest the money in welfare programs to stop this dangerous trend. Many older individuals have worked their whole lives contributing to the broader society, and they should be treated with decency and respect, and must have the option to retire, especially if they are incapable of working.