That's idiotic. The official US unemployment rate is nearly 10%. The U6 unemployment rate, which is probably closer to what one actually means when one asks "how many people are looking for work" is twice that high. One in every four Americans who wants a job does not have one and we're going to raise the retirement age? What earthly good will that do?

I suppose great-grandma can always move in with her grandkids. Of course, the grandkids are also 25% likely to be unemployed.

Naturally, there is a subset of people for whom Social Security is a needless luxury because they are living off of private investments. The proper way to target these people for additional funds is to nudge up the marginal tax rate on those private investments. This is difficult to accomplish, of course, because people with lots of money can afford to buy votes.