From the memory lane: Plans to increase retirement age in Japan and many European countries

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I remembered this news, which I had watched on a TV channel(AlJazeera) an year back. Coutries like Japan and many countries in Europe have increasing life expectancy. Many people are living beyond 80 now, much more than average number of such people earlier. The working population as a % of whole has been shrinking. In some countries, the absolute numbers too are decreasing in the working age population. So, countries like Japan, Germany, Sweden, Finland etc are providing support in various terms to people beyond 55 years of age in terms of means to support their work. Also, many have now made plans to ask the people to work beyond 60- 65 years. For e.g- Germany is planning to increase the retirement age to 70, Japan to 67 or 68 and a few countries more are expected to do so. Increasing pension burdens on the Governments is a big factor. Also, Governments have to think as to how the Pension Funds can give more return without investing all of them in equities and Mutual funds. What do you say?