larknz: A lot of people forget that us poor old baby boomers have already had to postpone our retirement to pay for the pre baby boomer generation. When I started work the retirement age was 60.
But a lot of us remember the "true" meaning of that story. The baby boomers brought in the earlier retirement age which forced a lot of people to retire earlier as many organisations enforced the official retirement age. Others took that "early" retirement because it was still a good option. This opened up lots of better paid jobs so the baby boomers moved up the job ladder more quickly. So they got the benefit of those freed up jobs. They then put the retirement age back up to 65 when they were getting closer to 60 so they could keep amassing riches.
Another story is that it is the fault of the generation that grew up in the Depression and were overly focused on material wealth as security against war and recession. Their children, the baby boomers, took this to heart and have been amassing wealth ever since.
Which of the many conflicting stories are we to believe?!