Over the years the articles I've read about life expectancy seem to believe that expectancies will increase at an accelerating rate due to medical innovation. When I've mentioned this in the past there have been comments about not wanting to last for years in a frail state needing to be cared for down to the most personal of daily tasks. That is not the context of the work being done in the field.
Obviously it will be a couple of decades or longer before we know whether this holds water and if it does, how much water it holds but we know that people generally are living longer and we know that there will continue to be medical advancement and we will learn more about nutrition and other lifestyle habits that offer the plausible outcome of living well for a longer period of time.
Where this possibility exists it drew one very funny comment about encouraging smoking and repealing motorcycle helmet laws (amusingly helmets are not required in Arizona).
Perhaps with a bit of confirmation bias I believe this supports the idea of social security and medicare looking much different in some number of years (ten? 20?). For many years I have been saying that the programs as we know them are not sustainable. I think that whenever things actually hit the fan we will look back and unsustainability will have been obvious like the way we look back on the tech wreck and the financial crisis (hindsight bias).
Not being an actuary or demographer I certainly have no idea how far down the net worth/income scale that benefit cuts will come but a lot of people relying on social security will have a serious and unfortunate situation befall them which of course is not only a micro problem but will also be a big macro problem.
Individual problem solving is what living below your means (something I've written about
Also if the scenario of making more plays out for you for a while but then derails (through no fault of your own--I hate that saying) then you obviously have an easier time covering your monthly expenses either through savings or getting a job at Home Depot or the like. You can cover a decent portion of a $2000-$3000 monthly nut compared to $8000 in expenses with a $10/hour job until the career gets back on track. I speak from experience here. During the year before I started at Your Source I helped put a roof on a garage, helped build a rock well and did some logging among other things to supplement the income that went with only having a couple investment management clients.