To Madame Milroy Swainson, Kaiser Wilhelm II was told after the First World War that people wanted to have pensions. He said, “Sure, we'll give them pensions. At what age do they die?” They said, “Well, they die at 65.” He said, “So fine, from 65 on we'll give them a pension.” That's how the age 65 was determined. That was the life expectancy, the upper end of life expectancy. Obviously, now life expectancy has increased a lot. Should we review our model?
On June 8th, 2017. See this statement in context.