A lot of the analysis says that seniors want two things. They want to have flexibility over their savings in the beginning of their retirement, but at the same time they want long-term protection. One way of doing it is, as you say, to raise the RRIF age so that people aren't forced to withdraw the money and they can leave it for when they reach an elderly age.
However, the difficulty with that is that if people don't draw on their savings, they are not actually using their income in retirement and they may pass away without taking advantage of the savings.
One of the best solutions, which, as I mention in my talk, has been incredibly popular, is that people pool their money together and buy what's called longevity insurance. It's very cheap. They would put a very small fraction of their savings with a group of seniors, and then the half of them who do live past 85 will have a guaranteed income stream to support them in that advanced age. We could do this at a national level and make it very accessible.
They are not managing the money, and it's extremely cheap. Basically, half the people die, so people are not just getting the investment returns they would get in their RRIF, but they are also doubling their money. It's giving seniors what they want: flexibility over the majority of their savings during the early part, but also guaranteed income coming from this fund of savings, like a pension, at a later age.