This may indeed be no joke given the dire financial situation. In my job this is not so bad as barring health problems I can keep going. In the end rather than trim the large entitlements the mandatory retirement age will be raised.
If you like your job an extra 15 years is no problem. Plenty of people retired at 55 after 25 or 30 years. Social security, pensions and IRA's will do wonders. Of course those job openings for the young won't be there as people work longer.
Actually a more humane way is to reduce the days at 65 four day work week with a small social security payment. 70 three days a week with a larger payment. 75 two days a week full social security and 80 retirement. Transitioning into retirement is better and the last five years should be a mentorship time.