Can pension plans keep up with longer lifespans?

Description: Canadians are living longer: a 60 year-old male is expected to live for another 27.3 years while a 60 year-old female is expected to live another 29.4 years. The longer lifespans put tremendous pressure pension on plans.

Source: CBC

Date: August 6, 2013

Video Link:  http://www.cbc.ca/player/News/Business/ID/2400127860/

Questions for Discussion:

1. Why are longer lifespans problematic for pension plans?
2. What options does the government have to avert this problem?
3. Can individuals contribute in some manner to avert the problem?
4. Given these latest numbers what should be the new retirement age?