This happy story is wrong on multiple counts.
The conventional view of the Baby Boomers’ retirement is a happy story: since we’re living longer and remaining productive longer, Boomers will not be as much of a burden on Gen-X and Gen-Y as doom-and-gloomers assume.
Not only are Boomers staying productive longer, they will draw upon their vast generational wealth as they age, limiting the financial burden on younger generations.
This happy story is nicely summarized in this lengthy piece
The Fear Factor: Long-held predictions of economic chaos as baby boomers grow old are based on formulas that are just plain wrong.