Production has definitely increased, but wages (and therefore things like income taxes to fund welfare for the elderly) haven't scaled with the increase in production. Pages like these (https://www.epi.org/productivity-pay-gap/) have a whole bunch of numbers and graphs detailing the difference.
Increasing productivity doesn't fix the loss of workers per retiree if the profits of that productivity only flow to the top. This can be fixed, but I don't expect a massive increase in wages at the cost of shareholder returns happening any time soon. I think it's more likely that those who haven't saved and invested enough to compensate for the shifting economic landscape (or those who made bad investments) will just end up with a lower standard of living than the previous generations of retirees.
Increasing productivity doesn't fix the loss of workers per retiree if the profits of that productivity only flow to the top. This can be fixed, but I don't expect a massive increase in wages at the cost of shareholder returns happening any time soon. I think it's more likely that those who haven't saved and invested enough to compensate for the shifting economic landscape (or those who made bad investments) will just end up with a lower standard of living than the previous generations of retirees.