You missed two other points: 4. The boomers are just now hitting retirement, so the number of people retiring in a given year is increasing (Actually, it'd be

You missed two other points: 4. The boomers are just now hitting retirement, so the number of people retiring in a given year is increasing (Actually, it'd be interesting if somebody could pull out some hard numbers on this - I've heard this spoken of anecdotally a lot lately). 5. Retirees are drawing on their pensions for longer because they have longer lives.