It existed but of course back then pay and pensions were cut or destroyed. It is far easier to have more empathy toward individuals getting ready to retire that have everything cut down at the last moment followed by an economic crash.
Then again you and I were stuck in a world of stagnation with very low compensation. Had retirement eligible (capable) pilots not stuck around till 65 it would have helped people on furlough get their jobs back and provide some movement in an otherwise stagnant industry.
This generation recently had the opposite occur than we had. Tons of early out packages causing a massive demand for pilots at all levels. This caused pay and benefits to increase across the board. Funny what happens when retirement eligible people get out if the way en mass.
SS age depends on how they want to deal with the surplus going away. Smaller payments are another option. Besides, you and I both know SS is going to be a minor contribution to our retirement. We have some of the highest 401k contribution rates in corporate America. So high that many pilots don't have to contribute a dime and they will still max out the yearly contribution. Most of corporate America is lucky to get a 50% match up to a total 6% contribution.
It is necessary if you want a natural flow to an economy. Forcing younger generations to stagnate at low wages is a big factor for why they don't have kids, homes, etc, etc. Younger generations are having to wait around an extra 10+ years or so for equivalent opportunities that their parents had in their early 20s.
I personally experienced this as I made over $40k only once prior to the age of 30 despite having worked my ass off and sacrificing most other things in life. Forced retirements have improved the QOL for people at all levels.