While the minimum age for full benefits has gone up over time, yes it clearly does not match reality. I figure some adjustments to both factors will continue to occur and it will continue to be viable, but in a reduced way.
The AARP voting bloc will never allow it to happen over night, but gradually it has to happen. The good news is the "cliff" scenario is just never going to happen. People squawking about "social security will run out by x year" are not ignoring the various model possibilities. Multiple variables (age, tiers, benefit levels, etc) will continue to gradually adjust over time.
The one saving factor in all of this could be robots/automation. Imagine if we apply "payroll taxes" to the robotic workforce of the future...those of which will obviously not need retirement benefits (or will they?
).