They are not a long way off and we are experiencing the impact now of the entitlement shortfalls. SS and Medicare are pay as you go programs, i.e., today's workers pay for today's retirees. When there is a shortfall, the difference is made up by the Trust Funds, which cash in their non-market, interest bearing T-bills. They must be redeemed by the General Fund, which depends on borrowing some of the money to pay the bills. So we are really borrowing money to help pay for SS and Medicare.
By law, the premiums collected for Medicare Part B only cover 25% of the costs. The rest of the money comes from the General Fund. As a result, 40% of all Medicare expenditures come from the General Fund. Unless Medicare is reformed, it will eventually consume the entire federal budget.
Changing the age could have actuarial benefits, but it will only mitigate the size of the shortfall given the huge baby boom bulge that is working its way thru the system. The population over 65 will about double in the next 20 years. It is hard to imagine there is the political will to start implementing an increase in the age to receive benefits affecting people 55 or more. And it might not fly for those over 45. Most people have not saved for their retirement.