Well, they live relatively well-off lives currently because of things like state pensions that fund the rest of their life so they are not suffering (at least far less) today. But the system was always unsustainable, especially as it was paired with modern social reform.

The only other option I can think of would be to return the concept of extended families, which serve as non-governmental forms of social security, but I don't think this is viable as the modern price of commodities is too high and wages too low to support a nuclear family let alone extended and such a familial bond would need to major cultural changes to enable it to return.