I have two problems with the OMY concept.
The first problem with "working a few more years" is that it requires that we all pretend that the years of squandered opportunity didn't occur. It's like a sports team trying to turn around a losing game in the last minute on the clock. I don't know how many times I hear a losing coach complain that he or she "ran out of time".
It's possible to overcome a slow start in pretty much every endeavor that requires sustained effort, but it does require that a person, or team, stop doing the things that caused the slow start or the loss in progress. When people spend 40-odd years out of what for most people is a 45-year career spending every cent they earn and accumulating nothing but doodads that can't be readily converted into money for living expenses, the only predictable result is to not be able to retire. When they realize at age 63 that they have little or nothing to retire on, and that it's time to take action, I don't see why it's any different from a soccer coach who lets her team piss away the first 86 minutes of a soccer match against a lower-caliber team, passing the ball around and either deliberately allowing the other team to score or (in the case of a deficit spender) scoring an own goal... and then trying to turn it around in the last four minutes... and then crying about how her team "ran out of time" when the final whistle blows. My response to such a coach would be: bitch, you had 90 full minutes to get the job done when you had every possible advantage. After you squandered more than 95% of the opportunity given to you, how dare you complain that you needed one more minute-- an extra 1.1%-- to get the job done?
Note that I'm not describing a team that's overmatched or overcoming some massive difficulty like player injuries, such that a win would have been difficult. I'm talking about something that should have been winnable by a large margin. Think France versus Korea Republic in the 2019 World Cup, not France versus Norway.
The other problem with the OMY approach is that, barring a serious accident, people have the OMY problem they have because their spending level was too high for their income. Continuing that pattern for one more year isn't going to change anything. One more year of the same strategies that created an OMY problem won't do anything to correct it.