Actually, the license won't be nullified and you can of course work beyond 65 even in europe. Just not in commercial air transport.
But yes, there is a problem with the age 65 rule and state pension ages going upwards. Over here in germany the state pension age is 67, however if you become unemployed at 65 you will get your state pension, just with a 7,2% discount on the normal rate, despite having payed the maximum contribution for life.