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AIG Chief Sees Retirement Age As High As 80 After Crisis

Sunday, June 3, 2012 - 6:08 PM
“Retirement ages will have to move to 70, 80 years old,” Benmosche, who turned 68 last week, said during a weekend interview at his seaside villa in Dubrovnik, Croatia. “That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of the youth.”

AIG Chief Sees Retirement Age as High as 80 After Crisis - Bloomberg
4
ShorebreakShorebreak2,674 posts since
Apr 6, 2010
Rep Points: 14,510
1. Sunday, June 3, 2012 - 11:55 PM
That's assuming people are in good health and able to continue working to 70-80/able to find a job which allows the person to work to 70-80/avoid mandatory retirement provisions (example 65 and out). 
2
pearlbrownpearlbrown1,469 posts since
Nov 2, 2010
Rep Points: 6,380
2. Monday, June 4, 2012 - 9:58 AM
I think this is a ridiculous joke to think companies will keep people to those ages.  First of all if a person is working for a company all those years he/she has worked themselves, hopefully, into a higher salary group.  Why would a company want to keep them when they can continue doing what they are doing now?  Getting rid of the older, higher paid employees and replacing them with younger people at much less wages.  They also are not going to let the older people get their full pensions if they can stop them.  It doesn't matter that the older worker has more skills for their job and is more dependable.  It is what is best for the companies bottom lines.  When my DP's company let him and an entire group of workers go in their 50's, they brought in younger people to replace them at much less salaries.  It is a game companies play and I don't think they will change their methods just because the government wants people to work longer so they won't have to pay social security until much later.  We are just going to have a load of seniors out of jobs and having to wait on social security.  I sure hope they build a lot more Walmarts for them to get jobs in! 

Maybe the government will pass a Bill stating no company can early retire anyone until they are 70 - 80 years old. They try to tell us how much sugar we can eat so why not how long we have to work?
1
paoli2paoli21,400 posts since
Aug 10, 2011
Rep Points: 6,132
3. Monday, June 4, 2012 - 10:19 AM
I am happy for his good fortune but suspect CEOs at seaside villas in Dubrovnik, Croatia have different perspectives than most of us.  It's fine to make lofty pronouncements about the way things should be (retirement to 70 or 80) but he ignores the reality and feasibility of the breadth and depth of the changes required to get to that point. 
4
pearlbrownpearlbrown1,469 posts since
Nov 2, 2010
Rep Points: 6,380
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