American International Group Inc. Chief Executive Officer Robert Benmosche speaks during an interview at his villa in Dubrovnik.
AIG Chief Sees Retirement Age As High As 80 After Crisis
American International Group Inc. (AIG) Chief Executive Officer Robert Benmosche said Europe’s debt crisis shows governments worldwide must accept that people will have to work more years as life expectancies increase.
“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.”
The crisis, now in its third year, threatens to destroy Europe’s 17-nation currency union as Greece contemplates exiting the euro and Spain sees its bond yields rise and banking industry falter.
http://www.bloomberg.com/news/2012-06-03/aig-chief-sees-retirement-age-as-high-as-80-after-crisis.html
Couple problems here.
Yes, people are living longer, but that's actually people who have paper-pushing cushy jobs and good healthcare. Fact is, the working class and lower end middle class AREN'T living so long. Add in years and years going without healthcare and that makes it worse.
Changing SS and Medicare eligibility to 70 and then 80 is essentially turning it into just end of life support. No more "retirement" at all. Some people actually need to retire. I have some elderly family who have rheumatoid arthritus.. some aren't so safe to be driving anymore.. these people can't work, at least not full time to fully support themselves.
Okay, school crossing guard 10 hours a week or McDonalds 20 hours a week that's something a lot of 77 year olds can do, but not all of them. And if we're talking full time 40+ hours a week, which is what this CEO means, that's just not possible for many elderly. You need to be HEALTHY and energetic and not senile to compete head on in the workplace with people 30 and 20 years old, just "living longer" and being "alive" isn't enough.
Especially with illness, like with RA my one family member had 3 years of flare ups with fever and days incapacitation it was a damn mess until they finally RETIRED stopped working now more problems because they're taking it easy.
Also..
As for "helping the youth," we have a jobs crisis in the West as it is, we NEED the boomers to retire so the next generations can have some jobs to do.