AIG Chief says retirement age may move to 80

[Mulligan]

The media have always been fond of this type of story. The theme is always the same, but the key to greater longevity changes. Some years back, it was megavitamins. More recently, it's been calorie restriction. I think it's just wishful thinking, fueled by our primal fear of death and endless faith in the power of science. The book "Never Say Die: The Myth and Marketing of the New Old Age," which I've mentioned here before, does a good job of debunking this type of theorizing.

Its been a year or two, but I remember reading an article from an aging expert that even though the average life expectancy is increasing, the absolute ceiling of life expectancy of about 120 hasn't changed and probably wont for a long time. It would be very scary (knowing the condition of most 100 yr. olds) and not enjoyable I imagine either for me to sniff the century mark. Im sure the actuary person in my pension plan would agree with me, also.

 

[WestLake]

I recently had the honor of driving a rather famous, sagacious and wealthy lady from my high school (Woodrow Wilson) to a Dallas event where she was "immortalized". She is on the cusp of 90 and the name of a famous and wealthy Dallas business woman came up - she is 101: "nobody wants to live that long" my passenger said.

 

[jclarksnakes]

I just cannot imagine that science can change 200 million obese chain smokers into a nation of healthy people living past 100.

 

[Independent]

The 2010 Bowles-Simpson report (Presidents Commision) recommended a number of slowly phased in changes to Social Security that people are alluding to in this thread. Increased taxes, reduced benefits (especially for higher income types), and higher Full retirement age are recommended.

Something like this will inevitably be passed.

If you are interested you can read the whole report here. It's quite interesting.

http://www.google.com/url?sa=t&rct=j&q=bowles%20simpson%20report&source=web&cd=1&ved=0CFUQFjAA&url=http%3A%2F%2Fwww.fiscalcommission.gov%2Fsites%2Ffiscalcommission.gov%2Ffiles%2Fdocuments%2FTheMomentofTruth12_1_2010.pdf&ei=myLRT-a1Ceqg2QWsm_2mDw&usg=AFQjCNH45aK2QlglWmjUCeMEus90bb_0og

The SS actuaries crunched the numbers here: http://www.ssa.gov/oact/solvency/FiscalCommission_20101201.pdf

I'd say it's a step in the right direction, but there are too many "gradually's" in the recommendation. It still has many years of annual losses.

I suppose they could say that the "trust fund" never runs out of money. I'd have to read their full report to know if they are clear about the cost to the general fund of making good on the SS trust fund, maybe you know.

 

[Midpack]

The media have always been fond of this type of story. The theme is always the same, but the key to greater longevity changes. Some years back, it was megavitamins. More recently, it's been calorie restriction. I think it's just wishful thinking, fueled by our primal fear of death and endless faith in the power of science. The book "Never Say Die: The Myth and Marketing of the New Old Age," which I've mentioned here before, does a good job of debunking this type of theorizing.

I was joking... I wouldn't want to live anywhere near that long, 90 looks scary to me.

 

[W2R]

http://bloomberg.com/news/2012-06-03/aig-chief-sees-retirement-age-as-high-as-80-after-crisis.htm

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.

So many articles do agree with this one. Personally, I am looking forward to articles saying that retirement ages will have to move to 40, 50 years old in order to free up more of those hard-to-find jobs during our lengthy unemployment crisis.

 

[Chuckanut]

Work until 80? Well, if we must, let's at least sing this song.