[Sixstrings]

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.

[ColossalContrarian]

Boomers, please "help" the youth by retiring so we can pay out tax dollars to keep you alive to 100 or even more. Thanks Boomers, for everything, you're such a noble generation!

I can't wait for adolescents to have a go with the boomers. They'll know what's up, those are the rich folks

[Lore]

Boomers, please "help" the youth by retiring so we can pay out tax dollars to keep you alive to 100 or even more. Thanks Boomers, for everything, you're such a noble generation!

I can't wait for adolescents to have a go with the boomers. They'll know what's up, those are the rich folks

The boomers can't afford to quit because they're kids are still at home sponging off them.

[Sixstrings]

Boomers, please "help" the youth by retiring so we can pay out tax dollars to keep you alive to 100 or even more. Thanks Boomers, for everything, you're such a noble generation!

It's better that the youth have a job and high taxes to support retirees, than for the youth to have no future at all cuz the geezers won't retire.

And caught in a really bad place are the WORKING CLASS oldsters, who I know nobody on this forum cares about.

If one didn't know better you'd think everyone on this forum is a billionaire. None of you guys and nobody you know will need your retirement money at 65? I find that hard to believe. Remember, the AIG CEO is talking about pensions and IRA's too not just social security.

Think about the 77 year olds you know in your life. Now think if they really can get out there, pull themselves up by their bootstraps, and compete head-on with you in the free marketplace for a full time self-supporting job. Maybe tenured teachers and professors and gov workers, sure, but working class type work that's different.

Bottom line.. time to wake up and pay attention, the rich are coming for your RETIREMENT money and your healthcare, social security and your IRA and your private pension whatever you have they want it all.

[ColossalContrarian]

Why do you keep talking about the future, how long are we thinking things will still be status quo?

We've already come to the conclusion that there will be no Social Security or Medicare.

I feel bad about the future of old people but at least they get free healthcare. I KNOW that isn't sustainable. It seems like people are trying to trick the youngsters and sell them a bad deal. The deal was actually made before they were born though...

[ColossalContrarian]

I should also say that AIG is criminal so I would much rather back older folks than anyone who work's for AIG but if I were to be a 70 y/o and this type of sh!t were going down I would arm up and walk into AIG and make sure I made frontpage news. Just like the people in Greece who martyr them self for their grandchildren.

Just because you're old doesn't mean you're useless. I know my future and it sure as hell aint dying of cancer!

[Sixstrings]

Why do you keep talking about the future, how long are we thinking things will still be status quo?

Until we return to 1970s tax rates on the rich, I will not accept it's impossible to give working people the retirement they already paid into all their lives. After which the money was diverted to other areas of the budget for decades, promised in good faith with special government treasuries. It's not working peoples' fault here, IT'S THAT WE DON'T TAX THE RICH.

We've already come to the conclusion that there will be no Social Security or Medicare.

Who is we? I haven't concluded that. You can't get rid of Medicare, healthcare is one of the few jobs fields we have in this country.

If you're making the standard doomer argument that collapse is coming anyway, then hey just for giggles how about taxing the billionaires first? Worth a try, no?

I feel bad about the future of old people but at least they get free healthcare.

If retirement age is raised to 70 or 80, then that counts for Medicare too. So no, they won't have "free healthcare," they'll have nothing at all, just when they need it the most.

If retirement age goes to 70 or 80 that ups your IRA and 401K withdrawl dates too.

[ColossalContrarian]

I guess as a doomer and having the genetics of a family where pretty much all of the men die before 65, I really don't care about people who live to be 70 or 80. Sorry, it's pretty messed up huh... but I also don't mind working till 65 because most of the men in my family have worked their entire lives anyway (with the exception of my dad, he'll live to 120 probably...)

As far as not being able to get rid of Medicare... this is a forum about sustainability you honestly don't believe medicare is sustainable do you?

And what math are you using to think that boomers who put money into a system can get it back? It's called a ponzi scheme, sorry again...

Taxing billionaires? Sounds good to me, I'm not one of them!

[Lore]

As far as not being able to get rid of Medicare... this is a forum about sustainability you honestly don't believe medicare is sustainable do you?

And what math are you using to think that boomers who put money into a system can get it back? It's called a ponzi scheme, sorry again...

Taxing billionaires? Sounds good to me, I'm not one of them!

While not perfect, it seems to be working just fine in Scandinavian countries.

[autonomous]

The corporatocracy wants late retirement while imposing hidden age discrimination policies. Elderly people can be a formidable political force when pushed to the edge.

[ColossalContrarian]

As far as not being able to get rid of Medicare... this is a forum about sustainability you honestly don't believe medicare is sustainable do you?

And what math are you using to think that boomers who put money into a system can get it back? It's called a ponzi scheme, sorry again...

Taxing billionaires? Sounds good to me, I'm not one of them!

While not perfect, it seems to be working just fine in Scandinavian countries.

not sustainable, should I defend this statement in this thread or another one?

[ColossalContrarian]

The corporatocracy wants late retirement while imposing hidden age discrimination policies. Elderly people can be a formidable political force when pushed to the edge.

They are certainly a force but I'm not sure how that helps any other generation other than their own. I don't imagine they care about anyone except themselves, at least not in America. You see elderly in 3rd world countries who care about their grandchildren but not in America, in America it's all about vanity and botox. That is the boomer generation. Screwing someone half your age or younger, literally....

[TreeFarmer]

The Status Quo that had existed for 30, 40, 50 years ended 4 years ago, now we are waiting to see what the new status quo will be. Whatever it is, it will not be nearly as nice as the old one which was fueled with ever increasing levels of debt.

As for working past 70, not many people can really do that unless it is part time or something like a greeter at Wal Mart. I know physical labor is pretty much a no go. Also, being 50 myself, I've noticed a lot of people that I've known all my life slow down mentally once they reach 70 and beyond.

Also, there is the Catch 22 mentioned as well. If people have to work longer that means fewer jobs for the younger people who are coming along which means they pay less taxes which means the elderly have to work longer...

The only real workable solution I see to this is that retirees will have to work a bit longer, say to 70, and then receive and get by with fewer $$ from SS, Pensions,...

TF

[dsula]

Bottom line.. time to wake up and pay attention, the rich are coming for your RETIREMENT money and your healthcare, social security and your IRA and your private pension whatever you have they want it all.

Your pathetic paranoia gets on my nerves. Did it ever occur to you that some people got rich because they deliverd a product people wanted and are willing to pay for. And did it ever occur to you that some people wasted their life with poor choices and laziness and simply can't afford to retire? Good God, if it only were that simple, tax the rich (which is everybody who makes more than sixstring) and all problems are solved. Maybe we can turn your rant around:

Bottom line.. time to wake up and pay attention, the moochers are coming for your RIGHTFULLY EARNED money and your houses and your land and your companies and whatever you have they want it all and they won't give up till the whole nation looks just like their trailer trash backyard.

[Fishman]

Six, two most important words you seem to have misplaced. The AIG person said "will have to move..." your thread reads "should be..." The AIG person is making an accessment of the situation based on facts and data, you interpreted as an emotional issue (that's why he richer than you). Do you really think after all you've read here at PEAK OIL, the consequences, the potential outcomes, that retirement will even EXIST shortly? What the H#ll do you think is causing the collapse of Europe as we write? The French president boasted he would bring the retirement age down from 62 to 60. Didn't exactly calm nerves over there did it? Reality just KEEPS slapping you up side the head.

Bottom line.. time to wake up and pay attention, the PEAK OIL SITUATION is coming for your RETIREMENT money and your healthcare, social security and your IRA and your private pension whatever you thought you had. BE PREPARED.

[Lore]

As far as not being able to get rid of Medicare... this is a forum about sustainability you honestly don't believe medicare is sustainable do you?

And what math are you using to think that boomers who put money into a system can get it back? It's called a ponzi scheme, sorry again...

Taxing billionaires? Sounds good to me, I'm not one of them!

While not perfect, it seems to be working just fine in Scandinavian countries.

not sustainable, should I defend this statement in this thread or another one?

It's working pretty good so far, with everyone invoved pretty satisfied, unlike here in the US. I think we all can be a little bit jealous about the Scandinavian model.

[AgentR11]

If retirement age goes to 70 or 80 that ups your IRA and 401K withdrawl dates too.

Don't have one.
Never will.
If I were a betting man I'd say 50/50 those my age will never be allowed to touch the money they have in those precious 401Ks, at least not without a very substantial penalty.

AIG guy is right, the numbers do not permit any other possibility that is meaningful.

Work till you drop. Learn to accept it.

[Lore]

If retirement age goes to 70 or 80 that ups your IRA and 401K withdrawl dates too.

Don't have one.
Never will.
If I were a betting man I'd say 50/50 those my age will never be allowed to touch the money they have in those precious 401Ks, at least not without a very substantial penalty.

AIG guy is right, the numbers do not permit any other possibility that is meaningful.

Work till you drop. Learn to accept it.

The crucial question is where are all these jobs going to come from? Already both ends of the age working spectrum have the highest unemployment numbers.

[AgentR11]

I keep using the word "work".
Yall keep using the word "job" like I'm asserting anything about such a term.

[Lore]

I keep using the word "work".
Yall keep using the word "job" like I'm asserting anything about such a term.

You're playing with semantics, in a liberal sense of the word 'work', we all do until we die, no job required. Sometimes it's work just getting up in the morning for some. As far as work for pay, or a job, that's quite a different matter.