General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAIG CEO: “Retirement ages will have to move to 70, 80 years old”
Says the guy who made $7 million last year (and the year before) running a bailed out company from his comfortable European seaside villa as he calls it. Its just a little too easy for blowhards like him to propose everyone else working that long while hes raking in millions, with millions more to come upon retirement.
How do people like this overlook the lousy conditions of everyone else, so often? People like this somehow manage to also overlook Wall Streets responsibility in this latest economic crisis. How convenient. More from Bloomberg:
American International Group Inc. (AIG) Chief Executive Officer Robert Benmosche said Europes 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.
http://www.americablog.com/2012/06/aig-ceo-retirement-ages-will-have-to.html
bluestateguy
(44,173 posts)Did it get lost in the mail?
SammyWinstonJack
(44,130 posts)lpbk2713
(42,777 posts)That has been their plan all along.
tularetom
(23,664 posts)There isn't enough work for people under 65.
Without a massive infusion of tax dollars into the economy there will be no work for these elderly job seekers.
Enrique
(27,461 posts)there isn't enough work.
Politicalboi
(15,189 posts)Either raise taxes on the rich by 30% more, or lower the age of retirement to 55.
mrmpa
(4,033 posts)surrealAmerican
(11,370 posts)When there are vacancies in his company, do they look for people over 70? Would they consider hiring applicants that age?
KansDem
(28,498 posts)At age 70, It's a lot different working as a lawyer than as a coal miner.
flamingdem
(39,342 posts)and voting, and they live in fear for their survival, compliant with the man and all
MrScorpio
(73,631 posts)After I found out what they did, I dropped them like a hot potato.
They became completely untrustworthy
JBoy
(8,021 posts)aquart
(69,014 posts)That would pretty much cure the whole problem.
abelenkpe
(9,933 posts)Worked for Eisenhower.
MichiganVote
(21,086 posts)TheKentuckian
(25,035 posts)you worm ridden filth.
abelenkpe
(9,933 posts)I mean it's not like that age group has been suffering from ageism or having difficulties finding work. It's not like companies look at them and dismiss them as candidates fearing that they will have too much experience and demand a higher wage, have costly medical bills or require days off for family reasons. That never happens....working until 70 and not qualifying for medicare until then should be easy.
karynnj
(59,511 posts)I get how it would make pensions more affordable - fewer would get them if they started at 70 or 80 and those that did would collect for a shorter time. That, however, ignores how few have defined pension benefits. Those that were switched to 401Ks will get them - or their heirs will. It is not clear how they are "more affordable" - unless given that the amount needed is lower, the company portion (for companies with company portions, might be greatly reduced.
As to medical services being less - what is he speaking about? I never saw a study that suggested that people had higher medical costs (ignoring how or who paid them) just because they are retired. All other things being equal, I would guess just the opposite.
But the dumbest thing is saying that it will take the burden off the youth. IF people were still taking jobs at 70 or 80 - and my guess is that if there is age discrimination at 55 - I don't even want to thing of what a laid off 75 year old would face - there would be fewer jobs for the youth to have.
Maybe this indicates the level of critical analysis of the top people at AIG and explains why they were probably the biggest mess in 2008 with their credit swaps.
B Calm
(28,762 posts)to age 80, you gotta be kidding! I'm ready to get this ball chain off my ankle right now, and I'm only 61.