This isn't your grandpa's economy [Oh? Sure has the look and feel of Great Depression I]. But it could still be yours once you're his age.
Robert Benmosche, chief executive of the recently bailed-out and largely government-owned American International Group [Yes, that AIG], told Bloomberg from his seaside villa that he thinks the eurozone debt crisis will push the retirement age in the region way up.
"Retirement ages will have to move to 70, 80 years old," he said. “That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of the youth.”Read it at The Huffington Post
AIG CEO Robert Benmosche: 80-Year-Old Europeans Need To Be Working
Neoliberalism at its finest.
Already one quarter of middle-class Americans expect to retire when they’re 80, not 65, according to a Wells Fargo survey from November.
In addition, the average retirement age of American workers hit 67, according to a Gallup poll from last month. That’s up from 63 ten years ago and 60 in the mid-1990s.
Who are those productivity increases producing the increased leisure for, anyway? Pretty soon we'll be back to the seven day work week.