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Mandatory Retirement: A Hot Potato

Apr 13, 2008
Mandatory retirement is a political hot potato today. People are living longer and staying healthier thanks to the advances in medical services. The retirement age for social security keeps moving backward, younger people can not retire until they are 67 and by the time they get to that age if will move again. Many professions have mandatory retirement ages for example: pilots, military, education, and other professions. Some companies have mandatory retirement ages as low as 55. Some employees celebrate their 60th birthday and join the unemployment line on the same day. Not a happy day for the employee. Regardless how or why it happens these employees join the ranks of the those enjoying retirement living.

The common reason given by companies is health insurance rises with age. Sound like age discrimination? Maybe or maybe not, but they join their friends enjoying retirement living. That is an issue that resounds throughout the world. We are not the only country dealing with the issue. Canada just recently passed a new law that allows workers to work beyond 65 if they want. Prior to this law Canadians were forced into mandatory retirement at 65. Other reasons that people are forced into retirement are mainly meeting the physical requirements of the job.

Police officers, fire fighters, and other first responders must pass an annual physical fitness test. Fail the test and they are forced into retirement. Truck drivers must pass a physical every 2 years to maintain their commercial driver's license. Another profession is education; many are required to retire at 60 or 65. Although these educators are fully capable of working in the areas of their expertise, they are forced into mandatory retirement. They get a head start on enjoying the retirement living life style, ready or not.

Another reason given is to make room at the top for younger employees to move up the corporate ladder so they may bring fresh ideas for a sustaining the company in a global economy. These are all issues that are unsolvable at local levels and need to be resolved at legislative level. Were would this country be if every politician had to retire at the age of 65. Senator McCain would not be running for president and many other politicians would be enjoying life in the retirement living community of their choice. This issue needs to be resolved as the large number of baby boomers begins to overwhelm the retirement living communities.

communities have become the location in which many retirees find themselves today. With the large number of baby boomers entering the retirement window, these communities are big business. A recommendation would be to band several people who have been forced into mandatory retirement and have the necessary skills to form a company that designs and constructs retirement living facilities. This is a fast growing business today. One thing I am sure that the first thing in the company employee manual is that there is no mandatory retirement age requirement. At least as a minimum they will ensure that the owners will not be forced into retirement.
About the Author
For more information about retirement planning,wills,living wills and estate planning visit our website www.somelivingwill.com
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