We're a little disappointed" to see the IRS publish a final normal
retirement age rule in a stand-alone regulation without providing a separate comment period for that role, Jacobson says.
Many of these people will be compelled to decide whether to collect Social Security benefits early or to wait until the normal
retirement age.
The government is also creating a new right for people to work beyond the compulsory
retirement age, which employers will have a duty to consider.
The investment return on assets and the
retirement age are the two assumptions currently under investigation by the Service.
Thus, increasing the normal
retirement age lowers benefits at all early
retirement ages and provides new financial incentives to remain on the job longer.
Pending legislation in Congress calls for raising the mandatory pilot
retirement age, which has long been age 60.
Business leaders in Birmingham have reacted angrily to the Government's decision not to raise the
retirement age for public sector workers.
The expected
retirement age for pre-retirees is 66 (mean), while 17 percent of pre-retirees plan to work beyond 70.
A total of 89 MPs would have had to stand down if they followed the "default"
retirement age, while most politicians would be out of work within 10 years, said charities Age Concern and Help the Aged.
By failing to scrap mandatory
retirement ages in the workplace however, the Government has already fallen at the first hurdle.
Other safety-sensitive occupations such as firefighters and air traffic controllers also have mandatory
retirement ages.
By taking action against
retirement ages below 65 we offer workers clarity and more choice.
