Go Back   Airline Pilot Central Forums > Pilot Lounge > Age 65 Rule
Register FAQ Advertising Calendar Search Today's Posts Mark Forums Read

Age 65 Rule Dec 13, 2007: Age 60 is now 65

 

Welcome to Airline Pilot Forums

    Already registered? Login above

OR
 
To take advantage of all the site's features, become a member of
the largest community of airline pilots in the U.S. and beyond.

The advertising to the left will not show if you are a registered user.

Join the Forum

Reply
 
LinkBack Thread Tools Search this Thread Display Modes
Old 12-14-2007, 10:52 AM   #1 (permalink)
Line Holder
 
Joined APC: Nov 2005
Posts: 78
Default REPORT: Wait to Retire at 65 = Die Sooner

By Sing Lin, Ph.D.Member of National Council of Chinese Institute of Engineers – USA/Greater New York Chapter, and Member of Board of Director of National Taiwan University Alumni Association – Greater New York (March 2002)

Longevity Vs. Retirement Age

The pension funds in many large corporations (e.g., Boeing, Lockheed Martin, AT&T, Lucent Technologies, etc.) have been “Over Funded” because many “late retirees” who keep-on working into their old age and retire late after the age of 65 tend to die within two years after their retirements. In other words, many of these late retirees do not live long enough to collect all their fair shares of pension money such that they leave a lot of extra-unused money in the pension funds resulting in the over-funded pension funds.

Dr. Ephrem (Siao Chung) Cheng provided the important results in the following Table 1 from an actuarial study of life span vs. age at retirement.

Table 1 – Actuarial Study of life span vs. age at retirement.

Age at
Retirement-- Average Age At Death
49.9 ------- 86
51.2 ------- 85.3
52.5 ------- 84.6
53.8 ------- 83.9
55.1 --------83.2
56.4 ------- 82.5
57.2 ------- 81.4
58.3 ------- 80
59.2 ------- 78.5
60.1 ------- 76.8
61. -------- 74.5
62.1 --------71.8
63.1 ------- 69.3
64.1 ------- 67.9
65.2 ------- 66.8


Table 1 indicates that for people retired at the age of 50, their average life span is 86; whereas for people retired at the age of 65, their average life span is only 66.8.

An important conclusion from this study is that for every year one works beyond age 55, one loses 2 years of life span on average.

The hard-working late retirees probably put too much stress on their aging body-and-mind such that they are so stressed out to develop various serious health problems that forced them to quit and retire. With such long-term stress-induced serious health problems, they die within two years after they quit and retire.

On the other hand, people who take early retirements at the age of 55 tend to live long and well into their 80s and beyond. These earlier retirees probably are either wealthier or more able to plan and manage their various aspects of their life, health and career well such that they can afford to retire early and comfortably.

These early retirees are not really idling after their early retirements to get old. They still continue doing some work. But they do the work on the part-time basis at a more leisure pace so that they do not get too stressed out. Furthermore, they have the luxury to pick and chose the types of part-time work of real interest to them so that they can enjoy and love doing that “fun” work at a more leisure pace.

However, when you get older, you should plan your career path and financial matter so that you can retire comfortably at the age of 55 or earlier to enjoy your long, happy and leisure retirement life into your golden age of 80s and beyond. In retirement, you can still enjoy some fun work of great interest to you and of great values to the society and the community, but at a part-time leisure pace on your own term.

On the other hand, if you are not able to get out of the pressure-cooker or the high-speed battleground at the age of 55 and “have” to keep on working very hard until the age of 65 or older before your retirement, then you probably will die within 18 months of retirement. By working very hard in the pressure cooker for 10 more years beyond the age of 55, you give up at least 20 years of your life span on average.
NYCPilot is offline   Reply With Quote
Advertising above will not show if you are a registered user.
Old 12-14-2007, 11:26 AM   #2 (permalink)
Gets Weekends Off
 
Rocco's Avatar
 
Joined APC: Apr 2007
Posts: 483
Default

So you are saying that the "More Experienced Pilots" will put more money in to the pension plans by working another 5 years and take almost none out when they die at 66............us less experienced guys really appreciate that...
__________________
If your not part of the solution, then..............
Rocco is offline   Reply With Quote
Old 12-14-2007, 11:34 AM   #3 (permalink)
Gets Weekends Off
 
NJGov's Avatar
 
Joined APC: Dec 2007
Position: A319/321 FO
Posts: 120
Default

While the study has some merit.. it is not industry specific...We all know that aviation is a different beast regarding taxes to our bodies.

Hardly enough data to support retirement at 60 vs 65 (or any other age) in an airline career.
__________________
I am the master of my fate; I am the captain of my soul.
NJGov is offline   Reply With Quote
Old 12-14-2007, 12:31 PM   #4 (permalink)
Line Holder
 
Joined APC: Nov 2005
Posts: 78
Default

Quote:
Originally Posted by Rocco View Post
So you are saying that the "More Experienced Pilots" will put more money in to the pension plans by working another 5 years and take almost none out when they die at 66............us less experienced guys really appreciate that...
Huh?
No.
The study has to do with the correlation between retirement age and life expectancy. Obviously, the pension issue cited concerns corporate-type pensions, not airlines. It merely mentions that their pension funds are not being used (hence, overflowing) as the recipients are dropping like flies shortly after their retirement.

Statistically, the longer you wait to retire, the sooner you die after making that decision.

According to the study, for every 1 year you continue to work past 55, you decrease your lifespan by 2 years.
NYCPilot is offline   Reply With Quote
Old 12-14-2007, 05:41 PM   #5 (permalink)
Prime Minister
 
rickair7777's Avatar
 
Joined APC: Jan 2006
Position: CRJ
Posts: 16,107
Exclamation

Quote:
Originally Posted by NYCPilot View Post
Huh?
No.
The study has to do with the correlation between retirement age and life expectancy. Obviously, the pension issue cited concerns corporate-type pensions, not airlines. It merely mentions that their pension funds are not being used (hence, overflowing) as the recipients are dropping like flies shortly after their retirement.

Statistically, the longer you wait to retire, the sooner you die after making that decision.

According to the study, for every 1 year you continue to work past 55, you decrease your lifespan by 2 years.

This study brings up the chicken vs. egg question...

Do people die because they work longer, or is there some trait which causes both reduced longevity and a longer working life?

I've known many type AAA executives and business owners who are just not healthy...and they tend to work until they drop.

Also if you're poor you might need to keep working to pay the bills...lower socio-economic status is already known to correlate to unhealthy lifestyles and less access to medical care.

In the case of pilots I do agree that the more you fly, the higher the risk of aviation-related health issues...this is probably exacerbated as you age because your stamina and natural defenses decline.
rickair7777 is offline   Reply With Quote
Old 12-14-2007, 07:47 PM   #6 (permalink)
Gets Weekends Off
 
Klako's Avatar
 
Joined APC: Sep 2007
Position: Flight Instructor
Posts: 132
Default

Quote:
Originally Posted by rickair7777 View Post
This study brings up the chicken vs. egg question...

Do people die because they work longer, or is there some trait which causes both reduced longevity and a longer working life?

I've known many type AAA executives and business owners who are just not healthy...and they tend to work until they drop.

Also if you're poor you might need to keep working to pay the bills...lower socio-economic status is already known to correlate to unhealthy lifestyles and less access to medical care.

In the case of pilots I do agree that the more you fly, the higher the risk of aviation-related health issues...this is probably exacerbated as you age because your stamina and natural defenses decline.
I am now 61, forced to retire from the airlines last year, now flying for the U.S. Army. I feel great, love my job, enjoying life and have no intentions of retiring any time soon. Thirty years ago retirement appeared to be the ultimate situation. I tried the retiree lifestyle for about two months, missed flying terribly and discovered that boredom could be a fast track to early death.

Most of us have probably made observations that people who retire early, too often die early. Early retirement clearly appears to be unnatural for healthy people. People tend to deteriorate faster if they stop being productive especially after an active life long profession. “Early Retirement May Mean Earlier Death”--- Primary source: British Medical Journal Source reference: http://www.medpagetoday.com/InfectiousDisease/PublicHealth/tb/1980
"Age at retirement and long-term survival of an industrial population: prospective cohort study," BMJ, published online Oct. 20, 2005. “…Study found that retiring at age 55 was associated with an almost two-fold greater risk of dying compared with employees who postponed retirement until their 60s…investigators found that embarking on the Golden Years at age 55 doubled the risk for death before reaching age 65, compared with those who toiled beyond age 60…”
Klako is offline   Reply With Quote
Old 12-16-2007, 07:43 AM   #7 (permalink)
Gets Weekends Off
 
Rocco's Avatar
 
Joined APC: Apr 2007
Posts: 483
Default

Quote:
Originally Posted by NYCPilot View Post
Huh?
No.
The study has to do with the correlation between retirement age and life expectancy. Obviously, the pension issue cited concerns corporate-type pensions, not airlines. It merely mentions that their pension funds are not being used (hence, overflowing) as the recipients are dropping like flies shortly after their retirement.

Statistically, the longer you wait to retire, the sooner you die after making that decision.

According to the study, for every 1 year you continue to work past 55, you decrease your lifespan by 2 years.
My Sarcasm light was not fully illuminated. You did an excellent job making your point. The two issues are related though.
__________________
If your not part of the solution, then..............
Rocco is offline   Reply With Quote
Old 12-18-2007, 01:37 PM   #8 (permalink)
New Hire
 
Joined APC: Feb 2006
Position: dl ret
Posts: 9
Default

NYC Pilot
That "study" is pure urban legend---not an ounce of truth.
There was a study of Boeing engineers years ago which was mis-construed and later corrected. Look to your own life--do your parents or grandparents shrivel up and die upon retirement? In my family most have worked into their 70's and then led very productive lives into their 90's. I am a retired airline pilot, now flying a cl-300. I am 61 and feel and see no deterioration in my performance or stamina. I have to worry about keeping the 35 year olds awake on the long night flights. I honestly understand the concerns of many who think the age 60 demise will be the end of their quick advancement in aviation. Nothing could be further from the truth. When I started my career, there were fewer than 1000 airliners in the skies of the USA. Now there are 5000 jets out there every day. the real advancement comes from
growth, not the retirement of the older pilots. Back to the subject---Your health should determine when and how you should retire. Please do not let the emotions of a rule change cloud what could be a very rewarding career choice.
gcap is offline   Reply With Quote
Old 12-18-2007, 01:45 PM   #9 (permalink)
Gets Weekends Off
 
KiloAlpha's Avatar
 
Joined APC: Nov 2005
Position: Airbus
Posts: 1,489
Default

Quote:
Originally Posted by gcap View Post
I am 61 and feel and see no deterioration in my performance or stamina.
This touching moment brought to you in part by VIAGRA
KiloAlpha is offline   Reply With Quote
Old 12-18-2007, 03:23 PM   #10 (permalink)
New Hire
 
Joined APC: Feb 2006
Position: dl ret
Posts: 9
Default

Quote:
Originally Posted by KiloAlpha View Post
This touching moment brought to you in part by VIAGRA
You wouldn't want to stand in front of me and try to say that...
gcap is offline   Reply With Quote
 
 
 

 
Reply
 



« Previous Thread | Next Thread »
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


LinkBacks (?)
LinkBack to this Thread: http://www.airlinepilotforums.com/age-65-rule/19869-report-wait-retire-65-die-sooner.html
Posted By For Type Date
Age 65 Rule on Airline Pilot Central Forums | BoardReader This thread Refback 08-10-2008 09:54 PM
Why You Shouldn't Wait Too Long to Retire This thread Refback 07-08-2008 03:09 AM

Similar Threads
Thread Thread Starter Forum Replies Last Post
Boeing's new 787 could be unsafe, Rather to report wannabepilot Major 32 09-22-2007 01:53 PM


All times are GMT -8. The time now is 05:33 PM.


vBulletin® v3.8.6, Copyright ©2000-2014, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.6.1
Copyright ©2000 - 2012 Internet Brands, Inc.