Old people are making news. Just this past week in Denmark, the retirement age for collecting a government pension was increased to 70 years old, an issue that has caused much debate in that country. Here in the US, questions have been raised about Joe Biden’s mental acuity while he was still in office. Warren Buffett announced his retirement at the age of 94 from Berkshire Hathaway. Donald Trump’s behavior, at the age of 78, continues to raise concern, if not alarm.

When are people too old to do their jobs?

Recent regulations are encouraging workers to stay on the job by increasing the age for when people are required to start cashing out their 401(k) plans from 70 1/2 years to 75 years by 2033. However, a recent study found that more than half of workers over the age of 50 have been pushed out of jobs before they would have retired willingly. US law prohibits forced retirement, but some well-known companies – like General Electric, Exxon, Intel and Apple – have age-based restrictions for their senior executives and board members.

Yet, according to a recent report from the Federal Reserve, more than half of small businesses are owned by people over the age of 55, including 70% of firms with more than 50 employees. Should they still be in charge?

It’s a growing concern because the population of old people is growing. In the US, the number of people over the age of 65 was about 9% of the total population in 1960. Today it’s closer to 18% and by 2054, 84 million adults ages 65 and older will make up an estimated 23% of the population. Life expectancy was less than 70 back in 1960. Now it’s closing in on 80. People are living longer and working longer. We all know people in their 80s who are sharper than those who are half their age.

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