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 former president 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 over 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.
And 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.
How old is too old?
Clearly you can’t assign an arbitrary number that defines old age. Mick Jagger is 81. Bruce Springsteen is 75. Paul McCartney is 82. They’re all still performing in front of countless fans. Tom Cruise – age 62 – is still jumping out of planes. Cher, 78, recently released a holiday album. Richard Branson, 74, continues to command the Virgin empire. Say what you want about Trump, but even at 78, he’s running around like someone half his age.
But do we really want a 78-year-old running the country? Or piloting a commercial jet? Or performing open heart surgery? Should someone that old be putting out fires, fixing roofs, driving trucks, working in a steel foundry, herding cattle? Probably not. In fact, when someone hits a certain age, everything needs to be re-evaluated.
What age? 60.
A 2023 study found that almost half of the Fortune 500 were run by people over the age of 60. However, only 28 companies were still being run by a CEO over the age of 70. Something happens during that time and a recent study from Stanford University may provide the clue.
According to that research, which tracked thousands of different molecules in people aged 25 to 75, two major waves of age-related changes were detected at around ages 44 and again at 60 which helps explain why spikes in certain health issues including musculoskeletal problems and cardiovascular disease occur. This may account for the “sudden accumulation of wrinkles, aches and pains or a general sensation of having grown older almost overnight”. It’s not gradual. It’s a burst. And while the study focused on physical effects, I believe there’s something else going on once someone hits the age of 60: a loss of energy.
I have a friend in his early 60s who used to run a bar in downtown Philadelphia and now works as a manager at a manufacturing firm. I asked him if he has any interest in running a bar in the future. “Are you kidding?” he said to me. “I just don’t have the energy. I just want to play a little golf and spend time with my grandkids.”
And that sums it up. Most people lose energy when they hit their 60s. Of course, we’re still interested in the world. But work has become less of a priority. We prefer to do other, more fun things in the remaining years of our lives. We tire a little quicker. We go to bed earlier. We move a little slower. I was recently offered the opportunity to buy a competitor’s business and I declined. Sounded interesting but, like my friend, I just couldn’t imagine mustering the energy needed to make such a transaction successful. The thought exhausted me. It still does!
