Retirement Rift
Nightly Business Report
Tuesday, September 05, 2006
SUSIE GHARIB: Tonight’s commentator has been looking at the concept of retirement and doesn’t necessarily like what he’s been seeing. Here’s Myron Kandel, president of the New Hampshire Institute for Corporate Responsibility and Investor Protection.
MYRON KANDEL, PRESIDENT, NEW HAMPSHIRE INITIATIVE FOR CORPORATE RESPONSIBILITY: In the interests of immediate disclosure, I admit I’m biased about this, being well over the normal retirement age. So that’s where I’m coming from when I say that companies that set a mandatory retirement age for their executives are making a big mistake. I say that, although I’m still working and I’ve never been personally affected by such a policy. But some of those companies set the bar at 65; others go as low as 60.
That’s ridiculous, considering how many great men and women hardly hit their strides by those ages and how many others are still going strong well beyond. While statesmen, scientists and cultural icons are honored for their continuing accomplishments in their later years, corporate America tells its leaders to pack up and be gone at the height of their powers, even if they’re doing a good job. I’m not in favor of keeping old fogies in place after their abilities have faded. But there’s no need for an arbitrary age limit to force the retirement of capable and experienced people.
We are an aging population. Alvin Toffler, the renowned futurist, reckons there will soon be one billion people over the age 60 around the globe. They are leaders, as well as consumers and the companies and the marketers who fail to understand their importance will be the losers. I’m Myron Kandel.