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Don't forget the medical retirements. I have heard as high as for every three retirements that make it to 60 1 person does not make it for medical reasons. That number would go up if people were trying to make it to 65.
I don't think that it will be as bad as "just add 5." For example, guys will still be forced to retire for medical reasons, and the likelihood of someone having to retire medically in any given year will increase as one gets older. Further, I bet many guys will consider retiring when they hit the minimum social security retirement age of 62. That 2 year delay will help them with their monthly PBGC benefit as well if they have one coming to them. And of course, there will be some guys who just won't work that long, period.
I'm not trying to paint a rosy picture for hiring when this age 65 deal kicks in because the hiring situation will worsen I'm sure. And I also assume that any hope of a "pilot shortage" and wages coming up in response to that smaller supply will probably be dashed for a few years. But I bet age 65 slows hiring down for closer to 2-3 years vs. 5 years.
I don't think that it will be as bad as "just add 5." For example, guys will still be forced to retire for medical reasons, and the likelihood of someone having to retire medically in any given year will increase as one gets older. Further, I bet many guys will consider retiring when they hit the minimum social security retirement age of 62. That 2 year delay will help them with their monthly PBGC benefit as well if they have one coming to them. And of course, there will be some guys who just won't work that long, period.
I'm not trying to paint a rosy picture for hiring when this age 65 deal kicks in because the hiring situation will worsen I'm sure. And I also assume that any hope of a "pilot shortage" and wages coming up in response to that smaller supply will probably be dashed for a few years. But I bet age 65 slows hiring down for closer to 2-3 years vs. 5 years.