Business: Lucking Out on Later Retirement

Despite the new law, few workers want to stay past 65

Last April, Congress took a flying leap in the dark. Responding to pressure from politically powerful oldsters, it raised the mandatory retirement age from 65 to 70, although so little study had been done that estimates of the economic and social consequences were only horseback guesses. The move alarmed businessmen, who feared that retaining aging workers would clog the channels of promotion and reduce the hiring of young people, especially women and blacks. But when the law finally went into effect on New...

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