Tag Archives: retirement age

The effect of living longer and working older

Economic loss calculations can be seriously altered by a wave of new retirement data

By: Dale Orlando, McLeish Orlando LLP

Published in: The Lawyers Weekly Feb. 7, 2014 issue

In a typical personal injury case, there are a number of approaches to developing the theory of economic loss and a number of assumptions are made as part of that theory.  In cases where a person is unlikely to return to work or has returned to work but is likely to have to retire earlier than otherwise would have been the case, a major part of the theory revolves around the person’s expected retirement age, but for the accident.  While each case turns on its own facts, to some extent both plaintiff counsel and defence counsel will base their theories on a presumed retirement age.    Many defence theories are based on an outdated notion that people are embracing the idea of Freedom 55 and retiring earlier than in previous generations.  The recent data on this point clearly shows an upward trend in retirement age.  There are two very good reasons for this trend; people are living longer and saving less for retirement and people simply cannot afford to retire. Continue reading