There is a 3rd option:
1. Fly til you lose the med
2. Fly til you die
3. Fly til you fail the ride
As far as forward thinking states:
Canada, as far as I am aware, imposes no restriction on commercial flying other than twice annual medicals after age 40. I know of 2 pilots flying in their 70's. One single pilot in the bush, the other air ambulance as a copilot (because he has repeatedly refused the captaincy as just too much pain in the a$$) and part time check pilot on singles.
Psyan, the only reason for putting age restrictions on [private] driver's licences is because there is no effective testing mechanism so the bureaucracy resorts to age limits to ensure competence. Commercial aviation is not the same beast.