I'm of two minds on this issue.
First, I think this is partly due to older pilots seeing their pensions dry up and wanting to work longer. I can't blame them for wanting that.
However, anything that makes more people eligible to either become, or in this case, remain, pilots keeps the supply and demand curves stacked against those trying to enter the profession. Regardless of the fact that these older pilots may themselves be paid more, they are still taking up a vacancy that would otherwise have to be filled by the market of incoming pilots. This will add to all the factors making wages lower in this profession.
Adding to this, for both good and bad, increasing the retirement age will encourage more retiring military pilots to look at the airlines. When the mandatory retirement age was 60, a pilot who left the military at age 42 probably wouldn't consider the airlines--18 years isn't that long of a career. At 65, it's more appealing, and 70, definitely so. These pilots also already have pensions to get them through the early low-wage years. Again, this will add to the supply of pilots.
On the other hand, someday I'll be one of those guys, and maybe I'll be able to take advantage of it!
