In the USA the problem is that one cannot begin to collect partial Social Security pension until age 62, and full benefits not until age 65. So the pilot who is out of a job at age 60 is out of pay for at least two years. (No age limit for F/Es).
But in one 1994 Space Shuttle mission, Storey Musgrave, at age 61, proved that he was still able to be the commander.
Curious, isn't it?