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if a pilot can pass a 3rd class faa medical and keep his flight review current he can fly indefinitely---there is no set age limit, it is based on medical condition and performance, and pilot currency.
most pilots lose their medicals due to vision and heart related problems.
usually there is little risk to public safety, because most really old pilots are relegated to flying fairly light weight aircraft, so even if they come down because a pilot becomes incapacitated they don't do much damage.
there is a mandatory retirement age for airline captains, i think it is 60 years old, but lots of really old guys (and gals) fly their own airplanes in the good 'ol US of A.
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