age stuff...
What I was getting at is that your information is outdated or incorrect.
According to Navy Pers website, The max age for all officers up to and including O-6 is 62 (they cite some US code when saying this). However, the max amount of Active Duty time in service allowed for the following grades who fail to promote are:
O-3: NLT the 7th month after the President receives notice that you suck
O-4: 20 years and fail to select O-5 twice
O-5: 28 years and not on O-6 promotion list
O-6: 30 years and not on flag list
All of which will usually come before the member turns 62.
The Navy does not do age waivers for every flag officer over 55.
http://www.public.navy.mil/bupers-npc/career/reservepersonnelmgmt/officers/Pages/AttritionRetirement.aspx
