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Abstract:
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The aim of the present study is to pinpoint the factors that motivate retirees to leave the workforce and see how those variables affect the ages at which people choose to retire. It is hypothesized that workers retire at younger ages due primarily to involuntary factors such as failing health, inhospitable work environments and concern about a defined benefit pension plan. Likewise, involuntary factors such as insufficient savings often force retirees to remain in the workforce longer than they would ideally like. Although data regarding retirement age is widely available, recent studies have not broadly examined the myriad influences behind retirees' decisions to retire. Understanding what segment of retirees independently choose to leave the workforce, and what segment are forced to retire at an earlier than ideal age due to extenuating circumstances, including inflexible pension benefits and burdensome workforce regulations, is extremely important as the baby boom generation begins to reach the traditional age of retirement. As the largest segment of workers looks toward exiting the workplace, there is no ready supply of age-appropriate employees to replace them. In order to retain older workers and ensure the vitality of the American economy, it is imperative to consider what actions can be taken to allay concerns and alleviate conditions that drive healthy, capable workers into retirement at an earlier age than is necessary or ideal for them and the economy. |