People are working longer and postponing retirement, according to Dr. Gene Warren, a Phoenix-based economist who specializes in public policy issues and the mature market. In studying the most recent data from the U.S. Census, Warren says that the percentage of 65-year-old men who were retired declined in 2006 for the first time in almost a century. Since the data predates the current economic downturn, Warren cited the changes in social security and healthcare benefits, the volatility of financial markets, the desire for new career paths, and increasing mobility of baby boomers as factors in the shift. Warren says the data suggest that the traditional view of retirement—leaving the workforce at age 65—is “changing right before our eyes.” For more information, visit www.twaaconsulting.com.
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