A good retirement plan? Try leaving gradually, instead of all at once
Because demography is destiny, more older people than ever are working in America, with a lot more to come.
The question is how best to get there? One idea gaining traction is “phased retirement,” which lets workers gradually cut their hours and responsibilities while remaining on the job.
The longer tenure improves their financial outlook and often provides social and emotional benefits.
For employers, it’s a way to hold on to senior talent and institutional knowledge, which are especially valuable in a tight labor market.
At many companies, this already happens on a case-by-case basis, but formal programs are relatively rare.
In 2018, just 20% of employers offered a formal phased retirement option, according to a survey by Transamerica Center for Retirement Studies.
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