Have You Considered Phased Retirement?

You’re tired of working and ready to retire, so what’s stopping you?

Maybe you can’t afford it yet. Or perhaps you don’t want to stop working because you enjoy it. You want more time to dedicate to your family or hobbies, but aren’t quite ready to give your job up and retire. So, regardless of reason, you keep working.

The Good

But working forever isn’t the only option. There’s another way to ease out of the workforce—phased retirement.

Not sure what that means? Investopedia defines phased retirement as including “a broad range of employment arrangements that allow an employee who is approaching retirement age to continue working with a reduced workload, and eventually transition from full-time work to full-time retirement.”

In other words, phased retirement allows you to work in a part-time capacity for a certain time period before you start full-time retirement. You get to keep working for longer, while employers get the benefit of you passing on your knowledge and experience before heading off to retirement.

Sounds enticing, right?

The Bad

A study published by the Transamerica Center for Retirement Studies, as reported by Forbes, notes that 77% of employers believe many of their employees want to keep on working post-retirement. Forty-seven percent think employees would like to do some sort of phased retirement. The issue?

Only 31% of those same employers actually allow that shift to a phased retirement, and only 27% are okay with employees taking on jobs that are less stressful or demanding to make retirement easier.

The Solution

If you want to keep working and embrace retirement, there is still a solution through staffing companies like Express Employment Professionals.

You don’t have to pay anything to benefit from Express. All you need to do is pick up the phone and call a local office or register online. Let your employment specialist know your work availability and they’ll find you part-time positions that allow you to phase into retirement at your own pace.

For more in our retirement series, check out these helpful blogs:

Retirement: Happy 40th Birthday 401(K)

Beginner’s Guide to Retirement

Job Searching Past Retirement Age

Three Tips for Getting Your Retirement Started Off Right

Do you plan on retiring? If so, will you retire outright or opt for a phased approach? Let us know in the comments section below!

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