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Why Phased Retirement is Elusive

MusingsWill the new year be the time when you decide that you'd like to phase out of your full-time job? You can dream, but apparently, it isn't so easily done. While "phased retirement" sounds as if it would be a win-win for both employer and employee, the reality is that gradually phasing out of a full-time job is a concept most U.S. employers are not widely endorsing, at least not yet.

A recent article about phased retirement in U.S. News cites a sobering statistic: Only 6 percent of employers offer a formal phased retirement program. What's more, only 11 percent of Boomers gradually retired from their jobs, according to a 2017 Government Accountability Office report. The article goes on to discuss six challenges of phased retirement:

  1. Negotiating the arrangement
  2. Qualifying for health insurance
  3. A reduction in retirement benefits
  4. Getting a 401(k) match
  5. Unplanned phased retirement
  6. Justifying your reduced schedule.

Challenge number six gets to the heart of the matter. According to Emily Brandon, author of the article, "Those who want to gradually retire may need to prove their continued value by being a consistent high performer, staying up to date with innovations in the field and learning how to use new technology. It can help if you are willing to mentor younger employees and pass on your acquired skills and institutional knowledge."

What it really amounts to is convincing an employer that a phased retirement is not just good for you, but good for the company. Unless an employer believe you and enthusiastically embraces the idea, resigning may be the only real option to retiring from a full-time job.

Read the entire informative article here:



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