The theme this week on the Retirement Quick Tips Podcast is: A Phased Retirement…Is It Right For You? 

Today, I’m sharing with you a recent article from the WSJ which talks about the concept of a phased retirement. I’ll be using this article as a jumping off point for this week’s them. 

If you would like to check out the article, I’ve linked to it in today’s show notes. The article was published on March 15, 2022 and the title is “Part-Time Retirement Programs Are on the Rise.”

Link to article: 

https://www.wsj.com/articles/part-time-retirement-programs-are-on-the-rise-11647336602?st=hvd9lb4oky9pnr4&reflink=desktopwebshare_permalink 

 

The article says:  “Plenty of older workers have wished for something between full-bore work and retirement. Now, more companies seem to be giving them what they want.

Phased retirement programs—which allow workers nearing retirement age to cut back on their hours while keeping some pay and benefits—are growing in popularity. Human-resource executives say the pandemic has opened bosses to flexible work arrangements, while the fierce hiring market and higher-than-expected rate of retirements have motivated managers to find ways to retain older workers with key skills.

In a forthcoming survey of 1,736 HR executives world-wide from consultant Mercer LLC, about 38% say they offer phased retirement, more than double the 17.2% that did so before the pandemic.”

It’s really interesting, but not surprising that such a game-changing HR practice has become commonplace since the pandemic. And with the current labor shortage, I think many companies simply have no other choice. On top of that, many companies benefit tremendously when the more experienced employees are able to successfully transfer knowledge and train the new hires. Tomorrow, I’ll talk more about the benefits - both financial and psychological - that come from a phased retirement.But for today, I just wanted to let you know that phased retirements are more common than ever, and if it isn’t a formal practice at your employer, it could be a great time to ask about whether your employer would consider something like this . 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast. 

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