Working in Retirement - Why 50+ are Working in Retirement
The economic downturn has heightened the awareness that retirement-aged people are working longer. The assumption is, people are continuing their employment because they have experienced depletion of their retirement savings. However, research suggests that the trend today was not necessarily triggered by the recent recession. A study done by the US Department of Labor indicates that traditional retirement is becoming the exception instead of the rule. Most people today transition into retirement gradually over several years rather than the conventional way to retire that everyone is familiar with.
Because of the gradual transition into retirement that many are choosing, people are taking on bridge jobs before completely leaving the workforce. These transitional jobs help to bridge the gap between full time employment and total retirement. A BLS study indicates that a half to two thirds of people with full time employment are using bridge jobs to transition into retirement. Age, health status, type of pension and pension eligibility are all factors that determine whether or not someone will choose this type of transition.
- Write policies and procedures to support the needs of the 50+ age group.
- Maintain workplace flexibility to support the unique issues of an older workforce.
- Offer a phased retirement option.
- Provide an environment that is inclusive and supportive of working retires.
- Offer flexible careers that support transition into retirement.
- Ensure appropriate job fit for the changing needs of older workers.