April 2019
Abstract: Working past the general retirement age is becoming a must for many in the baby boomer cohort and the cohorts that follow, and flexible work arrangements such as phased retirement programs can help meet the needs of employers and employees considering alternatives to traditional retirement patterns. Employers offering phased retirement programs are improving their workforce-planning strategies and are able to overcome labor shortages, benefit from retaining expert knowledge, and help employees boost financial security after retirement and stay socially and cognitively engaged. We evaluated phased retirement programs and their adequacy for those working beyond the general retirement age. Our qualitative research—in-depth interviews with employers and retirement experts—offers insight and perspectives on the challenges and benefits that employers and employees face and ways to design formal programs that enable those who would like to work longer to gradually reduce their hours as they reach retirement.