On Your Mark, Get Set, Retire!
Featured Guest Blogger September 22nd, 2008
Most of us grew up in a day where mom and/or dad counted down until the day they retired. Just recently, my husband’s stepfather, Dan, completed his one-year countdown to “R-Day” when he retired from teaching after 30 years. In the year proceeding his retirement, at random times, he would cite the date over dessert, over a glass of wine, or just randomly in the kitchen with a big grin on his face.
However, as we know, times they are a-changin’. We are seeing retirement in a new light now. With the aging of the workforce and increasing life spans putting pressure on post-retirement savings, employees and employers are seeing the benefit of sticking around a bit longer…even if not full-time.
And that’s where phased retirement comes in.
On September 9th, Mercer retirement consultant Pearce Noble testified before the U.S. Department of Labor advisory panel on the importance of phased retirement programs for workers, employers, and the U.S. economy. He stated that the potential for these programs is increased with the participation of the Department of Labor, the IRS, Congress, and the country’s employers. An informal Mercer survey of large and medium-sized employers found that the most common reason for employer interest in phased retirement is to encourage workers to continue working (95.8%), followed by a desire to provide an easier transition to retirement (45.8%).
For as much as Dan jumped with joy for his R-Day, rest assured he still coaches track, goes back to substitute teach whenever he can, and still gets great pleasure from being around his students. It may not be considered a phased retirement, but maybe it should have been?
To find out more about phased retirement, visit our topic page.
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