GreyWingFinancial.com Promotes Phased Retirement Programs for Seniors

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GreyWingFinancial.com financial advice magazine for seniors comments about the soft-style of retirement known as phased retirement, explaining this style of reducing work hours and encouraging its readers to explore options to ease their way into a full retirement if this style holds appeal.

GreyWingFinancial.com personal financial and economic magazine for seniors today advised its readers on the perks and benefits of easing into a full fledged retirement with a phased retirement program, a method which GreyWingFinancial.com argues is a win-win scenario for employees and employers alike.

Matt Sedensky of the Associated Press reported in an article released on Wednesday May 29th, 2013, that more and more Americans are seeking what he refers to as a “softer retirement landing.” This softer landing is referred to as a phased retirement program, and it gives workers the ability to reduce their working hours while in some cases still maintaining benefits. Sedensky stated that at one particular Iowa-based engineering firm, Stanley Consultants, members of the staff joke with one another that they enjoy a retirement party one day, then return back to work the day after. Stanley is reportedly just one of many U.S. employers that offer their workers a phased retirement program, complete with health benefits and a 401(k) option—even when they are only working part time.

GreyWingFinancial.com is a big fan of phased retirement programs, calling them a “win-win” for everybody. GreyWingFinancial.com is quoted as saying, “I think the fact of the matter is that a lot of seniors are ready to slow down the pace, start enjoying some more personal time for hobbies, family and travel. But the idea of going from 100 miles an hour to, well, zero is hard to really grasp for most folks. The concept of pushing the break and slowing down gradually is much more appealing. And the beauty of phased retirement programs is that they benefit not only the employee, who gets to enjoy more personal time while still staying active in the work force, but also the employer. Employers aren’t pressed to hire a full-time replacement, they don’t have to pay a full-time salary any longer, and slows down productivity losses tied to a full-fledged turnover. Everybody’s happy.”

According to the above-mentioned AP article, Sedensky points out other pros associated with phased retirement. He states that many businesses enjoy the perk of reducing payroll while still keeping an employee with years of experience and expertise. Another benefit Sedensky highlights with phased retirement is that it is a way for their older employees, who have gained a lot of experience on the job, to hand down valuable knowledge to their future replacements. The director of benefits and labor relations at the Aerospace Corporation, Judy Gonser, is quoted as saying, “We’re helping not only the retiree to transition, but the retiree is hopefully helping us to transition too, by passing on that corporate memory.”

As positive as these phasing programs have proven to be, Sedensky points out that the economy will need to further improve before they become fairly common additions to businesses. The president of the Employee Benefit Research Institute, Dallas Salisbury, is quoted as saying, “It will require unemployment to come back down significantly lower and, particularly for the unemployment rates for those coming out of high school and college before there's interest in finding special ways to keep those who want to retire but the company would like to keep around part time.”

Still, GreyWingFinancial.com encourages its readers to explore what phased retirement options are available to them if this is a style of retirement that sounds appealing to them. GreyWingFinancial.com is quoted as saying, “Although phased retirement is by no means an option that every worker has, it never hurts to ask. The worst that can happen is your employer says no, and is not willing to budge. But I bet if you sat down with your employer and really laid out the benefits provided by this type of retirement, even if the organization did not offer an official phased retirement package per se, you might be able to sway them on the advantages for them as a company. And you never know, they might go for it.”

GreyWingFinancial.com recommended that readers explore phased retirement. Although phased retirement is not available in all companies, and is not a standard retirement package, it is an opportunity that can be explored in many work settings.

About GreyWingFinancial.com

GreyWingFinancial.com is an online finance and economic magazine designed for seniors and retirees alike. GreyWingFinancial.com’s column offers advice, information, and current events about applicable lifestyle and finance topics for readers in their golden years, either approaching retirement or already enjoying it.

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