Workers intend to transition into retirement, but employers are standing in their way.
That’s according to a new report from Transamerica Center for Retirement Studies and the Aegon Center for Longevity and Retirement, which said that many workers don’t intend to completely leave the workplace, but plan to continue to work to some extent during retirement—whether because of a desire to keep active, enjoyment of work, or financial need that keeps them on the job.
However, workers aren’t finding a whole lot of support for such a goal.
The vast majority of employers, according to the report, are found by their workers not to provide them with the opportunity to continue to work, but at less than a full-time commitment.
Among workers age 55 and older, only 27 percent globally and 25 percent in the U.S. say their employers offer the opportunity to shift from full-time to part-time working arrangements as they phase into retirement.
Even fewer employers are offering retraining opportunities to extend workers’ careers and help them phase into retirement, with just 4 percent of U.S. respondents reporting that they do so.
Fifty percent of survey respondents who are not fully retired think that their employer doesn’t offer enough information and support to prepare for retirement.
Nor do employers even view older workers in the same light as younger ones—biases against salary levels, skills, or capabilities can stand in the way of older workers being able to maintain some employment as they age.
But employers as well as employees will pay a price for lack of assistance to a flexible retirement, the report said. Employers risk being negatively affected by population aging—not just because the workforce will shrink as the population ages, but also the loss of knowledge and experience that will depart the workplace as older workers go.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
