Phased Retirement : Leaving the Labor Force

The more traditional view of retirement as a one-time event has been superseded in recent years by the idea that, for many workers, leaving the work force may involve a less abrupt transition to full-time retirement. This article examines the process of exiting the labor force referred to in the media and academic literature as phased retirement. It explores the topic through an examination of trends in labor force participation and retirement and presents research highlights drawn from recent surveys on the subject. Reasons why employees and employers become involved in either formal or informal arrangements are a focus of the discussion and serve to explain the relative scarcity of formal programs in the private sector. Also mentioned are recommended implementation strategies for employers considering a formal phased option program