Obstacles to flexible retirement lie with employersNews added by Benefits Pro on January 29, 2016
BenefitsPro

Benefits Pro

Joined: September 07, 2011

My Company

By Marlene Y. Satter

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.

Originally posted on BenefitsPro.com
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Post Press Release