Selecting
Once you’ve determined your likely eligibility, there are several options you can consider. Several examples follow and you might develop variants for your situation.
Extended Work
An agreed-upon, secure path of predictable future full-time employment. It may include access to agreed-upon flexible work conditions such as alternative hours, compressed work weeks, or work remotely.
Phased
Retirement
A staged reduction from full-time work to descending percentages toward planned full retirement. Percentages and glide path can be negotiated, an example being a transition over a three-year period from 100% to 80% to 60% to 0.
Partial
Retirement
One-time reduction to a percentage of the existing full-time position for an ongoing but limited period. An example might be an 80% schedule for 2-4 years.
Collaborative Contract
This version of a common practice – often called “retire/rehire” – would enable separation followed by an agreed upon period of contract employment under mutually beneficial terms.
BOOMER EXODUS
From 2011 until 2029, 10,000 Boomers a day—or 60 million people—turned and will turn 65.
That’s the equivalent of one-and-a-half Californias.
INCREASED LONGEVITY
Life expectancy is up 20 years, yet workers are discarded at 65 or earlier.
Social Security set the retirement eligibility age at 65 in 1936.
IMPENDING POVERTY
50% of workers 50-64 have less than $14,000 in savings to last 20-30 years.
Invested, that yields $50 per month.
RETIREMENT DEMAND
64% of workers hope to work longer and ease into retirement, while 5% of employers offer formal programs.
The demand increases, but the supply does not.