The confluence of two important demographic shifts promises to reshape the U.S. workforce over the next decade and beyond. First, there will be more workers over age 55. In 2000, 13 percent of the workforce was 55 and older, according to the Bureau of Labor Statistics, and by 2015, this figure is expected to rise to 20 percent. During the same period, the highest growth rate in the U.S. workforce will be among workers aged 55 to 64 (Haidee Allerton, 2000). That change is fueled in large part by the leading edge of the baby boom population, which is now crossing the age 55 threshold in large and expanding numbers. It also reflects the fact that Americans are leading longer and healthier lives, enabling them to extend their stay in the working world. As the boomer population moves through the workforce and retires, there will be more jobs than workers to fill them. This is due in large part to the smaller size of the generations following the boomer cohort. Consequently, the U.S. will grow older and face critical shortages of qualified workers, especially in the dominant and growing service sectors of the economy. Mercer survey respondents report that they generally see their own compa

Although formal phased retirement programs are quite rare, they seem to be of growing interest to employers. Successful ones need to address certain essentials: a method of redefining job duties, work arrangements, and schedules; culture, support and training; criteria for program participation; eligibility requirements and potential time limits; approval processes; and adjustments in pay and benefit plan provisions.

Benefits of Phased Retirement Programs

Americans are redefining traditional retirement but there are still surprisingly few formal phased retirement programs targeted to older workers. Employers thus far have been reluctant to implement them, choosing instead individual arrangements that give them the flexibility to assess their department needs and choose people with specific skills, without making wholesale changes in policy.

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