The percentage of Americans working past the traditional retirement age hit new highs in the most recent jobs numbers, with 19% of those 65 and older working at least part-time. And The Washington Post reports that percentage is only expected to increase.
The over-65 set is expected to be the fastest-growing demographic in the workplace by 2024, according to the U.S. Bureau of Labor Statistics.
To respond to that segment’s growth in the workforce, some companies have redesigned manufacturing plants to adapt. Some lucky employees are getting higher 401(k) matches to help them save. And more recently, many companies have launched financial wellness programs to help employees of all ages make sure they’re better prepared to retire on time.
Meanwhile, one might assume “phased retirement” programs, a benefit begun 15 years ago or so to help employees gradually step away from their jobs through part-time or alternate arrangements, would be hotter than ever.
But the numbers don’t show that.
According to WorldatWork, a nonprofit human resources association, the percentage of companies that offer the benefit—29%—dipped slightly this year, and growth has stalled over the past six years.
The Society of Human Resources Management, whose surveys include more small and midsize companies, found that the use of formal phased retirement programs is just 6%—roughly the same as in recent years—while informal use of the idea has ticked up to just 13%.
