Working it Out
According to the U.S. Bureau of Labor Statistics, the aging population has reshaped the workforce, with about one in four employees having reached age 65 or older. Older adults are one of the few age groups that are expected to increase their workforce participation rate over the decade. The bureau projects that 21% of older adults will be in the labor force in 2032, up from 19% in 2022. Whether retirement-age employees may continue to work by choice or due to financial necessity, here are some things to consider to help support their unique needs.
Financial Education and Counseling
- Retirement planning workshops. Offer educational sessions to help employees understand their retirement benefits, including Social Security, Medicare and their pension or 401(k) plans.
- Access to financial advisors. Provide access to professional financial advisors who can help employees navigate retirement options and create tailored plans.
- Digital tools. Offer digital calculators or software that help employees estimate their retirement income, health care costs and long-term financial needs and goals.
Phased Retirement Programs
- Flexible work schedules. Allow employees to reduce their hours or transition to part-time work while earning benefits. This flexibility helps them adjust to life without a full-time income.
- Consultancy roles. Retain valuable skills and institutional knowledge that allow employees to work as consultants after retirement.
Simplified Retirement Processes
- Clear Ensure that retirement benefits, procedures and deadlines are clearly communicated, making the process easier for employees to navigate.
- Streamlined Offer online portals or one-on-one assistance to simplify the retirement application process.
Ongoing Engagement
- Alumni connection opportunities. Create opportunities for retirees to stay connected with the organization. This connection can foster a sense of community and encourage them to serve as mentors or part-time consultants.
- Continuous learning opportunities. Provide access to lifelong learning or training programs, which can help retirees stay mentally sharp or develop new skills.
Considering these strategies can help ensure that retirement-age employees feel supported both financially and emotionally during this significant life transition.
