Phased Retirement Essay

Phased Retirement Essay

Length: 4247 words (12.1 double-spaced pages)

Rating: Term Papers

Open Document

Essay Preview

Where will they come from? That is a question that is facing organizations and businesses in the United States as they ponder where the next wave of workers will emerge. Organizational recruitment and retention strategies have been challenged to find replacements for a generation of employees on the brink of retirement. This generation, the Baby Boomers, is a generation numbering 76 to 78 million people (Stendardi, 2005), a staggering number when contrasted with a 2009 Department of Labor figure of an employed civilian workforce of 140 million workers. The Boomers’ imminent retirement, sometimes referred to as the “ demographic tidal wave,” will challenge organizations and Human Resource departments to develop programs and policies to address the labor shortage. One of the strategies that have gained increased attention is the idea of a phased retirement. Organizations have turned to the concept of phased retirement to delay the loss of critical employees, ensure the transition of critical skills and knowledge, reduce recruitment and retention costs, and help bridge the labor gap. Normally phased retirement is an informal ad-hoc program that has different definitions and meanings. Lets examine the essence of the strategy and how it may be implemented at Princeton University.
The Essence of Phased Retirement
Phased retirement, as a legal concept, is undefined. It is not because this is a brand new phenomenon that is sweeping across Human Resource departments nation wide. In fact, the idea of phased retirement has been around since at least the 1950’s. Originally referred to as rehires, subcontracting, or consulting, phased retirement is a strategy that has been around for decades, though with a different purpose. ...

... middle of paper ...

Purcell, P. J. (2003). Older workers: Recent trends in employment and retirement. Journal of Deferred Compensation, 8(3), 30. Retrieved May 16, 2010, from ABI/INFORM Global.
Rappaport, A. (2009). Phased Retirement-An Important Part of the Evolving Retirement Scene. Benefits Quarterly, 25(2), 38. Retrieved May 15, 2010, from ABI/INFORM Global.
Sheaks, C. (2007). The State of Phased Retirement: Facts, Figures, and Policies. Generations, 31(1), 57-62. Retrieved June 11, 2010, from
Stendardi, E. J. (2005). Using Phased Retirement to Make a Baby Boomer Retirement Work. Humanomics, 21(1/2), 48. Retrieved May 16, 2010, from ABI/INFORM Global.
UCF Human Resources. (2010, April 27). Retrieved May 23, 2010, from

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Should Social Security Be Changed to Include Personal Retirement Accounts?

- Arguments for and against changing Social Security to include personal retirement accounts are discussed as this week’s issue. In my opinion, if, at the time these proposals were written in 2005, they had been put forth by a Democratic White House they may have stood a better chance of gaining some real traction. As was the case, the idea that a Republican administration would really want to ‘save’ Social Security was, I am sure, greeted with a certain amount of skepticism from Democrats and their supporters given the Republican Party’s long opposition and criticism of the program....   [tags: U.S. Politics ]

Term Papers
903 words (2.6 pages)

The And Multi Fund Offer Service All Different Retirement Products For Each Participant

- GVA and Multi-Fund offer service all different retirement products like Alliance the difference they both also consider Annuity products for each participant. Each of those products are not being sold and are currently being phased out of Lincoln available products The main focus of this paper will be the Alliance area but specifically the Client and Administrative Services(CAS) area. The title of my paper “Six Degree to the Top of Lincoln” what it means is that each employee should no more than six people away from the CEO of the company....   [tags: Management, President of the United States]

Term Papers
1128 words (3.2 pages)

The Past, Present and Future of Social Security Essay

- Social Security A Historical View Social security, the federal retirement system, is one of the most popular government programs in United State?s history. Today, Social Security benefits are the backbone of the nation's retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed. Franklin D. Roosevelt signed the original Social Security Act....   [tags: Social Security Retirement]

Term Papers
2689 words (7.7 pages)

The Privatization of Social Security Essay

- The Privatization of Social Security Many people don’t understand how the Social Security system really works. There are no separate Social Security "accounts" set up for each taxpayer to which he contributes his Social Security "tax" each year. Many people believe these accounts exist, that the money they pay into their accounts grows each year until retirement, and when they retire they get back what they paid in with interest. This is not true. Most people are unaware of the fact that our current Social Security system is a "pay-as-you-go" program, which means that the revenue the federal government raises each tax year for Social Security benefits is paid out that same year to benef...   [tags: Social Security Privacy Retirement Essays]

Term Papers
2005 words (5.7 pages)

Essay about The Retirement Era Of Retirement

- I thought long and hard about writing this piece, its not a story that many investment advisors want to share. Its not a feel-good story. Retirement is a relatively new idea, for most of mankind 's history, if you were alive you worked. Even the wealthy worked managing their estates. That all changed in 1881 when Otto von Bismarck, the conservative minister president of Prussia proposed government-run financial support for older members of society. It then took eight years for the German government to approve a plan which provided support for those who were over the age of 70....   [tags: Pension, Retirement, Investment]

Term Papers
1574 words (4.5 pages)

Retirement Plan For Retirement Plans Essay

- A pension plan is a type of retirement plan gives month to month pay in retirement. Normally governments offer annuity arrangements, and some substantial organizations offer them. With a benefits plan, the business contributes cash to the annuity arrange while one is working. The cash will be paid to you, normally as a month to month check in retirement, after you achieve a predetermined retirement age. An equation decides how much benefits salary you will receive once you are retired. The formula a pension depends on: years of service with the company offering the pension, age and compensation....   [tags: Pension, Retirement, Life annuity]

Term Papers
1454 words (4.2 pages)

Benefits Of Retirement Planning For Retirement Essay

- Interview What is retirement. The answer to that question may very well differ from person to person. One definition of retirement is a period where a person may begin to collect pensions or monies which had been save in a special account for when a person leaves the world of work. Another idea of retirement is simply the age at which people stop working completely. Some organizations are forcing older people to retire at age 65 doesn’t mean that they are incompetent to work. It is stereotypical to think that since they are 65 they can’t perform tasks up to par....   [tags: Old age, Ageing, Retirement, Pension]

Term Papers
1057 words (3 pages)

Essay about The Retirement Boom Of Retirement

- Countless seniors perceive retirement as just a step away from never working again; other seniors are already there. Worldwide, our senior populations will exceed the younger generations; the retirement boom exists among us. What answers do we work towards in handling this large number of retirees. The first baby boomers were due for retirement in 2008, this means 77 million boomers now receive their Social Security benefits and receive a pension (Moschis and Burkhalter, 235). However, a large number of these retired seniors are returning to the workforce, simply not retiring at all....   [tags: Retirement, Pension, Old age, Ageing]

Term Papers
1061 words (3 pages)

Retirement Plan For Retirement Plans Essay

- Envision sitting in a rocking chair and having an” idle” lifestyle or idle time. When one reaches the age of 55, it is time to consider retirement planning. Determining a future lifestyle change means making plans or preparation for this life adjustment. A little retirement planning now can make a huge difference later and should not be put off. Retirement is a strategy for the future and a vision of the future. Retirement begins with reviewing the financial assets and understands what withdrawing from work means and the impact to family and friends....   [tags: Pension, Retirement, North Carolina, Pension fund]

Term Papers
1077 words (3.1 pages)

Planning for Retirement Essay

- “You can be young without money, but you can’t be old without it” -Tennessee William As we age into wisdom, money becomes more essential to our daily lives. Discouragingly, we who are opportune to have jobs, misuse our finances on desires, like cell phones, computers, iPods, and other miscellaneous commodities. Rather than what is profoundly essential to ones futures, as we age, we steadily realize this, but in several cases it may be too late when we finally pick up on this information. When retirement is convenient, we are looking forward to a unwinding life....   [tags: retirement, money,]

Term Papers
527 words (1.5 pages)