Gradual Retirement: An Additional Option in Work and Retirement

Yung-Ping Chen and John Scott

North American Actuarial Journal, 2003, vol. 7, issue 3, 62-74

Abstract: Aging of the population raises many questions and issues for individuals, families, and society: economic, political, social, psychological, medical, ethical, moral, religious, and legal, all of which bear on the quality of life in its many dimensions. Economic security in old age is one rubric under which many of the problems and their possible solutions may be discussed. How a society arranges for its members to work and retire is an important facet in the provision for old-age economic security.This article is concerned with the implications of demographic and labor force changes for work and retirement. It discusses the role of gradual (or phased) retirement in introducing flexibility into the range of choices between work and retirement.Section 1 explains the rationale for gradual retirement. Section 2 spells out the barriers to implementing gradual retirement programs, including legal barriers and barriers relating to pension plan objectives. Section 3 discusses some possible solutions for implementing gradual retirement programs. Section 4 describes some selected examples of gradual retirement programs, and Section 5 contains concluding remarks.

Date: 2003
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DOI: 10.1080/10920277.2003.10596104

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