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The issue of retirement security gets frequent attention in the media, for the simple reason that many workers are not building the financial resources that they will need to maintain an acceptable standard of living after their retirement. As much as financial planners and media tell workers that their retirement income should meet or exceed about 70% of their preretirement income (), many Americans will fall far聽. The expectations of employers in helping their employees to build retirement wealth are spelled out in laws such as聽, and pensions exceeding those minimums are one of the most frequently sought-after benefits among employees.

Investment in Psychological Security Post-Retirement

With all the attention paid to financial retirement security,聽辫蝉测肠丑辞濒辞驳颈肠补濒听retirement security has gotten short shrift.聽In American culture, paid employment is a central part of many people鈥檚 identities鈥攁 way through which they are a contributing member of their families and society.聽But, retirement security isn鈥檛 just about money 鈥� it鈥檚聽also聽about meaning and identity.聽Even those who say they hate their jobs often find聽meaning or purpose in bringing home a paycheck. What happens when that disappears?

Retirement can be a shock for workers who do not have enough resources to replace the psychological benefits that they got from work.聽Workers are constantly told to diversify their financial investments, but almost never warned that they should diversify their psychological investments,聽as well.聽How can workers be better prepared to replace both the financial and psychological benefits of paid employment?

Many workers are answering this question partly by staying in the workforce longer.聽聽Some continue a successful career, while others move into retirement by scaling down their responsibilities gradually. Many seek bridge jobs to transition from full-time jobs to retirement.聽Gradual retirement, under the best of circumstances, can create a window of opportunity during which workers can build their financial and psychological retirement security.聽On the financial side, they may benefit from income and health insurance, among other benefits, from their less-demanding paid jobs. On the psychological side, they can explore new interests and roles鈥攕uch as caregiving and volunteering 鈥� without disconnecting entirely from the psychological benefits of work. This can help them to remain engaged in productive activities as they age.

The Benefits of Bridge Policies

The sad truth, however, is that not all workers have good options for gradual pathways out of the labor force.聽Many older workers face long-term unemployment and, when older workers leave their jobs, their new jobs are often much less desirable in terms of benefits and pay. Others have to decide between retiring abruptly and continuing full-time because their employer doesn鈥檛 offer other options, and because part-time options in their field are limited.聽Employers who offer bridges between聽a聽full聽workload聽and full retirement can be a powerful force in building their聽employees鈥櫬爁inancial and psychological security.

Many employers would support 鈥渂ridge鈥� policies, such as phased retirement, simply to do the right thing for their employees. But employers also have a vested interest in adopting these policies.聽Gradual聽retirement can build in time for succession planning, knowledge management, and retention of the valued skills and abilities of older workers.聽Yet, evidence suggests that the business community greatly undervalues bridge policies. For instance, the 2015 Talent Management study conducted by the Center on Aging & Work found that the leaders of American organizations typically are less committed to options for post-retirement-age work than they are to other benefits, such as training and development or competitive pay.

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