Companies Are Making 6 Changes to Help Boomers Ease into Retirement

By Adrianne Bibby

Much attention has been paid to how the workplace has morphed to accommodate millennials and other younger workers. Less widely acknowledged is how some companies are making major changes to help older employees ease into retirement.

The federal Bureau of Labor Statistics reported that older workers are a highly active segment of the U.S. workforce, and will only become more so. In 2014, 40% of people ages 55 and older were employed or seeking jobs. Of this older population, the fastest growth among people looking for jobs by 2024 will be those who are age 65 and older.

Just like their younger colleagues, many older workers are interested in flexible jobs that can help them achieve a good work-life blend. Recognizing this trend, employers are beginning to implement programs and policies to keep older workers happy and help them ease into retirement.

A Washington Post article explores several innovative ways employers are taking steps to accommodate this fast-growing demographic of people who, in some cases, are working past 70.

Here are few ways employers are helping older workers ease into retirement:

1. Options for Flexible Arrangements

Employers are becoming more amenable to the idea of flexibility for all workers, including those approaching, or at, retirement age. For seasoned employees, flexible options such as part-time work and job sharing may hold particular appeal. Notably, stats about retirees and work often point out that as much as 94% of people planning their retirement look for flexible arrangements, particularly in a second career.

2. Ergonomic Re-Design of Workspaces

As the Washington Post article notes, companies like BMW Group are working toward facility re-designs with an aging workforce in mind. For employers and academics alike, ergonomics and the aging workforce has been a focus of workplace space, across all industries, for companies working to attract and retain the best workers.

3. Wellness Programs Geared Toward Older Workers

For workers of all ages, being in the best of health is a priority for themselves, and for their families. Health concerns tend to shift for older workers, with greater emphasis on maintaining physical activity and keeping tabs on health measures such as lowering stress factors that can inhibit the ability to work.

4. Phased Retirement

The concept hasn’t been universally embraced, but phased retirement allows workers to gradually cut back on their workload as they approach retirement age. Formally, only 6% of eligible employees participate in such programs at small and mid-sized companies, the Post article noted. The good news is that flexible work arrangements are offering another option for older workers looking to phase out of a full-time workload over time.

5. Increased 401(k) Matches

While it’s definitely not the norm, some companies are broadening their offers to match employee contributions to 401(k) plans for workers seeking to ease into retirement. A once-widely popular benefit, 401(k) plans are on the resurgence, even though one of every four American workers expect to be still on the job beyond age 70.

6. Financial Coaching and Education

Financial coaching is a big boon that job seekers of all ages want as a job benefit. For many older workers, though, the financial education they value, increasingly, is toward finding ways to continue to work, instead of retiring from work completely. Nowadays, many older workers are seeking to capitalize on the benefits of flexible work for retirees in order to continue their careers—whether that means becoming digital nomads, finding ways to pursue long-time passions, or enjoying other flexible work options.