More workers are taking a phased approach to retirement — and employers are starting to help

Core Insights - Interest in phased retirement programs is increasing, although formal programs remain rare in the workplace [3][4] - A significant portion of the workforce, particularly older employees, is seeking options for gradual transition out of the workforce [4][5] Company Insights - Abbott offers a "Freedom to Work" program for employees aged 55 and older with over 10 years of service, allowing for reduced work schedules or additional time off [8] - The phased retirement program at Abbott is designed to help employees transition into retirement at their own pace [1] Industry Insights - Only 7% of firms surveyed by the Society for Human Resource Management (SHRM) provide formal phased retirement programs, while about 20% offer informal options [2] - Many older workers are financially unprepared for retirement and prefer to continue working, often delaying retirement due to financial necessity [5][6]