Phased retirement is a term used by The National Alliance Research Academy in its 2010 research report “The Looming Professional Gap: The Aging of The National Insurance and Risk Management Workforce.” It’s a term I’ve heard elsewhere as well.
Here’s how I define phased retirement as it applies to insurance workers who plan to retire in the next several years:
A phased retirement is moving from working full-time in an office or business to working part-time or full-time in a different setup. One example is working from home. Another example is working in a different capacity, such as consulting. Perhaps most important, the person in a phased retirement is not working in the same way on a nine-to-five basis, commuting to work or traveling.
I personally have talked to dozens of people in the insurance industry who plan to retire in the next 10 years. Almost all of them are still figuring out how to work differently so they have more balance in their lives when they do retire. I’m typically hearing that people want to slowly move into a full retirement, rather than abruptly stopping work altogether. Many are ready to give up the stress of the daily commute and the office, but still want to be involved professionally.
Most people are interested and excited by the prospect of a phased retirement. Unfortunately, many of them just don’t know of any options to do so. WAHVE is one such option. It’s our job to match up people who want to work in this manner with firms that are willing to explore outsourcing in this way in order to save costs and get experienced people.
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