It’s no surprise that retirement has become a significant issue for workers everywhere. In fact, beginning in 2011, the first baby boomers will turn 65 years old at a rate of 10,000 people per day. According to this week’s article, “The Rising Price of a Cheap Retirement Plan,” employees are now taking a prospective employer’s retirement benefits into deep consideration before making a final decision. Employees want retirement stability and many companies have begun to recognize this.
Not only is financial security a large concern for employees, but adjusting to post-retirement life has become a significant issue as well. The reality of retirement, in particular the loss of work identity, can come as a shock to those who have not fully understood just how deeply they have become identified with their work and the social environment of the workplace. Newly retired individuals may find themselves missing their old work life, routine and work family, and experience the confusion and hesitancy that often results when forming new connections and routines.
When constructing their retirement benefit packages, companies who are interested in keeping their retirees engaged should consider offering employees a proactive retirement preparation program. This type of program will help retirees manage those initial years away from their job and could include budgeting advice and extended EAP and/or work-life coverage. By providing this type of support, companies can reduce the workplace distractions employees may feel in the years leading up to their retirement.