It’s becoming increasingly common for older workers to move from a career job to a lower-paying “bridge” job prior to retirement, according to a University of Michigan Retirement Research Center study. A big reason for the increase in this kind of “partial retirement”: higher unemployment.
Researchers found that 20% of workers between 65 and 67 are partially retired, up from 5% to 10% in 1960. More workers are slowing down earlier, too: 15% of those 60 to 62 years old are partially retired.
Partial retirement is defined as a job in which income doesn’t exceed 50% of the maximum annual earnings a person made in his or her lifetime.
The 44-page research report, posted here, is not for the faint of heart in terms of its academic format and presentation. This blog post about the study on The Wall Street Journal’s MarketWatch website may be a better choice for those of us who prefer a view from the 40,000-foot level.
