Work schedules have moved on from the traditional nine-to-five. Now there is an increasing army of freelancers, part-time workers or those involved in gigs. In such a scenario, there must also be a scheme of phased retirement. Human life span has increased, and people are now fitter for longer due to better healthcare facilities. This has meant that people can work till a much higher age. This is also good for organizations as they are not compelled to lose an experienced brain one fine day. The US government realized that a substantial proportion of its staff was due to retire in 2017, so it incentivized them working longer. Business research conducted by the Sloan Center for Aging and Work in Boston has found out that three-fifths of workers continue to work somewhere even after retiring from their main jobs. Most of those people who retire at once are those from the middle class. Those at the lower spectrum need to continue working due to financial reasons, while those on top want to continue to contribute. Several organizations have now started phased retirement schemes by which they can retain their best employees till longer in their lives.

Source:http://knowledge.wharton.upenn.edu/article/the-case-for-phased-retirement