Andrew H. Hook, Virginia Retirement Planning Attorney Discusses Part-time Work as a Bridge for Full-Time Work to Retirement

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

Virginia Beach, VA (Law Firm Newswire) March 2, 2016 – Many baby boomers expect to work for a longer period of time and would prefer a phased retirement in which they gradually reduce the number of hours they work and/or work remotely. Therefore, they are seeking assistance from an increasing number of firms that concentrate on placing older workers in part-time and temporary positions in certain industries. While some jobs can be performed in the office, others can be completed from home or another remote area.

According to a retirement study conducted in 2013, almost half of the participants expressed an interest in continuing to work in the areas in which their careers were established. Studies have also shown that 60 percent of older Americans who have a career switch to a bridge job prior to retiring.

“Phased retirement can be part of the retirement planning that can help secure the future of older workers and their families,” said Andrew H. Hook, a prominent Virginia retirement planning attorney with Hook Law Center with offices in Virginia Beach and northern Suffolk.

There has been an increase in the number of staffing firms that cater to older Americans. For example, Work at Home Vintage Employees, or Wahve, which is based in Avon, Connecticut, tries to attract employees who work in the insurance industry. The company’s website says, “Phase into retirement working from home. Get the schedule and workload you want.” Another such company is Arise Virtual Solutions, which is located in Miramar, Florida. It focuses on health care, tourism and telecommunications. The company anticipates a surge in the number of older workers from 25 percent to 35 percent of its organization of 25,000 contractors.

While some employees nearing the end of their careers may wish to remain with their current employer while slowly decreasing their hours and duties, many corporations do not favor phased retirement. This could be because they may have qualms about compliance with tax and labor laws that apply to regular employees. Companies can avoid such concerns by employing a staffing agency to hire older workers on a part-time basis.

Although many temporary positions offer older workers the flexibility and convenience of working from home or remotely, they often do not provide benefits and job security. Older workers who are laid off may find employment for less compensation. Nevertheless, by continuing to work, they can defer tapping into their retirement savings. They can also continue to feel intellectually stimulated and connected to their field of interest.

Learn more at http://www.hooklawcenter.com/

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • Early retirees may need alternative withdrawal strategies
    When withdrawing funds from individual retirement accounts, Roth IRAs and other such accounts, retirees may encounter inconveniences, taxes and penalties. However, proper planning may reduce or even eliminate such costs. There are techniques that retirees should use to withdraw funds from their tax-sheltered retirement accounts prior to reaching the age of 59 ½. You can […]
  • How to deal with an early retirement that was not planned
    Although most people plan to work until they reach their full retirement age of 66, or 67 if you were born after 1942, some workers find themselves without work at an age when it is challenging to find another job, and at a time when they anticipated earning their maximum salary. Others are compelled to […]
  • Understanding the stages of Alzheimer’s
    Reportedly, over five million Americans are afflicted with Alzheimer’s. The Alzheimer’s Association has created a checklist of the usual symptoms to help you identify the warning signs. Among these are changes in memory that interfere with daily life, difficulty planning and resolving problems, becoming disoriented regarding time and place and having issues with words when […]
  • Transportation is an often overlooked but crucial aspect of retirement planning
    When people engage in retirement planning, they often fail to think about transportation. They do not consider that a time may come when they will no longer be able to drive themselves, and will have to rely on others to go to doctors’ appointments and run errands. Including transportation in your retirement plan is essential. […]
  • How caregivers can deal with behavioral changes of loved ones with dementia
    There is ample research to suggest that family caregivers are more distressed by behavioral problems and changes in the personality of their loved ones than by their physical disabilities. For instance, while it may prove challenging for family members to physically pick up the body of a loved one who has suffered a stroke and […]