b'CHAPTER 1|WORKING LONGERto as bridge jobs. Other studies reveal a pattern ofinvoluntarily through layoffs (Cahill et al.a range of retirement patterns: 12.9% move unretirement in which workers retire completely2015).to full retirement and then to part-time work; from full-time work and,Maestas (2010) explores alternative expla- 6.3% go from retirement back to full-time work; after a period out of thenations for unretirement, for example, thatnearly 8% remain partially retired throughout; workforce, returnreturning to work is the result of an unex- 13.7% move from work to partial retirement to either full- orpected event or unanticipated financialto full retirement; and 7.2% go from work to part-time work. shortfall or, alternatively, that a returnpartial retirement back to full-time work. Thus Youngerto work is anticipated and even partabout 30% of workers unretire within six years generationsof retirement plans. Full retirementof retiring. Overall, younger workers and men are not onlyis defined as reporting currently notare most likely to unretire. HRS participants are workingworking any hours for pay and de- asked if they would like to continue doing some longer, butscribing oneself as retired. Partiallypaid work after they retire. The vast majority of they are muchretired workers are defined as peopleworkers anticipate their retirement pattern. For less likely towho report that they are retired butthis cohort, born 1931 to 1941, only 8% of those move from full- are also working fewer than 35 hourswho say they had not expected to return to work time employmentper week.actually ended up returning to work. Workers are to full and permanentOver the period 1992 to 1998, aboutmore likely to return to part-time work than full retirement. Johnson et al.52% of workers followed a traditional path (seetime, especially if they are eligible for full Social (2010) show that the traditional pattern wasFigure 1-2). The balance of participants revealSecurity retirement benefits. followed by over 50% of men born 1913 to 1917. Of men born just two decades later, 34% follow this traditional path. Forty-five percentFIGURE 1-2Percent of workers taking various retirement paths: 1992-1998of men born 1943 to 1947 move to part-timeSource: Maestas (2010).work before retiring, and 26% of men and 29% of women in this cohort return to workWorkfull retirementfull retirementafter a period of retirement. Transitional retirements are increasingly the norm. EarlyWorkpartial retirementfull retirementBaby Boomers, especially women, are more likely than those in earlier cohorts to moveWorkfull retirementpart-time workto a bridge job before retiring. Both men and women in this cohort are also more likelyWorkpartial retirementpartial retirementthan earlier cohorts to leave the workforce Workpartial retirementfull-time workWorkfull retirementfull-time work0% 10% 20% 30% 40% 50%23'