Life Transition From Pension To Retirement To Partial Retirement

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Life Transition From Pension To Retirement To Partial Retirement
Life Transition From Pension To Retirement To Partial Retirement

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The transition to retirement and partial retirement

“I will retire from tomorrow!” - The entry into professional retirement is not just a date. It is a significant transition in life that doesn't happen overnight. Numerous changes are associated with this phase of life. They affect, among other things, the organization of everyday life, income or social relationships and roles. If a person succeeds in adjusting well to these changes and is supported in doing so, this strengthens health and well-being and increases life satisfaction in old age.

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  • How can a positive transition into retirement be achieved?
  • Design the transition in life individually
  • What is partial retirement?
  • What is the partial pension?

The transition in life can also be a burden. Especially when influences such as the work situation or a lack of preparation for retirement make a successful transition difficult. Labor market policy measures such as partial retirement or health promotion measures can help those affected to make the transition to retirement positively. Managers in companies also play an important role in this.

How can a positive transition into retirement be achieved?

Taking care of your health becomes more and more important in professional life as you get older. Health is an important basis for being able to work in the last few years before retirement. The majority of people reach retirement age in good physical health and have a long period of time of sometimes 20 years or more ahead of them.

Each person makes the transition to retirement and aging in an individual way. This process is often connected with thinking about the life situation and the further path in life. Men often feel more challenged and burdened than women by the necessary changes in life.

A positive processing of the professional exit and the transition can be beneficial for health and wellbeing. But the feeling of “being used” also promotes health. It also helps with the upcoming redesign of everyday life. It is important to find a balance between excessive and insufficient demands. In this way it is possible to better adjust to the transition to retirement and to avoid a difficult transition (so-called “pension shock”). This refers to difficulties in adapting to the new phase of life, which can be accompanied by inner emptiness and a feeling of uselessness.

Design the transition in life individually

The transition to retirement is regulated by various legal provisions. In addition to the fixed age limits for retirement, there is also the option of making the transition individually and flexibly. A smooth transition can make it easier to “accept” and “arrive” in retirement.

Partial retirement and partial retirement give older employees the opportunity to reduce their working hours. This should enable a better transition to retirement in good health. As a result of partial retirement, employees do not lose their pension payments, sickness benefits, severance payments or claims from unemployment insurance.

Employees have more time off due to partial retirement or partial retirement, which they can use for recreational and health-promoting activities, for example. The prerequisite is the competence to know what is beneficial for one's own health and how the free time can be used for this. Company health promotion offers can create the appropriate framework conditions and convey the relevant knowledge.

What is partial retirement?

The statutory regulation of partial retirement gives employees the opportunity to reduce their working hours and gradually switch to retirement - with only minor financial losses due to a wage adjustment.

Partial retirement makes it easier for companies to employ older employees with reduced working hours until they retire. Both employers and employees must meet various requirements. There is no legal entitlement. The employer must apply for partial retirement. Employers who enable employees to work part-time for retirement receive funding from the Public Employment Service, the part-time retirement benefit. There are two models: the continuous and the blocked model. Different regulations apply depending on when the partial retirement agreement began and which model was selected.

What is the partial pension?

The partial pension is a variant of the continuous partial retirement. It is intended to keep employees who are entitled to a corridor pension up to the regular pension in employment and enables them to retire independently between the ages of 62 and 65. Partial retirement and partial retirement can also be combined.

Additional Information:

  • Partial retirement (oesterreich.gv.at)
  • Partial retirement (Chamber of Labor)
  • Partial pension - extended partial retirement (Ministry of Social Affairs)

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