Employers have begun to offer informal "phase out" programs to their older employees as an alternative to retirement. Older employees are able to shorten their work week and take more time off during the year in exchange for a reduced salary. A survey conducted by Aon Hewitt found that approximately 80% of employees in their 50s would rather have a "phase out" program than retire completely. These programs could allow companies to retain experienced employees for a longer period of time.
See "Facing Retirement, but Easing Your Way Out the Door", John Wasik, August 28, 2015