The traditional concept of retirement has been largely replaced in the minds of late-career workers with the concept of gradual retirement, but employers are not accommodating those wishes in general, according to the TransAmerica Center for Retirement Studies.

It said that in the U.S., nearly two-thirds of workers age 55 and older “envision a flexible transition to retirement … The most common reasons for continuing to work to some extent in retirement include keeping active, enjoyment of work, and financial-related concerns.”

However, only a quarter say their employers offer such an opportunity, it said.

That largely reflects the record in the federal government, which since early 2014 has offered a formal phased retirement arrangement, in which those eligible under most combinations of age and years of service can switch to half-time work while collecting half of their annuity accumulated to that point.

The report said of the federal program, “While the plan is seen as a best practice in encouraging phased retirement, and has the potential to reach 2.5 million government employees, to date very few government agencies have chosen to make it available to their employees.”