Have You Considered A Phased-Retirement?


March 28, 2011
Written by: Michael Kittinger

Instead of going from fully-employed to fully-retired in a matter of hours, this article talks about the concept of a ‘phased-retirement’ – in which you leave the workforce in stages. The idea is to develop a plan and gradually phase your way into retirement. The phasing period may include cutting back hours, only working a few days a week, finding a less demanding job or transitioning from being an employee to a part-time consultant. Most people are not prepared (emotionally or financially) to just call it quits and go from 40+ years of working the 8-6 daily grind to complete retirement. Implementing a plan to ‘phase’ into retirement may allow you to better tweak the budget and adjust to a reduced income, gradually find a hobby or some activity to take up your free time or allow you to keep that health insurance benefit for a little bit longer.

You may be skeptical and think “there’s no way my employer will go for this,” which is why one of the most critical steps in this process is to establish why phased retirement would benefit both you and your employer. Your company may be looking for someone to help oversee a project with a limited lifespan, or maybe they need someone to help mentor or train others. As the article states, “in short, phased retirement is about more than taking Thursdays and Fridays off.”   Ken Bottoms, 65, describes ‘phasing’ into retirement as “instead of jumping off a train that’s going 100 miles per hour, you let the train slow down and get off at the next stop.”   If you’re approaching retirement, have a plan. Know how you’re going to make the transition, whether you’re going to retire gradually or all at once, and what steps you need to have in place to make that transition as smooth as possible.

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