The notion of walking away from work at age 65--and pocketing an ample pension and gold watch--pretty much resides in the dustbin of history. A growing number of workers--by necessity or choice--find themselves working into their late 60s, 70s, and beyond. But many of these individuals aren't interested in the 40 (or 50) hour workweek and all the ongoing pressures associated with it. As a result, some boomers and older workers are experimenting with phased retirement.
Here's how it works: you gradually reduce your hours over a period of time, say a year or two, until you're out the door. This arrangement may actually prove beneficial the your employer because you can help train and mentor the person filling your position while making ongoing contributions. There's no single way to structure a phased retirement. It's up to you to negotiate the situation with your employer.
Phased retirement is an appealing concept for those looking to change careers. This approach can give you the time and mental bandwidth to explore new opportunities, go back to school, or conduct actual interviews. It might also allow you to take some time off and do some thinking and planning, or just ratchet down your schedule and enjoy more leisure time. Keep in mind, however, that cutting your hours may affect benefits, including retirement payouts and healthcare coverage. If you want to know more, flip to page 203 in Finding the Work You Love.
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