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Tag: phased retirement

Phased-Out Retirement

What is Phased Retirement?

By now, you know the drill… that early morning regimen.  The alarm buzzes; you hit once, maybe twice – ugh, you have to get up or you’ll be running late.  Did you ever stop to think how many days of the same routine and how many days until you can retire?  I’ll bet you’d be surprised to find out many people don’t look forward to retirement, especially those in careers or jobs that they really love.  But, eventually, even if you’re in business for yourself, there is a time to shut it down and enjoy your golden years.

For people who don’t want to just quit their full-time job “cold turkey” because they are still healthy and enjoy their livelihood, and they worry about what to do with all their spare time, they might want to consider a growing trend in the workplace called “phased retirement” which is a form of job-sharing.  In a nutshell, it keeps the near-retiree viable and doing a job they love, plus allowing the opportunity to mentor an up-and-coming young person, who one day will take over their job, having secured all knowledge about the position from the person who did it best.  The new employee is happy, the elder employee is happy, and even the boss is happy since he does not have to worry about covering that position with an inexperienced worker.  It is a win-win situation all around.

One of the top legal questions posed these days is how does phased retirement work, and, if so, could it work for me?