If full retirement is unappealing or isn't financially feasible, perhaps a phased retirement is right for you. The passage of the Pension Protection Act of 2006 made it possible for employers to pay pension benefits to employees age 62 and older who are covered under a defined-benefit pension plan, even if they continue to work. Typically, employees swap a smaller paycheck for reduced or more flexible work hours. Several universities have embraced phased retirement options for faculty members. Perhaps such programs will become more widespread as corporate America begins to experience the brain drain as older Baby Boomers exit the workplace in droves. For more information and links to other resources for 50-plus workers, see an article at Monster.com. Additional information is available at the National Older Worker Career Center, Inc. Though phased retirement is often viewed as a recipe for happiness, it actually doesn't guarantee happiness, according to research by Boston College's Center for Retirement Research.
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