A
A NEW KIND OF RETIREMENT is gaining popular-
ity in today’s workplace. “Phased retirement” is an
increasingly common practice in which employ-
ees gradually decrease their hours on the job before
they completely leave the workforce. More and more
“phasers” are enjoying an interim period between full
employment and full retirement.
“Many people are trying to re- Col. H.W. “Buzz” Buse III, much depends on the size of an
duce their hours on the job, and it’s USMC-Ret., retired from the Marine employer. An employee switching
a great way to prepare for retire- Corps in 1988 and worked for several to part-time work would have more
ment,” observes Miriam Goodman, civilian fi rms before of an impact at a
a military wife and author of Rein- he was hired by 10-person offi ce
venting Retirement: 389 Bright Ideas MOAA’s The Offi cer than at a larger fi rm.
about Family, Friends, Health, What Placement Service “I was fine Your fi rst step, sug-
to Do, and Where to Live (Chronicle (TOPS). He led the
until about
gests Kyle Brown, a
Books, 2008). department for eight
Some retirees need extra income years, retiring in 2004.
2 p.m. every
retirement counselor
but not a full paycheck. Others wish “I retired when I
afternoon,
with Watson Wyatt
Worldwide Research
to scale back their hours but retain was 62½,” he recalls.
then [I] won-
in Arlington, Va., is to
medical benefi ts until they are “Within six months,
dered what
talk with your immedi-
eligible for Medicare. Still others I was antsy. I was fi ne
I’d do with
ate manager. “If [phas-
choose to phase because they enjoy until about 2 p.m.
their work and want to stay produc- every afternoon, then
the rest of
ing is an option], then
tive and active — both physically [I] wondered what
the day.”
work with your human
resources department.
and mentally — while having more I’d do with the rest
— Col. H.W. “Buzz”
It [might] be possible
time to travel or join a spouse in of the day.”
Buse III, USMC-Ret.
to set up fl extime, tele-
leisure activities. Around the same commuting, part-time,
Take, for example, Michele time, MOAA decided or seasonal work.”
McCormick, wife of Col. Don to open a TOPS He warns there are
McCormick, USA-Ret. In 1991, she offi ce at the Pentagon, and Buse many elements to consider. How big
launched her own public relations was a natural choice as a consultant. of a workload do you want? What will
fi rm, MMC Communications, in When it became apparent the Pen- be the effect on your pay and pension?
Sacramento, Calif. Now she’s look- tagon offi ce was a success, Buse How will it affect your status, author-
ing toward her retirement. “Don was rehired to work for MOAA ity, or relationship with coworkers?
knows I enjoy what I’m doing,” three days a week. Goodman adds it’s important to
she says, “but we would like to understand all the fi nancial impli-
spend more time together, and I Negotiating a cations of phasing. Many pension
want more time for hobbies. I don’t phased retirement programs are based on salary dur-
want to come to the offi ce every Though many fi rms are interested ing the fi nal three years of work.
single day.” in retaining valued employees, Likewise, people collecting Social
8 2 M I L I T A R Y O F F I C E R S E P T E M B E R 2 0 0 8
SSept_phasedret.indd
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