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Step 1
Ask yourself if you are ready to leave the workforce completely. If you're not ready to fully retire, ask about alternative retirement plans, specifically Phased Retirement.
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Step 2
Think about Phased Retirement. In Phased Retirement your income will come from a combination ofsocial security, pension and paycheck. Do you want to work half-time? Do you want to train others?
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Step 3
Prepare before its needed. Organizations can alter policies frequently and without notice. Check the status of a plan you would like to use years before you need it. When dealing with a financial plan the size of a retirement, a few good choices could add up to hundreds of thousands of dollars.
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Step 4
Do some research into legislation that affects your situation. The Freedom to Work Act of 2000 and the Pension Preservation Act of 2006 changed some restrictions that you may get you to reconsider previous plans. More laws may be in the works, so find a legal expert to keep you up to date.
Comments
stlscientist said
on 2/1/2009 Great advice. I know several people doing this because they love their jobs.
gormanwvzb said
on 1/26/2009 Good advice, as people are living longer, they may chose to work longer, though maybe not necessarily a 40 hour week.