Phased Retirement at Work: 5 Things to Think About

Shveta Miglani, a career coach and author of Navigate Your Career: Success Strategies for New Roles and Promotions, insists that giving up your job doesn’t have to mean losing your identity. “There are so many ways you can utilize your experience,” she says, citing examples such as consulting or joining an advisory board or a nonprofit.

Rob Fulton, 80, of Estero, Florida, learned that lesson the hard way. Fulton had been involved in aviation since his days as a fighter pilot during the Vietnam War and was running an emergency helicopter service for the Lee County government when the program abruptly became privatized in 2012. Everyone lost their jobs — a shock for Fulton, who was 68 and never imagined his time in the sky would end that soon.

After months of self-reflection and coaching from Marianne Oehser, a retirement adviser, Fulton decided to explore another passion of his: writing. He has since published two books based on his Vietnam experiences and sold a script for a movie project. Fulton’s success as a writer led him to motivational speaking opportunities with veterans.

“I loved flying,” Fulton says. “My last flight was as exciting as my first. I’m glad it carried me to this part of my life.”

2. Make a plan for changes at work

One of the more direct transitions toward retirement can be downsizing responsibilities and time commitments at your place of work. There are differing views from career coaches about how receptive organizations may be to this approach.

Joe Casey, a retirement coach in Princeton, New Jersey, says many companies are “behind the curve” when it comes to letting older employees wind down their responsibilities. But he says the practice is gaining traction and can be successful with the right pitch from the employee. If you are interested in this option, ask your employer’s human resources representative (or your supervisor, if your job does not have an HR department) what flexible retirement plans they might offer. 

“They may also be open to it if you approach it from a business point of view,” he says, noting this strategy would be most effective coming from a high performer. “Put forth a plan of how this could work that will give you more flexibility and give them the benefit of your expertise.”

The plan for a proposed flexible retirement might include:

• The job responsibilities you will retain and the ones you will hand over
• The number of hours per week you will work
• Whether you will work in the office, hybrid or remote
• Any adjustments in salary, health insurance and other benefits
• The approximate date of when you plan to fully retire

If that approach fails to land, you may need to look elsewhere for a position that matches your desired lifestyle.

Sanzenbacher says the most common path to retirement involves finding “bridge employment”: leaving your job for one with a different company. Such a move can offer a fresh start and provide greater flexibility than your current employer may be willing to offer. “People who switch jobs voluntarily as they approach their late 50s work significantly longer than people that stay at their current job,” he says.

3. Consider what to do after work

When embarking on a career wind-down, “intentionality is key,” says Sarchione, the retirement coach.  

Moen adds that setting priorities helps you build a road map, not just toward the last days of your career but for after your working days are over, too. Trouble can come when “we’re retiring from something and not retiring to something,” she says.

Think about what you want to do in your personal life and what’s left to accomplish professionally. For example, one perk Fulton has found from his time as a writer is that he remains in control of his schedule.

While Couchenour still works what many would consider a full-time schedule, he notices changes in his lifestyle that have strengthened his relationship with his wife and left him more fulfilled. For instance, he embarked on a three-week “pilgrimage” to Scotland last year, which he admits he never made the time for previously.

4. Talk with mentors and confidants

Preparing for unfamiliar territory like life after work can be daunting, which is why Miglani encourages older workers to build “social and emotional bridges” with a group of trusted individuals.

“You need regular input from people,” she says.

Oehser emphasizes that one person not to overlook is your spouse or significant other. An ill-planned transition can lead to divorce, as happened to Oehser when her husband stopped working before she became a retirement coach.

Both sides of a relationship need to be on the same page during a major life change, she says. “Retirement so often disrupts the relationship, but it doesn’t need to destroy it like mine,” Oehser says.

5. Follow your passions

If you are financially stable enough to not need the full salary you were accustomed to making, the road from full-time employment to retirement can be your chance to be in control.

Some may find enjoyment in a totally different line of work: A chief financial officer Moen interviewed found happiness as a hot dog vendor at baseball games.

For others, volunteering a few hours per week may be sufficiently rewarding, as could finding time to take the music or cooking class you always wanted to.

Casey finds a successful strategy is having “portfolio lives,” where you fill your time with several jobs and projects. “It’s not just one thing to replace work. It’s three or four or sometimes even five different things,” he says.