MUSCATINE, Iowa (AP) — There is an oft-told story about what happens when a worker at the Stanley Consultants engineering firm decides to retire.
"They say you have the retirement party one day and you come back to work the next," said Mary Jo Finchum, spokeswoman for the Muscatine, Iowa-based company.
Phased retirement has been most widespread on university campuses and, to a lesser degree, among government and health care workers. It has been far less common among blue-collar workers.
"Some jobs are rather easy to split," said Robert Clark, a North Carolina State University economist who has written about phased retirement. For example, he said, professors teaching two classes a semester could easily trim their schedules. The salary savings might go toward hiring a less experienced, less expensive instructor.