Financial planners have in recent years crafted a new model for what they call staged or gradual retirement. It was initially used by well-off people in their 50s who wanted to leave a demanding job for something more rewarding. But the new model is also being embraced by older workers and often out of financial necessity. Here's how it works:
--DOWNSIZE YOUR CAREER As you approach the traditional retirement age of 65, you may have paid off the mortgage and finished with child-related expenses including tuition. You will probably have saved much of what you need for financial security. So trade...