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'Phased Retirement' and Its Paychecks Have Gained Popularity, But Watch for Drawbacks
The Dallas Morning News 
Jan. 4, 2010
Excerpt: [A] phased retirement is not for everyone, and there are financial factors to consider in deciding whether you can afford to do this. Obviously, the primary financial benefit of taking a phased retirement is that you continue to get a paycheck, which can lessen the need to draw on your retirement savings, allowing the money to grow further. On the other hand, when you reduce your work hours and salary, that could have a direct impact on your employee benefits.
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