03/16/2012 03:49 pm ET

Why You May Want To Ask For A Pay Cut

(MoneyWatch) Over half of American workers are willing to trade some of their pay for more secure and generous retirement and health care benefits, according to a recent survey from consultant Towers Watson -- and not only older employees. "The fact is that predictable health costs and retirement guarantees have become significantly more important over the last few years to employees, no matter what their age," said Bill Daniels, a senior consultant with the firm, in a statement.

Nearly half of all workers also fear that their employers are planning more retirement benefit cuts. Such concerns inspire another "outside the box" retirement planning idea: Ask for a demotion or a pay cut. Sound crazy? Nope, and here's why.