Planning to Announce Your Retirement
As your career winds down, you may be making plans to announce your retirement. To be gracious and considerate, give enough notice to enable your employer to find a suitable replacement. The amount of time depends on the nature of your job and your level of seniority. The more expertise you bring and the greater your skill set, the longer it will take to fill your shoes.
The transition is an excellent opportunity for you to be magnanimous. If you offer to train your replacement, you can benefit from the support as you hand off assignments, projects, and tasks. You can tie up loose ends and finish any projects or delegate responsibilities to the most appropriate colleagues.
If you do enjoy a particularly friendly rapport with your boss, you may choose to give them the news even earlier than protocol might demand. You may also want to discreetly alert a few close clients — but always only after you have notified your boss. Those clients might become part of your wider professional circle and will appreciate your candor. But remember that the company may prefer you to wait until your replacement is ready.
Since people now retire at all ages and stages of life, the process is no longer clear-cut. Start planning well ahead of your anticipated retirement date. Download statements, benefit information, and any administrative materials you may need while you still have access and login credentials. Read the company manual or handbook to confirm all benefits and/or health care plans. Check for 401(k) contributions that are not vested, finalize employer matching funds, and review any COBRA health insurance coverage you may require.
Three weeks is usually the minimum notice period. After you officially give notice, the company will take over the role of communications. Ask whether you or they should be the one to tell your fellow employees. After alerting your co-workers, you may inform other friends and family.
After your verbal conversation with your boss, send a short, formal letter. It provides proof you have not renounced benefits or quit early and that you are leaving the company by choice. Include your precise retirement date, a forwarding address, and your contact information. Payroll and HR will need those details.
Planning the timing of your retirement puts you in control and paves the way for a smooth transition into the next chapter of your life. Whatever your vision of the future is, a thoughtful approach can alleviate concerns and preserve established professional relationships. And, most of all, enjoy the adventure ahead!
Do you have questions?
Count on your experienced team at Ericson, Scalise & Mangan, PC to provide you with sound guidance for your Estate Planning, Elder Law, Real Estate, Probate, Trust & Estate Administration, and other legal needs. For assistance, contact us today at (860) 229-0369, or email us at info@esmlaw.com.
