After years of saving and planning, fortunate employees get to finally announce their intention to retire. This usually involves writing a letter to your supervisor or employer indicating your plans and the date you expect to leave your position. But writing a retirement letter can be a tricky and sometimes emotional experience. Here’s how to notify your employer about your retirement plans.
Make sure you qualify for retirement benefits. Before officially announcing your retirement date, double check that you have qualified for all the retirement benefits you are entitled to. Determine the amount of any pension payments you are eligible for, make sure you have vested in your 401(k) plan and give some thought to when you will sign up for Social Security. “You want to make sure any benefits you’re taking with you, in this case a pension or 401(k), if any, are all secure and handled, so research this before you send your letter,” says John Tarnoff, a career coach and author of “Boomer Reinvention: How to Create Your Dream Career Over 50.”
You don’t want to leave a job without another form of health insurance set up so you can avoid gaps in coverage. Find out if you qualify for retiree health benefits, COBRA coverage or Medicare. “I would have conversations with HR on the availability of health insurance, COBRA or retiree health insurance options,” says Marc Miller, founder of Career Pivot and author of “Repurpose Your Career – A Practical Guide for the 2nd Half of Life.”
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Give ample notice, but not too much. Some employers might allow older workers to help select and train a successor and mentor younger employees in the months before they exit the company. However, other companies might ask you to leave shortly after you give notice about your retirement plans. Those who have announced their retirement date may stop getting invited to meetings about future company initiatives and projects. “I would not tell them any sooner than required by company guidelines,” Miller says. “I would keep it just like a resignation letter, short, sweet and nothing negative. We want to keep everything clean and simple, so that if you wanted to come back as a consultant or contractor, there is no paper trail on why they could not contract with you.”
Express gratitude for the job and share some achievements. A retirement letter can be a way to express thanks for a long career at the company and the privilege of holding a leadership position. It can also be a place to list accomplishments and successful workplace endeavors. “You want to be upbeat and praise the company and your boss and your team,” Tarnoff says. “Don’t be apologetic, embarrassed or awkward about retiring. At the same time, don’t be arrogant or haughty about ‘finally’ leaving the world of work behind.” A retirement letter is generally not the right place to air grievances about the company.
[See: 19 Part-Time Retirement Jobs That Pay Well.]
Leave the door open for seasonal work or consulting. If you would like to shift to part-time work or take on occasional consulting projects, take care to mention the types of work you are most interested in pursuing. “Let them know the kind of role you might come back and play,” says Mary Furlong, president and CEO of Mary Furlong and Associates and author of “Turning Silver into Gold: How to Profit in the New Boomer Marketplace.” “Think about the parts of the job that you found interesting and call those parts out in the continuing role you might want to play. You want to be pretty explicit that you would like to stay connected.” If you have expertise that could be useful if a situation comes up, explain that you would be willing to help with specific types of projects.
Offer to help with the transition. Older workers have often developed significant expertise in their career field. Those who have been at the same company for a decade or more may have valuable institutional knowledge. You might be willing to mentor younger employees, help find a replacement for your current position and even train another employee to fill your former role. “You want to allow time for knowledge transfer and training,” Furlong says. “You always want to let them know you will keep an eye out for talent that could be groomed to join the company.”
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Mention your future plans. You might be retiring to travel, spend time with your grandchildren, volunteer in your community or to launch an encore career. Or perhaps you are leaving your job to deal with a health problem or care for a family member. Consider sharing some of your future plans with your colleagues. “When it’s time, and you’re fortunate enough to have the means to do it, retiring can be your time to take a new direction in your life, explore that bucket list and perhaps be of greater service to your community,” Tarnoff says. “That’s something to feel proud of and excited about, and sharing that mission with your soon-to-be ex-employer should feel like a big win for you and for them.”
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How to Write a Retirement Letter to Your Employer originally appeared on usnews.com
