Retirement planning can be stressfulbecause there are a lot of things to keep track of. One of the steps that oftengets overlooked is announcing to your employer that you are going to retire.This may require writing a letter to explain your plans while also choosing adate for your last day of work. It is a big step because it signifies thebeginning of your retirement journey. So, to start your retirement off on theright foot, try taking some time beforehand to plan your announcement.
Before you start writing your letterand preparing your announcement, first make sure that you have qualified forall of your retirement benefits. This includes checking the amount of pensionpayments that you are eligible for, if any, looking at your 401(k) plan, andthinking about when you will sign up for Social Security. To help ensure thatyou are ready to receive your full retirement benefits, it may be a good timeto talk with your trusted financial advisor about creating or updating yourcomprehensive retirement plan.
Next, it’s time to begin deciding ona retirement date. The key here is to try and give enough time for the companyto fill your position, but also to not give more time than is necessary. Somecompanies could start excluding you from events or important meetings or evenask you to leave sooner than you suggested.
One of the most important aspects ofthe letter is some lines expressing your thanks and appreciation. Givingpositive feedback is important to display gratitude to the company and showrespect for all they have done for you. This can also be an opportunity to highlightsome of your achievements and successes as an employee. As you write yourletter, try to start thinking about your future plans and goals. Do you want toconsider working part-time or consulting? Are you willing to train a newemployee to help with the transition? If so, then you may want to tryexplaining this to them. Your company may appreciate it if you can come back tohelp in the busy season or mentor a younger employee.
This is a huge milestone in yourlife, and it is important that you put thought and care into your decision sothat you can start your retirement off on the right foot. Talk with a trustedfinancial professional about your personal goals and financial plan for thefuture. We’ll sit down with you one-on-one to discuss your goals and help putyou on the right path towards achieving them. Contact us today and to requestyour complimentary, no obligation financial review!
