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Retirement Starts Today Radio

Benjamin Brandt wants to teach you how to retire! Listen in as Benjamin Brandt CFP©, RICP© answers the questions on the minds of the modern retiree, often joined by the top experts in the retirement planning industry. Ask Benjamin a question here: https://retirementstartstodayradio.com/ask-a-question/
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Oct 5, 2020

If you are listening to Retirement Starts Today, you probably have retirement on your mind. You have probably given thought as to how you will spend your money, where that money will come from, healthcare, and plenty of other subjects. 

But have you put any thought into how much notice you will give your employer? Do you have one of those jobs where you relish the day that you give your retirement notice? Or will your announcement be bittersweet? You may want to put some extra thought into how you want to present your retirement notice, especially during challenging economic times.

Outline of This Episode

  • [1:12] How much notice will you give your employer of your pending retirement?
  • [3:19] A cautionary tale
  • [5:54] Real life examples for you to learn from
  • [11:16] There is no one right answer

A cautionary tale

You may want to give your employer plenty of notice about your retirement. If you have a strong sense of duty, you may feel that it is the right thing to do. I talked to one person who did just that. He was an employee who deeply valued his work and wanted to leave his career better than he found it. But his thoughtfulness didn’t pay off in the end. When the company offered early retirement packages he was passed over since he had already announced his retirement. 

There are a number of different ways to make your retirement announcement

While there are disappointing stories such as that one, there are also positive responses to retirement news. When I asked readers of my Every Day is Saturday newsletter about how they plan to announce the news of their retirement I got several different answers. These answers vary based on the type of work they do and the type of employer they work for. 

What factors should you consider when announcing your retirement?

One listener that has a technical job in IT plans to give 6 months’ notice. He based this number on the amount the time it will take to train his replacement. You may also want to consider the size of the company you work for and your level of responsibility in the organization. Another listener’s 1-month retirement announcement was well received. He also offered flexibility and it ended up paying off. Listen in to find out how that story worked out. 

There is no right answer

So what can you learn from these examples? What is the right amount of notice to give? Unfortunately, like just about everything else in retirement, there is no one size fits all answer. However, we are generally rewarded when we make these decisions with careful due diligence and specific intentions. So how will you give your retirement notice? 

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