Reader 2: When my husband asked his boss how much advance notice he would need for his retirement plan, he was told 3 months. Currently he has decided on his retirement date and must report to his boss immediately.
How should he word his announcement? If my boss somehow manages to find a replacement quickly, he might fire my husband before he’s ready. We plan to use his three months’ salary for his retirement fund.
Carla: be patient. Is anyone still retiring? A gold watch and a farewell party?
I’m just kidding, but that’s just part of it. First, it’s generally acknowledged that longer life expectancies, market-beating savings accounts, and rising costs of living are to blame. I moved my retirement goal post. For many people, it is well beyond the age of 65.
And here’s a dark observation. A large percentage of American workers over age 50 are being forced out of long-time jobs prematurely. It’s too early to move into retirement, but too late to regain your footing at full income.
pre-pandemic study That number is estimated to be 56 percent of workers, according to ProPublica and the Urban Institute. Recently, forbes, USA Today and my inbox suggest this trend is continuing, if not accelerating. Giving people a lengthy reminder about their retirement plans is like putting your head through an axe.
“How much notice should I give? [employers] Do you give when you kick an employee to the curb?That’s all I can offer [before retiring]” said Kevin Malek of Rhode Island. He worked in insurance administration for 30 years before being forced out of his job with two weeks’ notice.
Similarly, I would give the same advice for retirement as I would for retirement. In other words, don’t give more notice than you can go without that paycheck.
However, when I invited readers to share their experiences, almost all respondents said they had given their employer at least three to six months’ notice, and sometimes more, and had no regrets or concerns. Ta.
Therefore, the traditional guidelines regarding notice of resignation have not yet expired. But first you need to ask some questions about your own situation.
Where do I work?
Most of the retirees who advocated for more notice were in academia and government who had long careers, slow change, and where hiring qualified replacements was time-consuming and complex. Therefore, the threat of being pushed out early is minimal.
Yvonne Stamm, a former judge in Chapel Hill, North Carolina, said that legal and medical professions often schedule work six months to a year in advance. At least six months’ notice is expected, she said in her email, “out of fairness to colleagues who may have to take on your workload.”
Ask Amy: When should I give notice that I plan to retire?
Large private companies with redundant positions can generally absorb severance more easily, so extended advance notice may not be necessary or recommended. However, in bureaucratic or understaffed environments, six months to one year’s notice may not be enough.
When Karen Felt, a nurse educator in Lancaster, Pennsylvania, gave her six-month notice, reactions ranged from denial (“I’m not ready to retire yet”) to panic (“I’m not going anywhere until I get through this”) Wide variety. [project, transition, crisis]”). Her employer was unable to find a replacement by the time she left.
Teresa Adams of Madison, Wisconsin, whose boss suddenly left for another job after three months made her the sole successor and actually received a promotion during her notice period.
Chuck Taylor of Atlanta said his health system’s employer has imposed a hiring freeze, making it difficult to hire a replacement, even with a year’s notice. “After my employment ended, they ended up putting me on a short-term 1099 contract” to help train his eventual replacement, Taylor said in his email. Stated.
Who am I to this employer?
We all want to feel indispensable, but it’s important to have a realistic idea of the role you play.
Executive coach Emily Rothberg said on LinkedIn that it’s a standard succession planning strategy for executives to give at least a year’s notice of departure, adding, “This is to prevent people from panicking because they think they are in danger or are in danger.”
Amanda Cockrell, founding director of Hollins University’s graduate program, gave a full year’s notice to give her time to pass on her university knowledge to her colleagues. “Even after 26 years, most of the program remained in my personal head,” she said in her email. “If I had given them just a month’s notice or something like that, it would have been a terrible mess.”
Having unique skills and tasks provides a certain level of security. Mary Ryan of Baltimore gave a year’s notice to give her time to hire and train someone to take over her exclusive management duties. “I’m the only one responsible for contracts, marketing and other responsibilities” in her 25-employee company, she said.
You can also distribute notifications as needed. Some readers notified key management and human resources early in the process to plan, but waited to make general announcements to colleagues to avoid an awkward lame-duck period.
If you’re approaching a service milestone, you can protect the benefits you’re entitled to by letting your administrator know your plans.
When David Jones of Kapolei, Hawaii, learned that his health care employer would outsource his job, he pointed out that the layoff would leave him only six months away from his retiree health plan’s important 15-year milestone. .
Whether out of leniency or to avoid the appearance that it was trying to illegally prevent Mr. Jones from claiming severance pay, the employer extended the termination date to allow Mr. Jones to reach the compensation amount.
Fired FBI Director Andrew McCabe gets his pension back in settlement with Justice Department
So, based on what I learned from these retirees, I offer this advice:
Reader 1: That’s a good sign that you are being given further tasks. This shows your employer values your work and is good insurance against early termination.
If these new jobs require a long-term commitment, it’s probably safe to at least let your boss know about your retirement plans.
But even if you’re not ready to share the news, make sure to document your work and communicate project details to your colleagues in the meantime. They’ll thank you later.
Reader 2: It’s dangerous for your husband to provide less notice than your boss specifically requested. However, if you don’t trust your employer to complete your resignation on your schedule, you may give a shorter notice, but also provide post-retirement counseling or hiring if necessary. You might ease the situation by offering to help with training or training your replacement. Of course there is a charge.
Whatever your circumstances, it’s ideal to leave on your own terms, like Seattle legal secretary Kelly M. She resigned with her two weeks’ notice, even though her employer had given her three months to notify her of her resignation. “I’ve seen friends of mine over the years respond to requests like that, only to be shown the door to other companies much sooner,” she said. “I had my finances in order and was ready to leave. No animosity towards me, but no reason to delay my departure.”