Nice haircut! I thought that I announced my retirement early but one year? I told my boss and fellow managers about 8 months before I retired. I made recommendations for succession but they went a different direction. What did I know? I trained my successor and staff as best I could. I think I left them better off compared to when I took over from the previous guy. My only financial move was to save cash rather than invest in stocks. 11 months post-retirement and things are going smoothly.
Hi Dan. My hair really got chopped! Informally, I told my boss I would retire in a year's time. "Officially" I gave him 3 months notice. I'm happy you're doing well in retirement. What a life!
Giving a year advance notice of your retirement is horrible advice and here's why. 1) Any raises or bonuses that come up during the year will be shifted to others. Why invest more in a short timer? 2) You might find yourself being send out the door sooner than you planned. If there's a reduction in force, it makes sense to pick someone who is already known to be leaving. 3) If you are laid off, typically they walk you out with zero notice. Why do you feel obligated to give a year notice to an employer who treats employees like that? 4) You will get stuck writing up procedures and training a replacement for the next year instead of, or in addition to, working on key projects. It will add to your workload and stress level.
I totally understand your concerns Joem, but I do want to clarify one thing. I didn't actually give a year's notice I just told my Boss informally that I was thinking about retiring in a year. Him and I were quite close so I wasn't worried about any consequences. I actually gave him and the company three months notice of my retirement. As you said, you do need to weigh the risks associated with your work situation when you submit your notice. Thanks for your feedback!
Great points! Many of these points are great lessons to have in place many years before retirement so its habit before you are already retired. We are some years out and have many of these in place thankfully due to advice such as this from recent retirees.
I'm Retiring in 63 Work + 21 Vacation/ 120 Calendar Day, a little after I turn 62. I let Management know Seven Months in advance. I just stepped down form my Position with the Union Local. I'm a Public Employee, K8 Head Custodian with a California County Office of Education. The Maximum Written Timeline is 120 Days for a CalPers Retirement. This Friday, I'll submit my Corrected Retirement Date & put in my Letter of Resignation. I'll take the 72% Pension & let my Social Security grow for three years. I'll use my Roth as an Emergency Fund. The 403b will be depleted over the next Three Years while my Tax Bracket is lower.
Be careful who you impart your intentions to, as I have seen people lose their pensions when they were soon terminated for doing so just short of their necessary points qualifying for retirement benefits!
I gave 3 months notice and wrote SOPs for my successor. Of course, I couldn’t write everything down, the most important things are stored in my head and heart. Common sense cannot be taught. Maxed out my 403b account 5 years before retirement to sock away money.
Aren't we all getting closer to retirement? It's like "Do you want to see a picture of me when I was younger?" Every picture is when you were younger. Just kidding. There's a reason your retirement video came up in my feed. Keep the haircut. I had to do a double take to your profile picture. Subbed.
Good point as you indicated in the "literal sense" each one of us are getting closer to retirement no matter how old we are. That's a great take! I usually wear my hair longer, but for some reason my Hair Stylist got a little carried away this time. Thanks for subscribing!
Nice haircut! I thought that I announced my retirement early but one year? I told my boss and fellow managers about 8 months before I retired. I made recommendations for succession but they went a different direction. What did I know? I trained my successor and staff as best I could. I think I left them better off compared to when I took over from the previous guy. My only financial move was to save cash rather than invest in stocks. 11 months post-retirement and things are going smoothly.
Hi Dan. My hair really got chopped! Informally, I told my boss I would retire in a year's time. "Officially" I gave him 3 months notice. I'm happy you're doing well in retirement. What a life!
I've always planned on a 2 week notice as if I had another job offer.
Giving a year advance notice of your retirement is horrible advice and here's why.
1) Any raises or bonuses that come up during the year will be shifted to others. Why invest more in a short timer?
2) You might find yourself being send out the door sooner than you planned. If there's a reduction in force, it makes sense to pick someone who is already known to be leaving.
3) If you are laid off, typically they walk you out with zero notice. Why do you feel obligated to give a year notice to an employer who treats employees like that?
4) You will get stuck writing up procedures and training a replacement for the next year instead of, or in addition to, working on key projects. It will add to your workload and stress level.
I totally understand your concerns Joem, but I do want to clarify one thing. I didn't actually give a year's notice I just told my Boss informally that I was thinking about retiring in a year. Him and I were quite close so I wasn't worried about any consequences. I actually gave him and the company three months notice of my retirement. As you said, you do need to weigh the risks associated with your work situation when you submit your notice. Thanks for your feedback!
Great points! Many of these points are great lessons to have in place many years before retirement so its habit before you are already retired. We are some years out and have many of these in place thankfully due to advice such as this from recent retirees.
Thank-you my friends. Once again congratulations on your new TH-cam channel. It's great to have you aboard!
I'm Retiring in 63 Work + 21 Vacation/ 120 Calendar Day, a little after I turn 62. I let Management know Seven Months in advance. I just stepped down form my Position with the Union Local. I'm a Public Employee, K8 Head Custodian with a California County Office of Education. The Maximum Written Timeline is 120 Days for a CalPers Retirement. This Friday, I'll submit my Corrected Retirement Date & put in my Letter of Resignation. I'll take the 72% Pension & let my Social Security grow for three years. I'll use my Roth as an Emergency Fund. The 403b will be depleted over the next Three Years while my Tax Bracket is lower.
This is a great plan! You're very smart to have your Roth as your Emergency Fund because those are tax free dollars. Thanks for sharing!
Yep, that's exactly what she did, no one can be around anyone 24/7, she needed her space.
All kidding aside....it's allowed us to both grow into our new roles. Its made our relationship stronger. Thanks for your perspective!
Be careful who you impart your intentions to, as I have seen people lose their pensions when they were soon terminated for doing so just short of their necessary points qualifying for retirement benefits!
That's a good point you do need to throw "caution in the wind" depending on your work situation.
I gave 3 months notice and wrote SOPs for my successor. Of course, I couldn’t write everything down, the most important things are stored in my head and heart. Common sense cannot be taught.
Maxed out my 403b account 5 years before retirement to sock away money.
You did your due diligence to help your successor and that's great. I'm happy you're doing well in retirement!
I’m three years out, I’m tracking my expenses and it’s an eye opener!🤨🤪thanks for sharing!
You're getting it down to a science! I wish I would have tracked my expenses in a similar fashion. It would have made my first year easier.
Aren't we all getting closer to retirement? It's like "Do you want to see a picture of me when I was younger?" Every picture is when you were younger. Just kidding. There's a reason your retirement video came up in my feed. Keep the haircut. I had to do a double take to your profile picture. Subbed.
Good point as you indicated in the "literal sense" each one of us are getting closer to retirement no matter how old we are. That's a great take! I usually wear my hair longer, but for some reason my Hair Stylist got a little carried away this time. Thanks for subscribing!
When is part 2 of this video for Beth's side of the story on the pt job? ;)
Exactly! We have to find out what her "real" motivation was for working part time after I retired. Thanks Teebirds.
"Esp if between the ages of 62 & 66" .. Try between 61& 66 .. Aprox, a quarter of men & women take Soc Sec at 62 ..
Your suggested age range makes good sense. Thanks!
2 weeks, no more.
2 weeks notice is more common then I thought and that's fine. Thanks.