Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 07-09-2019, 06:22 AM   #21
Moderator
Jerry1's Avatar
 
Join Date: Nov 2014
Posts: 9,101
I was very comfortable talking to my leadership about my leaving, however, I do believe that is the exception. I also had a non-compete agreement that called for a years severance if let go. However, if you’re not absolutely sure about it, you should wait. One comment that was made that I did see happen is others got let go and got severances but the guy they knew was going to retire, they just left him alone and he ended up retiring with no severance.

One question you may ask yourself is, if you wait until the last minute to give notice, would you be willing to stick around for say another six months if they request it? I wouldn’t recommend it, but it would give you the professional pride to know you did everything you could to leave on good terms. Conversely, how early are you willing to tell them if you knew there was a 50/50 chance they’d show you the door?

Basically, telling them when you’re within a window of time that meets your goals for leaving makes the most sense.

Personally, I told my employer that I wanted to retire. Told them I’d work two years part time and be around to mentor any new hire. They posted the job and never filled it. Once they pulled the job posting, I told them that I’d still like two years of part time and they were nice enough to give me that. They were very good to me, but I had been there 20+ years and basically grew up with the people above me. I was 100% certain that the worst outcome would be that they’d ask me to leave sooner and give me my severance.

Oh, that brings up a good point. Even knowing they would be good to me, I did not say anything until I reached 55. At 55, I vested in retiree health insurance. There’s no way I’d risk saying something until I was vested in any benefits or bonuses. If July 2020 is the day you vest in something, I’d make the day after your notice day and plan on working a month or so longer, whatever is needed to satisfy and formal notification policy.
__________________
Every day when I open my eyes now it feels like a Saturday - David Gray
Jerry1 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-09-2019, 06:24 AM   #22
Full time employment: Posting here.
WestUniversity's Avatar
 
Join Date: Oct 2017
Posts: 717
I was in a similar situation. To provide a clean handoff of my duties required about a 2-3 month process, so I gave 2 1/2 months notice. The handoff was clean, it all went well...
__________________
Whatever failures I have known, whatever errors I have committed, whatever follies I have witnessed in private and public life have been the consequence of action without thought... - Bernard Baruch
WestUniversity is offline   Reply With Quote
Old 07-09-2019, 06:30 AM   #23
Moderator
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 13,879
Quote:
Originally Posted by SoReadyToRetire View Post
I can't think of any way this can really hurt me...Can anyone think of a reason I'll regret telling him now?
Please have a look at any threads with topics about When to Give Notice (this comes up often).

No matter where you work, the answer is going to have to include that you NOT tell them unless you are willing and able to be told to pack up and leave today. Other downsides include being made invisible over time, feeling like you have no value, being treated as dead-man-walking, having work taken from you but you still have to show up and fill your days.

Look for a strong upside, rather than absence of a downside.
Aerides is offline   Reply With Quote
Old 07-09-2019, 06:52 AM   #24
Thinks s/he gets paid by the post
RetireBy90's Avatar
 
Join Date: Feb 2009
Location: Cville
Posts: 1,600
Quote:
Originally Posted by SoReadyToRetire View Post
So is it stupid to let my manager at work know *now* that I plan to retire in August 2020 (at the latest)?

I'm the only one on my team who does what I do, and it will be a hardship for them when I leave. My manager has been nothing but fair and honest with me, and extremely supportive, for all the years I've been with him.

I was in a similar situation my last 2 or 3 years on the job. While there were downsides to my telling boss he had been supportive and I started letting the news out slowly several years prior to FIRE. I spent the last year closing down some of my jobs and transferring those that remained so that he wouldn't have a big hole when I left. Worked well for me and I felt good about myself. That plus $4 will get you a cup of coffee
__________________
FIRE 31 Aug, 2018 - Always leave every place better than you found it, always give more than expected or Due
RetireBy90 is offline   Reply With Quote
Old 07-09-2019, 06:54 AM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
street's Avatar
 
Join Date: Nov 2016
Posts: 9,422
I was asked if I would give one year notice if I were to retire. Not that I was not replaceable but for any easy transition for the next person. I did give one year notice and worked very well for me. I was treated with the highest respect and was able to lay back, offer my experiences and consult with new person taking over my position. I wasn't thrown under the bus or left out from decisions, so for me it was a very pleasant one year with hardly any work load the last 3 months.

I worked for a top notch company and never doubted their integrity. I could see where a very large company would rather get rid of you and get started with the new. I wish you the best in your decision.
street is offline   Reply With Quote
Old 07-09-2019, 07:48 AM   #26
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: St. Charles
Posts: 3,903
I think 3 months (maximum) is more than enough unless you had a prior agreement like "street" did. And you need to be prepared to be shown the door the day you give notice. It probably won't happen, but you need to be ready.

In my case, I gave 2-1/2 months notice for my intended last day, but was asked to to stay on (part time if I wanted) until the end of the year (6 months total). So I worked part time for 6 months (with a planned 6 week vacation in the middle) and we parted company on good terms.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
CardsFan is offline   Reply With Quote
Old 07-09-2019, 07:54 AM   #27
Recycles dryer sheets
 
Join Date: Aug 2018
Location: Burlington
Posts: 171
Wow--I guess it's nearly unanimous! I will rethink my plan to tell him at tomorrow's 1-on-1 that I'm leaving next August. :-)

Although as some of you pointed out, I truly would NOT break my heart if they showed me the door today, or next week. It would take away the stress of having to decide when to go. I'd survive.

As for the severance package, yes, I was kind of hoping that they might offer me one--but good point--why would they, knowing I was planning to leave next year anyway?

It's a crazy time at our company, with lots of satellite offices being closed, but we've been assured ours will not be until at least the end of our lease, which is 3 years away. If I wait that long, I think I'll go insane. So August 2020 it is--with maybe a month of notice.

Thank you. :-)
SoReadyToRetire is offline   Reply With Quote
Old 07-09-2019, 08:00 AM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
JoeWras's Avatar
 
Join Date: Sep 2012
Posts: 11,701
Quote:
Originally Posted by SoReadyToRetire View Post
As for the severance package, yes, I was kind of hoping that they might offer me one--but good point--why would they, knowing I was planning to leave next year anyway?
Well now, wait a minute there!

It depends on the structure of the corp, especially a Megacorp.

Your first line manager doesn't want you to go. He or she may not want ANYONE to go, since the number of people in the department is important. The exception is if there is a real non-performer.

However, if layoffs or reductions are coming from "on high", the first line may have to produce a list of names, or a name. In this one case, it might be nice to be on such a list, and hence your manager knowing way ahead could help. He or she would want YOU to go in order to save someone else. In this way, he/she doesn't lose two people close together.

I saw this happen a few times at my old MC where it was worked out this way. But it is darn tricky to do. My manager promised to submit my name should a reduction occur, but it never did. Turns out a year later they still haven't reduced, so I'm glad I left. Seemed like they were reducing every 6 months before I retired. Would have been nice to get on one of those lists.
JoeWras is offline   Reply With Quote
Old 07-09-2019, 08:06 AM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 11,078
Good luck OP. I gave two weeks and I wish I didn't feel like I had to give that much.

The next year will probably drag on, sit back and enjoy the circus.
MRG is offline   Reply With Quote
Old 07-09-2019, 08:08 AM   #30
Recycles dryer sheets
 
Join Date: Feb 2018
Location: North Central MA
Posts: 77
Somewhat similar situation with me. My current boss and I have been together supporting the same group at megacorp for over 20 years. While a great boss he shares very little personally that isn't business related. We are both close to retirement age and during our last get together I asked if we wanted to start going through some scenarios. He wanted no part of it. He told me it was my business and was not interested in my plans. He will now know when I'm about 30 to 60 days out.
georgemoe is offline   Reply With Quote
Old 07-09-2019, 08:09 AM   #31
Recycles dryer sheets
 
Join Date: Jun 2019
Location: Denver
Posts: 162
I told my managers and ended up they let me go when convenient to them not to me. Don’t do it early, it will be a mistake.
Rocky mtn high is offline   Reply With Quote
Old 07-09-2019, 08:21 AM   #32
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Location: North
Posts: 4,031
Quote:
Originally Posted by SoReadyToRetire View Post
So is it stupid to let my manager at work know *now* that I plan to retire in August 2020 (at the latest)?

I'm the only one on my team who does what I do, and it will be a hardship for them when I leave. My manager has been nothing but fair and honest with me, and extremely supportive, for all the years I've been with him.

I want to let him know that he'll need to plan to train someone else to do what I do so he won't be stuck when I leave.

I can't think of any way this can really hurt me. I'm not interested in promotions, I'm doing just what I need to do to get by at the job, and there are rumors our office will be closing at the end of our lease anyway (we were acquired, and a new company headquarters was built several states away).

Can anyone think of a reason I'll regret telling him now?
I think unless you have obligations that only occur annually/semi-annually no need to give more than 2 weeks notice. I am thinking like a cardiologist that see's a heart patient once a year might want to tell the Operations Doc that he can't schedule into that year as he will retire.

Nobody is ever "STUCK" when you leave, and if they are a sound business will be just fine when you are gone.

If someone would be physically hurt or potentially harmed if you did not disclose sooner, then I might change my mind. If people aren't dieing, 2 weeks is sufficient.
__________________
Time > $$$ ~ 100% equities ~ FIRE @2031
kgtest is offline   Reply With Quote
Old 07-09-2019, 08:25 AM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
If my company was bought out and there was a chance my location was going to not exist in the future, I'd keep my mouth shut.

Maybe a buyout is coming that might come with a big severance pay package.
Bamaman is offline   Reply With Quote
Old 07-09-2019, 08:30 AM   #34
Thinks s/he gets paid by the post
 
Join Date: Sep 2017
Posts: 1,110
JoeWras brings up a good point. If financially there’s no difference to you if you go now vs then (if so, why not go now??), then letting them know now *could* put you at the top of the severance/layoff list. No guarantees though.

For me personally, that’s the only time I would think about giving my boss a heads up that far in advance.
tb001 is offline   Reply With Quote
Old 07-09-2019, 09:00 AM   #35
Moderator
Jerry1's Avatar
 
Join Date: Nov 2014
Posts: 9,101
Quote:
Originally Posted by tb001 View Post
JoeWras brings up a good point. If financially there’s no difference to you if you go now vs then (if so, why not go now??), then letting them know now *could* put you at the top of the severance/layoff list. No guarantees though.

For me personally, that’s the only time I would think about giving my boss a heads up that far in advance.
Maybe you could phrase it a little differently. Instead of telling your manager you want to retire, let him know that if he has to let people go, he should talk to you. As in it wouldn’t break your heart if you were let go.
__________________
Every day when I open my eyes now it feels like a Saturday - David Gray
Jerry1 is offline   Reply With Quote
Old 07-09-2019, 09:03 AM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,809
My Megacorp was extremely rigid about their policies. They would never have asked anyone to stay longer. They would never have allowed part-time employment. They would not have allowed anyone to "volunteer" for a "package." Their opinion about employees was that no one was irreplaceable.

They would never rehire anyone who had retired. There was a huge brouhaha when a retired engineer was noticed on site who then w*rked for a contract company.

My point is that answering the original question may have a lot to do with corporate culture, but YMMV.
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 07-09-2019, 09:25 AM   #37
Recycles dryer sheets
T-Minus's Avatar
 
Join Date: Dec 2014
Location: The Desert
Posts: 311
I had similar feelings when I was considering giving notice, and decided to wait until a month to go before my target date. Management asked me to stay a bit longer, hire and train my replacement, and transition projects/initiatives to them smoothly with customers - and said they would “make it worth my while.” They had always treated me fairly and with respect, so I agreed. I wound up working for an additional four months, they did exactly what they said they would, and my replacement was a great match for my customers. Everybody was happy - especially me!

And, who knows, maybe your company might decide to downsize and buy out the older, higher-paid workers to cut costs between now and your 2020 target date. You might walk away with a nice package...
T-Minus is offline   Reply With Quote
Old 07-09-2019, 09:41 AM   #38
Thinks s/he gets paid by the post
SumDay's Avatar
 
Join Date: Aug 2012
Posts: 1,862
I gave 6 months notice, and in retrospect 4 weeks would have been find. I wanted them to hire someone so I could get them trained, and they did, 3 months after I retired.
__________________
FIRE Class of 2018 @ 61

Old men and women sit in the shade of trees they planted long ago
SumDay is offline   Reply With Quote
Old 07-09-2019, 10:14 AM   #39
Thinks s/he gets paid by the post
 
Join Date: Mar 2014
Location: Dallas
Posts: 1,150
Don't tell him/her until customary 2 or 4 week notice unless you are prepared to walk out before your time is up.

I had a great manager is last job, knew him for over 15 years, he walked me out the next day after I gave him a notice. I later found out that it wasn't up to him but it was corporate policy. I did get paid until the last date on my notice so it was financially fair. I got couple of weeks of paid vacation! But you get the point now why you should not tell anyone at work about your plans.
pjigar is offline   Reply With Quote
Old 07-09-2019, 10:17 AM   #40
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: Les Bois
Posts: 5,761
Quote:
Originally Posted by SoReadyToRetire View Post
Can anyone think of a reason I'll regret telling him now?
what reason would they have to pay you a bonus after you let them know you are no longer a going concern?
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
Big_Hitter is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
If You Could Tell the Future - How Would You Monetize It? balanthalus Other topics 8 08-01-2014 07:59 PM
What would you tell your 22 year old self? FearTheTaxMan Young Dreamers 66 08-10-2013 12:34 PM
Tell me everything or tell me nothing Rich_by_the_Bay Health and Early Retirement 60 07-21-2009 11:11 PM
If you won the lottery, would you tell anyone? simple girl FIRE and Money 30 02-12-2007 10:42 PM
investment manager fee oldcrowcall FIRE and Money 4 04-15-2004 06:28 AM

» Quick Links

 
All times are GMT -6. The time now is 03:24 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.