early notice of retirement

[medved]

Some time ago, I posted a question about how much notice to give my employer of my intent to retire. The majority view seemed to be not to give much more notice than is required. I took a different approach -- I gave notice in March of my intent to retire at the end of 2024. The employer response was gracious -- congratulations, what do you plan to do, let us know anything we can do to help you wind down, thanks for the early notice, etc.

Since I gave notice, everything has been fine. I am not working very hard, but I am doing what is necessary -- with lots of delegation. Early on, I told only a few people who I am personally close with or with whom I work closely. Over time, I am starting to tell more people -- though not in a particularly scientific way. Sooner or later, I suppose word will get out more generally. I have not told people externally yet, but I probably need to do that pretty soon -- at least in some cases -- as it would be best if they hear it from me.

Anyway, I am posting this mostly so people can see that different approaches can work for different people/circumstances.

I do not doubt at all that "minimum notice" is the right approach for some people/situations -- and I know there are risks associated with giving "too much" notice. Again, just a matter of your own particular situation, position, etc.

 

[MBAustin]

Nice update, medved. Glad things are going well for you in your "wind-down" period. You are correct that there is no one-size-fits-all answer to this question - what's important is to consider all the potential outcomes and pick the path that seems best for you, as you did.

 

[big-papa]

It all comes down to the relationship between you and your management. I gave notice in March of 2022 but kept it open ended by telling them I'd stay as long as needed to help find and train my successor. That took longer than expected and I lasted another 15 months before departing. It did include a couple of month's extension request at the end in order for me to snag the last RSU's that were going to vest in 2023 and they graciously accepted my request.

If I had had my previous manager I would have given 2 weeks notice...

Cheers.

 

[RetMD21]

How much notice to give depends on the circumstances but I think it is wise to be ready to go right away when you first raise the subject. Although not irreplaceable I gave 12 months notice since I knew it could take a long time and there was seasonality involved. On the other hand, if the medical group was approached by an ideal candidate I was fully prepared to leave any time.

 

[Dtail]

For my field of work, it didn't matter what length of notice one gave, as they escorted you out the same day.
We had information on the trading positions of the firm.
Maximum payout was 2 weeks notice.

 

[RetiredHappy]

I am glad it worked out for you. I had one job which I hated and gave the mandated 2-week notice. When I handed in my resignation letter, I divulged that I was leaving for a competitor. That afternoon I was told to leave and escorted out, but would be paid for the full notice of 2 weeks. I was in IT management and there was no trade secret which I was privy to that I would taken with me. But it was nice to be paid for not working.

 

[big-papa]

I am glad it worked out for you. I had one job which I hated and gave the mandated 2-week notice. When I handed in my resignation letter, I divulged that I was leaving for a competitor. That afternoon I was told to leave and escorted out, but would be paid for the full notice of 2 weeks. I was in IT management and there was no trade secret which I was privy to that I would taken with me. But it was nice to be paid for not working.

I found that in my own tech field, it was pretty common at some companies to be "walked" upon giving notifice. When I first started my career, many people thought it was a horrible thing to do. As we all got older, we realized the benefits of it - we still got paid and we didn't have to spend any time training anybody else.

Cheers.

 

[skyking1]

Everybody knows their own circumstance best. Sounds like you read yours right.

 

[Closet_Gamer]

Some time ago, I posted a question about how much notice to give my employer of my intent to retire. The majority view seemed to be not to give much more notice than is required. I took a different approach -- I gave notice in March of my intent to retire at the end of 2024. The employer response was gracious -- congratulations, what do you plan to do, let us know anything we can do to help you wind down, thanks for the early notice, etc.

Since I gave notice, everything has been fine. I am not working very hard, but I am doing what is necessary -- with lots of delegation. Early on, I told only a few people who I am personally close with or with whom I work closely. Over time, I am starting to tell more people -- though not in a particularly scientific way. Sooner or later, I suppose word will get out more generally. I have not told people externally yet, but I probably need to do that pretty soon -- at least in some cases -- as it would be best if they hear it from me.

Anyway, I am posting this mostly so people can see that different approaches can work for different people/circumstances.

I do not doubt at all that "minimum notice" is the right approach for some people/situations -- and I know there are risks associated with giving "too much" notice. Again, just a matter of your own particular situation, position, etc.

Good to hear! Congrats.

 

[brett]

I was fairly certain that a RIF would be in the stars six months prior.

Had I given a lengthy advance notice of my desire to retire I have little doubt that my negotiated RIF of just shy of 24 months would not have transpired.

This will always vary...each situation is different.

 

[Route246]

My retirement plan is 15 months away and I have told nobody except for my wife and a few friends outside of work. This is just a plan and target date at this point. The date was chosen due to RSU and ESPP considerations which are significant (as in multiple times my base pay which is also substantial by itself).

I enjoy the stress and difficulty of my job as do most of my colleagues so I have mixed feelings about retiring. I am many times FI but the idea of leaving so much on the table goes against everything I've worked for and hoped for in the past 45+ years so it is difficult to walk away.

At this point I plan to turn in notice 2 weeks prior to my retirement date for no other reason that it is the professional and acceptable thing to do. My resignation letter will be on sentence and include my final day of employment.

I found that in my own tech field, it was pretty common at some companies to be "walked" upon giving notifice. When I first started my career, many people thought it was a horrible thing to do. As we all got older, we realized the benefits of it - we still got paid and we didn't have to spend any time training anybody else.

Cheers.

Getting walked is one part of it as it also deprives you of saying goodbye's to people who care about. The reason for my reluctance to give notice early is some numbnutz in finance might decide they can save a few bucks by cutting off my benefits or vesting. I'm planning all of my timings to converge on a specific time interval and hopefully those last two weeks will be uneventful. My current company does not walk people to the door unless there is animosity or the person is going to a direct competitor.

 

[rk911]

I was #2 at a large regional 9-1-1 call center responsible for day-to-day ops and 50+ call takers/dispatchers, PIO and liason with our 27 police and fire agencies. That I was planning to retire at some point during the year was no secret but when was yet TBD. On the wall next to my desk was a sign with '81105' on it ( August 11, 2005). A few close friends knew what that meant.

I turned in my notice in February of 2005...6-mos notice. I trained my replacement, slowly turning the day-to-day ops over to her. I spent the last 6-weeks or so retired in place. I cleaned out my files and killed time. I elected to cash out my accrued vacation and sick leave (that also helped increase the pension numbers) rather than string together days that would've allowed me to leave earlier.

They threw a very nice retirement party for me and two days later my wife and I departed on a 10-week RV trip thru the midwest. One of the high points of that trip was participating in the Mackinaw Bridge Walk on Labor Day, By the time we returned in late October I was in full retirement mode. . Life is good.

Given my longevity (27+ years), position and responsibilities I felt that 6-mos notice was appropriate. Interestingly enough my replacement quit a short time later giving just 2-weeks notice.

 

[Koolau]

Congratulations on your decision. So glad things are w*rking out for you at empl*yer.

 

[2017ish]

***. Anyway, I am posting this mostly so people can see that different approaches can work for different people/circumstances.

I do not doubt at all that "minimum notice" is the right approach for some people/situations -- and I know there are risks associated with giving "too much" notice. Again, just a matter of your own particular situation, position, etc.

Yep. As with most things, it all depends. DW gave two years notice (doctor in 4 person OBGyn group) and I gave about 20 months (boutique litigation firm). We both worked our typical hours up until we retired. (Except we took off the last weekend and Monday before actual retirement).

For us and our partners, it was the right thing approach. But, again, YMMV.

 

[Texas Proud]

Congrats on it working out for you... and as most have posted it usually does...

I will give one that was not retiring but going back to school... the guy gave many months of notice that he was accepted to get a masters and was going to resign when it was time to go to school.... .however, he started to RIP and not do the work he was supposed to do... boss eventually had to tell him that he still could get fired if he did not do his work... he got back in line and was good until he left...

 

[Bryan Barnfellow]

I gave a full year; but made it clear that if they did not have my replacement by the end of the year I would not agree to staying on. My job involved building/enhancing relationships and so there had to be a careful transition to the right person. The new person was found three months before the deadline and so we agreed to end my contract then. Unfortunately the new person lasted only 9 months and was asked to resign! The board came back to me but I was blissfully retired, so no dice.

 

[pacergal]

Congrats on your retirement date, glad your place of employment is working with you on your goal.

 

[Original Wally]

I worked in finance at a municipal utility - quasi gub'ment. I let them know EMPHATICALLY that I was a year out. Then basically retired in place. Spent MONTHS perfecting a Word document that would put "X' in each of the little boxes on the pre-printed forms (along with all the Other Info - name, etc). THEN, when it came time to actually fill out the forms, I only had to load the printer with the forms and print off the word document. It came out NICE. Nice, but a LOT of valuable company time spent on that task. LOL

 

[SecondAttempt]

Some time ago, I posted a question about how much notice to give my employer of my intent to retire. The majority view seemed to be not to give much more notice than is required. I took a different approach -- I gave notice in March of my intent to retire at the end of 2024. The employer response was gracious -- congratulations, what do you plan to do, let us know anything we can do to help you wind down, thanks for the early notice, etc.

Since I gave notice, everything has been fine. I am not working very hard, but I am doing what is necessary -- with lots of delegation. Early on, I told only a few people who I am personally close with or with whom I work closely. Over time, I am starting to tell more people -- though not in a particularly scientific way. Sooner or later, I suppose word will get out more generally. I have not told people externally yet, but I probably need to do that pretty soon -- at least in some cases -- as it would be best if they hear it from me.

Anyway, I am posting this mostly so people can see that different approaches can work for different people/circumstances.

I do not doubt at all that "minimum notice" is the right approach for some people/situations -- and I know there are risks associated with giving "too much" notice. Again, just a matter of your own particular situation, position, etc.

Thanks for the update. I am in a similar boat. I gave informal notice in February 2023. My end date was to be end of March 2024. I'm still working while they find a replacement etc. But a couple others are leaving soon and we have all noticed being cut out of discussions. Makes sense I guess but noticable.

 

[Sunrise_Ray]

It is really going to be dependent on many factors such as 1) your own feeling of responsibility towards your employer 2) same for your feeling towards your boss / management 3) also dependent on how much you care about the company 4) how much you want to be loyal and show loyalty 5) how many options / grants you have 6) when is the bonus computation and handout happen (very critical) 7) will you be holding the stock of your company in taxable and 401(k) account and hence performance is important 8) your own personal health and financial circumstance 9) how much do you want to splurge before you retire (your personal finance dependency) and finally 10) mentally are you going to put yourself into Phase 1 of retirement right after that date.

These variables all might not apply to all, but will apply to me, and I am documenting ALL of this before I hit the employer with the date. I have so many initiatives that I want to accomplish while a full paycheck is coming in, that it would feel like any expense to accomplish it, is a breeze.

Hope this gives you some more variables, and others have done a great job for you also.

Ken

 

[Badger]

Glad to hear your plan worked for you. Everyone has to figure what will work best for them.
I had 4 paying jobs before retirement and leaving each one has a different story. I left the first job of 7 years when I walked in one morning, made the announcement, and left and hour later. Of course, I made sure I had a contract for the next job first. The last and longest employment ended due to medical issues as well as being a year close to a normal retirement age but they knew it was coming for about 6 months.

 

[big-papa]

My retirement plan is 15 months away and I have told nobody except for my wife and a few friends outside of work. This is just a plan and target date at this point. The date was chosen due to RSU and ESPP considerations which are significant (as in multiple times my base pay which is also substantial by itself).

I enjoy the stress and difficulty of my job as do most of my colleagues so I have mixed feelings about retiring. I am many times FI but the idea of leaving so much on the table goes against everything I've worked for and hoped for in the past 45+ years so it is difficult to walk away.

At this point I plan to turn in notice 2 weeks prior to my retirement date for no other reason that it is the professional and acceptable thing to do. My resignation letter will be on sentence and include my final day of employment.

Getting walked is one part of it as it also deprives you of saying goodbye's to people who care about. The reason for my reluctance to give notice early is some numbnutz in finance might decide they can save a few bucks by cutting off my benefits or vesting. I'm planning all of my timings to converge on a specific time interval and hopefully those last two weeks will be uneventful. My current company does not walk people to the door unless there is animosity or the person is going to a direct competitor.

In my experience, whether one was walked or not, there was always a later after work get-together where all of the good-byes could happen in a much more pleasant environment. YMMV

Cheers.

 

[street]

I gave them notice one year before I did. I also said no exact date has been set but it would be in that 12th month sometime.
There was a new manager that had been there for one year and he was doing to do some realignment and was one reason I wanted to give that notice. I was treated with respect and worked out well giving the year before I ER.

 

[Yoheadden]

Congrats,
Let the countdown begin.
As others have mentioned, it depends on the situation and relations you have.
As a small business owner, who will be closing/selling their business next year, I am going through a similar situation, but from the other side. We have 3 long term employees whom we consider our “work family”.
When we started discussing our situation with friends in our business, a lot of them said to wait until your are close to selling/closing.
We made the decision to tell them already and they were happy for us, thankful we told them and want to ride it out to the end.

 

[Mr._Graybeard]

I took a buyout package the company offered when I was 59 1/2. The boss gave assurances that nobody in the department would be targeted. He didn't say that future buyout packages wouldn't be as generous, and they weren't. Considering the declining business, I had guessed as much.
I had told my immediate supervisor during my annual review that retirement wasn't far off, but my gray hair and bald head should have made that obvious. I didn't need any 5-year goals.
Ultimately they asked me to stick around for another six weeks to get them through a busy period. I was happy to do so -- I enjoyed the work and the people around me.