...Giving Notice Next Week

I think being honest is important.

It sounds like you are done, done but you don't want to let him or the team down.

I'd turn it down like this:
"I appreciate that you value my expertise, but I think it would be disingenuous of me to pretend that additional compensation (or whatever) would be a positive motivation. At best I'd be a mercenary... At worst I'd resent it. Im confident there's other people that can do it and maybe me leaving will be a catalyst for them to step up. Either way I have to be honest with you and myself."

Something like that. Assuming that's how you feel.

Great post, petershk. I do have a feeling of not wanting to let the team down; however there is enough toxicity in the air to mitigate that quite a bit.

I like your turn-down response, but might also throw in something like "I feel like I no longer have a sufficient level of passion to be successful, and thus do not want to jeopardize the outcome of this important program".

In the end I certainly do not want to burn any bridges, just in case I need them.
 
As an update, I met with my boss on Friday and told him I was retiring on 2/5/15. After two "No ways" he was very supportive and well, cool about it. No pressure to stay; in fact he didn't even mention it.

So...the countdown begins! Thanks everyone on the forum for your replies and support.
 
Good work!
I think like many things... Our minds usually create more terrible results than reality justifies... Usually that is. Sometime reality surpasses all expectations :)

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Congrats. I'm sure you feel great getting your plans set.
 
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