One of the Best Letters You Will Ever Write: Your Retirement Resignation
Are you ready to retire from your job? Even if you're not there yet, download our sample retirement resignation letter to use in the future and to serve as motivation to plan for your retirement.
You worked your tail off for all of these years, you made the smart decision to save for your retirement, and now the time has come. You’re ready to retire. While you're thinking about all of the amazing things you plan to do in retirement, whether it's traveling, taking up new hobbies or spending more time with your family, there's one last order of business that must be completed to start your retirement on the right note. The retirement resignation letter.
The best way to go about this is to let your boss know about your plans for retirement in a professional way, which will include a retirement resignation letter. To make that process easier we've provided a sample letter template you can download for free below, but before you lick that envelope and make it official, we have some tips to guide you through the process.
While you are beginning this new exciting phase in your life, remember you are also leaving behind the job you had for years and with your departure your experience and knowledge will go with you. You were an asset to the company and resigning due to retirement will leave that position empty and may not be easy for your employer to fill. If you're an extremely important person to the viability or the daily operations of the company, it would be common courtesy to discuss your plans in person with your boss or supervisor before sending your official retirement resignation letter.
Tips for Providing Your Notice of Retirement
Become familiar with your company’s retirement benefits policies and packages. Many company sponsored retirement plans will have forms you will need to elect benefits or move your funds to self directed accounts.
Be sure to give your employer ample notice. You likely don’t want to tell the company too far in advance of your retirement; however, you owe it to them to provide them with enough time to find your replacement.
You should offer to assist the company during the transition. Your knowledge and experience will be valuable for training your replacement.
Consider the possibility of consulting work for the company. Many companies will use experienced consultants. You are someone they know and trust. If this is something you would consider doing then your should make them aware of it. This could present an opportunity to maintain a sense of purpose in retirement and also provide some extra money for other needs during your retirement.
Exit with grace. Remember, you are a professional. Make the transition a positive experience. Thank the company and management for the opportunities and experiences you've had. Resist the temptation to tell them about all of the things you may have disagreed with over the years. There's nothing to gain by introducing negativity into the process.
Finally, use a formal letter to follow up and to put your plans in writing. While the initial face to face meeting will set expectations for both you and your employer, you should also give written notice to your boss, the human resources department and any employer sponsored retirement plan administrators.
Tips for Writing Your Retirement Resignation Letter
Provide a specific date. This will help both you and your employer avoid putting off your retirement.
Mention the successes you've had at the company. Providing a short summary of the value added to the company over the years will help if you plan on entering a consulting role. At a minimum, include the number of years you worked for the company to remind your boss of the time you've spent dedicating your life to the company.
Express gratitude toward your employer. Your retirement letter is an opportunity to thank your boss for a great experience. If your experience was not the best, don’t mention it. Remember you are a professional and you want this to be a positive experience. Take the high road.
Make an offer to help the company transition. You may want to offer to help the company make the transition and recruit your replacement. This could present a great opportunity to share your knowledge and a final project to take pride in before you resign.
Provide a copy of the letter to HR. Doing so will will help to avoid any delays or issues with receiving your benefits as you transition to retirement.
If you're about to retire, congratulations! We hope this article will help your transition. Don't forget to download our sample retirement letter template in Microsoft Word format to use to write your own personal retirement resignation letter.
Even if you're not ready to retire just yet, download and draft this letter to serve as motivation to start or continue to fund your retirement plan. If you don't have a retirement income plan, now is the time to start.
If you have questions about the next steps to take before or in retirement, for example, self directed retirement accounts, 401(k) rollovers, when to take your Social Security benefits or the best strategy to elect pension benefits, please feel free to send me a message. It would be my honor to serve you and make your retirement the best it can be.
James Spicuzza may be reached at 727.939.9465 or by e-mail.
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Sample Retirement Resignation Letter