Give at least six months of notice Some employers require as little as 30 days of notice of intent to retire, but it's often a professional courtesy to announce your retirement as soon as you can.
I am writing to notify you of my upcoming retirement. My last day at [Company] will be [date]. I am deeply grateful for the opportunity to spend the last [duration of employment] working with [Company]. I learned a great deal from [colleague] and feel that my [skills] grew considerably during my time as [job title].
Dear Ready to Go: My research on this topic indicates that when it comes to retirement, three to six months advance notice has been considered standard, although given your perception of the company's attitude toward you, as well as your attitude toward the company, in my view three months seems generous.
You need to give your employer notice that you're retiring. You should refer to the resignation notice period in your employment contract to find out how much notice you must give.
Give at least six months of notice
Some employers require as little as 30 days of notice of intent to retire, but it's often a professional courtesy to announce your retirement as soon as you can.
Consider giving two weeks' notice even if you've only been with your company for a few months. This allows time for your employer to get organized to replace your position. Give at least a two weeks' notice if you've been with your company for more than two years.
In the United States, the best month to retire for tax purposes is January, especially if you'll begin taking money out of your retirement accounts to cover your living expenses.
A significant consequence that employees may face is that employers are generally allowed to withhold money they owe an employee for resigning without providing notice. The amount that an employer is allowed to withhold is determined by what an employee would have earned if they had provided their employer with notice.
In the first year of retirement, you can withdraw up to 4% of your portfolio's value. If you have $1 million saved for retirement, for example, you could spend $40,000 in the first year of retirement following the 4% rule. Beginning in year two of retirement, you adjust this amount by the rate of inflation.
As an estimate, aim to withdraw no more than 4% to 5% of your savings in the first year of retirement, then adjust that amount every year for inflation.
You can retire early if you have mental health problems that make work too hard or even impossible. The guidelines and process are the same as for physical ones. Your mental health challenges need to leave you permanently incapable of doing your current job or any other job like it.
67-70 – During this age range, your Social Security benefit, if you haven't already taken it, will increase by 8% for each year you delay taking it until you turn 70.
The average retirement age in U.S. is 64 years old, with the average retirement age across all states spanning from 61 to 67 years old. The Social Security Act sets the minimum age to retire at 65 to receive full retirement benefits, although the minimum retirement age will continue to rise.
Be sure to avoid negativity regarding your current company and instead focus on the potential for the future. For example, rather than saying "I felt like I couldn't grow here," say "I've decided to pursue a role in which I feel I can flourish," instead.
But if you're in a management role, she added, “you probably want to start looking at three, maybe four weeks.” For executive-level or senior management roles, Barnes-Hogg recommends at least four weeks and perhaps more. “On average, people kind of expect … to give a two-week notice,” Hartman agreed.
If you've been with the company between one and three years, it's common courtesy to give at least a two-week notice. Give a three-week notice if you've been at the company for three to five years, and four-weeks if you've been at the company for more than five years.
Example thank you message for boss at retirement
I have learned so much while working alongside you, and I cannot thank you enough for the impact you have had on my professional growth. You are truly an embodiment of optimism and hard work. Thank you for inspiring us each day. Congratulations on your retirement.
A general message to your team
As many of you know, today is my last day at [company]. I feel so lucky to have worked with such a talented group of [job role]. I've learned and grown so much from each of you. And while I'm excited about the future, I'm sad to have to leave you all.
Time your resignation wisely. The best time to resign is at the end of the day, and on a Monday or Tuesday. The end of the day timing is for your benefit. Resigning at 5:00 p.m. allows you to have your resignation meeting, and then allow you to distance yourself from the potential discomfort by leaving the office.