Retirement planning can be stressful because there are a lot of things to keep track of. One of the steps that often gets overlooked is announcing to your employer that you are going to retire. This may require writing a letter to explain your plans while also choosing a date for your last day of work. It is a big step because it signifies the beginning of your retirement journey. So, to start your retirement off on the right foot, try taking some time beforehand to plan your announcement.
Before you start writing your letter and preparing your announcement, first make sure that you have qualified for all of your retirement benefits. This includes checking the amount of pension payments that you are eligible for, if any, looking at your 401(k) plan, and thinking about when you will sign up for Social Security. To help ensure that you are ready to receive your full retirement benefits, it may be a good time to talk with your trusted financial advisor about creating or updating your comprehensive retirement plan.
Next, it’s time to begin deciding on a retirement date. The key here is to try and give enough time for the company to fill your position, but also to not give more time than is necessary. Some companies could start excluding you from events or important meetings or even ask you to leave sooner than you suggested.
One of the most important aspects of the letter is some lines expressing your thanks and appreciation. Giving positive feedback is important to display gratitude to the company and show respect for all they have done for you. This can also be an opportunity to highlight some of your achievements and successes as an employee. As you write your letter, try to start thinking about your future plans and goals. Do you want to consider working part-time or consulting? Are you willing to train a new employee to help with the transition? If so, then you may want to try explaining this to them. Your company may appreciate it if you can come back to help in the busy season or mentor a younger employee.
This is a huge milestone in your life, and it is important that you put thought and care into your decision so that you can start your retirement off on the right foot. Talk with a trusted financial professional about your personal goals and financial plan for the future. At BML Wealth Management, we’ll sit down with you one-on-one to discuss your goals and help put you on the right path towards achieving them. Click HERE to contact us today and to request your complimentary, no obligation financial review!
The commentary on this blog reflects the personal opinions, viewpoints and analyses of BML Wealth Management’s employees providing such comments, and should not be regarded as a description of advisory services provided by Cooper Financial Group. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.
Investment Advisory services are offered through Cooper Financial Group, an SEC Registered Investment Advisory firm. All Insurance Services are offered through BML Wealth & Insurance Services. California Insurance License #0M15550. BML Wealth Management & Cooper Financial Group are not affiliated.
We do not provide tax or legal advice, all individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured. Indices mentioned are unmanaged and cannot be invested into directly.
The commentary on this blog reflects the personal opinions, viewpoints, and analyses of BML Wealth Management’s employees providing such comments and should not be regarded as a description of advisory services provided by West Wealth Group, LLC. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.
Investment advisory services through West Wealth Group, LLC, an SEC Registered Investment Adviser. BML Wealth Management and West Wealth Group, LLC are affiliated entities. Insurance Services are offered through BML Wealth & Insurance Services, California Insurance License #0M15550.
We do not provide tax or legal advice. All individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products.
