This week, I want to speak to several readers who feel like they are being forced into early retirement or, conversely, having to stay longer due to lack of manpower.
Retirement is perceived in many ways. While some see it, for example, as a reward for their work and feel liberated, others perceive it as a loss of bearings or identity and feel anxious. These differences in perception can create tension in the workplace when retirement is discussed.
While reviewing the basics of a well-planned retirement, I would like to offer you some solutions to properly orchestrate the end of your career with your manager.
Preparing well and establishing a clear plan will help you counter retirement anxiety. No matter your age, take the time to review your employer’s retirement savings and benefits offers. This is all the more important if you feel pressure from your employer in connection with your departure.
If your employer offers you to participate in a pension plan, find out about the nature of the plan. The type of pension plan must also be carefully considered for the purposes of planning your retirement. Some plans have specific provisions in the event that you decide to retire before or after the normal retirement age. It is very useful to be aware of these provisions and to know how they will affect your retirement planning.
Your financial advisor will be able to inform you about the ins and outs of early or late retirement depending on your situation. If available, financial planning tools for retirement can help you prepare and help you decide when to retire. Regardless of the method of planning chosen, it is important to plan ahead in order to properly assess your options based on your finances and personal preferences.
Comprehensive retirement planning takes into account your employer’s benefits package. Find out if your insurance plan offers certain coverages or provisions for retirees. Establish what type of coverage would apply in the case of partial retirement (part-time work) and once retired. Do not forget the coverage that is available through public and private (individual) plans, whether to supplement the coverage offered or to compensate for the loss of it.
Let’s face it, pension plans and benefits packages can be complicated. In addition to the documentation and information sessions, do not hesitate to ask for help and consult the resources available to you, such as:
As your chosen retirement date approaches, talk to your manager so your departure doesn’t come across as a surprise, especially if you feel your retirement doesn’t seem to be “on their radar.” Present your plans clearly so that together you can prepare for your departure.
Company culture and education have strong impacts on how people view retirement. Indeed, you not only want your employees to be ready for retirement and understand its various implications, but also to view it in a positive way. It is important to organize information sessions to explain your pension plan. Having knowledgeable and prepared employees will make your life easier and increase appreciation for your retirement plan. Help create a culture where retirement is seen as positive and necessary. You should also know that several suppliers can help you organize educational sessions.
When it becomes necessary to retain your experienced employees or if you wish to recruit among retirees, consider exploring these avenues:
1. Design work schedules adapted to the reality of retirees by offering, for example, a more flexible schedule.
2. Plan roles that suit them: responsibilities and tasks that allow them to implement their experience.
3. Design retention measures (bonuses, recognition, etc.). Base it on the initial criticality (would the loss of the employee create a significant burden on the team or put the success of projects at risk?).
We often think of retirement from an economic perspective, and this financial conception of retirement is necessary because maintaining our standard of living with only our financial capital requires solid savings. However, care must be taken that the financial aspect of retirement does not eclipse the human aspect of this stage of life. Take the time to listen to your employee’s plan to fully understand their needs and plan their departure collaboratively.
