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Seriously looking to retire. How should I approach this? (1 Viewer)

Mr.Pack

Mr.Pack

Footballguy
So I am going to be 62 next May and I'm seriously considering pulling the plug. I'm not rich as I was never a saver, but I do have an old pension and a couple of 401k's. I will probably have to work part time and I'm ok with that.
My question is this..... I really do like my job and employer. I'm tossing the idea in my head about asking them if I can go part -time, or maybe even contract for at least 3 years when I'd qualify for Medicare.
How do I approach this subject with them and what should my timeline be? Our last experience with a contract guy didn't go so well so they may be leery, but I'm much better at what I do and I hold a higher title.

Anyway, all help is appreciated.
 
I’ve never been in this situation (either end) but I have to imagine if they value you they would be willing to work something out. Just be honest and probably start with whichever superior you feel you get along with best and has the best understanding of your value to the company so they can advocate for you with upper levels.
 
Ilov80s said:
I’ve never been in this situation (either end) but I have to imagine if they value you they would be willing to work something out. Just be honest and probably start with whichever superior you feel you get along with best and has the best understanding of your value to the company so they can advocate for you with upper levels.
Click to expand...
Oddly enough I feel like I have a better rapport with the VP of our Division rather than my direct Supervisor and I've thought about going to him first, but feel that would be odd.
 
Mr.Pack said:
My question is this..... I really do like my job and employer. I'm tossing the idea in my head about asking them if I can go part -time, or maybe even contract for at least 3 years when I'd qualify for Medicare.
How do I approach this subject with them and what should my timeline be? Our last experience with a contract guy didn't go so well so they may be leery, but I'm much better at what I do and I hold a higher title.
Click to expand...
I don't see any reason to be anything other than completely and totally up front: Present the idea, and ask if they would be open to it. You aren't issuing any ultimatums, or looking to squeeze more money by flirting with a competitor.

If this is something they don't normally do, one of their first thoughts would be what would that look like? I would have a pretty detailed plan in place. What you would like to shrink down to, what kind of work you could get down in that time, your accessibility, what work you could no longer do, what responsibilities you would still have, whatever.

Consider this modified work schedule a product, that you are trying to sell your bosses.
 
Mr.Pack said:
NutterButter said:
Would u still retire at least from that job if they rejected your offer of working part time?
Click to expand...
Leaning that way, but have to figure out insurance first. Insurance is the big question
Click to expand...
How I'd respond to their answer would be the big question for me? If you're willing to walk, then I'd be pretty direct.
If its just the premiums that are the concern and you're not willing to walk then hypothetically if you work 2 of next 4 full time, the extra income should cover the remaining 2 years no? If so, I'd probably wait until 6 months into year 2 to mention it.
 
I’ve had a couple guys approach me recently about doing this exact thing. Both are super valuable employees and have been with us a long time. I had no issue with it. I was happy they were willing to go part time as opposed to leaving outright.

If you’re pretty valuable to them, I bet they would be willing to work with you. Everyone gets old at some point…
 
kutta said:
I’ve had a couple guys approach me recently about doing this exact thing. Both are super valuable employees and have been with us a long time. I had no issue with it. I was happy they were willing to go part time as opposed to leaving outright.

If you’re pretty valuable to them, I bet they would be willing to work with you. Everyone gets old at some point…
Click to expand...
Glad you're willing to work this out with them. Lots of big companies won't do it.
 
I agree with Kutta. We’ve done the same thing for valuable employees. Nobody wants to lose production from A Players. If not an A Player - let them walk. I’d say you’re considering retirement but would love to stay with them if it could be worked out.

in the same boat as you. I’m 61. Originally planned to retire at 62. But I don’t want to pay health insurance premiums out of pocket for 5+ years (wife is 59). So as long as I’m feeling good and happy with the balance (get to take my trips and have flexibility) I’ll likely go to 64 or so. Plus the $ at this stage of one’s career is nice. Hard to give that up.
 
Mr.Pack said:
So I am going to be 62 next May and I'm seriously considering pulling the plug. I'm not rich as I was never a saver, but I do have an old pension and a couple of 401k's. I will probably have to work part time and I'm ok with that.
My question is this..... I really do like my job and employer. I'm tossing the idea in my head about asking them if I can go part -time, or maybe even contract for at least 3 years when I'd qualify for Medicare.
How do I approach this subject with them and what should my timeline be? Our last experience with a contract guy didn't go so well so they may be leery, but I'm much better at what I do and I hold a higher title.

Anyway, all help is appreciated.
Click to expand...
Last company had someone retire, but stay behind initially for 6 months to help with transitioning of job duties.
The company loved having his experience around and last I heard, almost 2 years now he is still part time.

Guessing with your experience, and hopefully no bridges burned, I'd think they'd love to have you stick around for a bit.
Good luck!!! :hifive:
 
Mr.Pack said:
Ilov80s said:
I’ve never been in this situation (either end) but I have to imagine if they value you they would be willing to work something out. Just be honest and probably start with whichever superior you feel you get along with best and has the best understanding of your value to the company so they can advocate for you with upper levels.
Click to expand...
Oddly enough I feel like I have a better rapport with the VP of our Division rather than my direct Supervisor and I've thought about going to him first, but feel that would be odd.
Click to expand...
Is there an opportunity to talk to them both at the same time or very close to each other in time? Not sure if your direct would see it as going over his head or wouldn’t really care. You would know better there.
 
Mr.Pack said:
So I am going to be 62 next May and I'm seriously considering pulling the plug. I'm not rich as I was never a saver, but I do have an old pension and a couple of 401k's. I will probably have to work part time and I'm ok with that.
My question is this..... I really do like my job and employer. I'm tossing the idea in my head about asking them if I can go part -time, or maybe even contract for at least 3 years when I'd qualify for Medicare.
How do I approach this subject with them and what should my timeline be? Our last experience with a contract guy didn't go so well so they may be leery, but I'm much better at what I do and I hold a higher title.

Anyway, all help is appreciated.
Click to expand...

Just be upfront and honest. Say you are thinking about retiring in the next couple years and want to cut back. Say you really like you job and hope you can cut back. Right now it costs employers more to hire and train a new person that letting you stay part time.
 
If your direct supervisor is not in a position to grant or deny your request, might as well skip them. I would also have my perfect situation clearly defined. "If I ran the world... and I really should... the perfect situation for me is X. If that doesn't work for the company, I am more than happy to talk about available alternatives."
 
Keerock said:
How do part time or contract workers qualify for company insurance?
Click to expand...
The way I was reading this, he'd retire now, aside from a simple part time job like working at a big box store, if he had the equivalent of medicare available. I'd think part time at his current gig would be more than enough to make up for diff in private vs medicare along with big box wages. I'm likely misreading this though.
 
NutterButter said:
Keerock said:
How do part time or contract workers qualify for company insurance?
Click to expand...
The way I was reading this, he'd retire now, aside from a simple part time job like working at a big box store, if he had the equivalent of medicare available. I'd think part time at his current gig would be more than enough to make up for diff in private vs medicare along with big box wages. I'm likely misreading this though.
Click to expand...
I actually have this question into a friend I have in HR as we speak.
 
Another thing I'd be sure to check if applicable is that if you agree to work X days per week but typically take Y weeks off for vacation, would they still be cool with that (unpaid of course I think if you're just part time)
 
NutterButter said:
Another thing I'd be sure to check if applicable is that if you agree to work X days per week but typically take Y weeks off for vacation, would they still be cool with that (unpaid of course I think if you're just part time)
Click to expand...
I'm sure this varies by company. But our part timers basically have a certain amount of hours per year to bill. That usually has a few weeks unpaid off
 
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