One predictable factor when it comes to computing a company’s turnover rate is the number of retirees for a particular year. Retirement is a key element of an employee’s cycle with a company. Expectedly, the company continues to provide a benefit for retirees that come in the form of pension. American companies, through the Social Security Administration (SSA), have been providing pension to supplement the retirees’ income since 1935. With awaiting benefits after retirement, employees aim to leave their position with the grace that came from their years of experience. You can refer to this article to help create a retirement resignation letter that will start your seamless transition. Read More
When an employee retires, it means that they actively or voluntarily withdraw from their occupation or active working life. In some cases, an employee can even choose to semi-retire by lessening their workload and work hours. For these cases, retirees need to compose and submit a retirement resignation letter to state their intention to finally withdraw from their working life. Aside from their intention to retire, retirement resignation letters also double as letters of gratitude and appreciation. Even though resignation letters can come off as a personal letter, it is still considered as a business document by the company.
Writing a retirement resignation letter is easy. You only need to provide a few details regarding your decision. However, it might become difficult when you get confused about what to include in the letter aside from your statement of resignation. If you are planning to write your retirement letter soon, here are some pointers and reminders to create an impactful retirement resignation letter.
In general, resignation letters follow the block style or writing. All business correspondence follows this format to achieve a clear and clean-cut look for the document. It is notable for using the left-justified option and double spacing between paragraphs. This format makes the message easy to read or skim through, which is critical for business documents. Retirement letters, even though they might be the last document that an employee will write for the company, are filed under the employees’ records and considered as a business document.
The opening paragraph of the letter must state your intention to retire directly. It must also include the details regarding your resignation or course of action. You need to include your intended last day of working with the company. Moreover, as a formality, you need to indicate your current position in the organization. Stating your intention must be clear, concise, and direct to the point. You do not have to ask for permission or hope for its acceptance; you only need to state that the letter is a formal declaration of your decision.
Resignation letters, in general, are also the ideal documents to use to express your gratitude towards the company. Regardless of the length of the employee’s stay in the company, the company invested in them by training and providing resources for them. As for retirees, statistic from the U.S. Census Bureau claims that the average length before retirement is eighteen years. This timeframe surely provided more than enough experiences, support, and opportunities to thank for. You can use your retirement letter to explicitly and formally express your appreciation for your company, colleagues, and superiors.
The standard notice-period for submitting a retirement resignation letter is two weeks. It means that you need to submit your letter two weeks before your intended exit date. This notice-period is primarily intended for looking for your replacement. Because of this, it is just right to indicate your willingness to extend your assistance to help search for a suitable employee to take over your responsibilities. You can choose to be specific by indicating what you are willing to do or you can be general about it. Take this as your last measure of giving back to the company.
If you want to exit the company gracefully, you must also end your retirement resignation letter on a positive note. The easiest and most convenient way to do this is to reiterate your gratitude for the company. Also, do not forget to add a statement that wishes for the continued success of the organization.
The company has the right to fire you after you submit the retirement letter even if you submit it following the ideal notice-period of two weeks. Some companies request the employee not to report anymore immediately after submitting the notice.
The primary difference between resigning and retiring is the benefits. For some companies, retirees still receive benefits like healthcare and pension. On the other hand, employees who resign voluntarily quit their position. Therefore, they are no longer eligible to receive these benefits.
An employee of a company for five years or less will lose all company-paid pension once they retire or resign. After your fifth year with the company, you can get your pension in full amount even if you retire on the first day of your sixth employment year.
Aside from submitting a retirement resignation letter, the best way to break the news to your boss is to bring up the topic of retiring during casual conversations. Talk about your projected retiring date and plans after leaving the company. Doing this unconsciously convinces your boss that you have a plausible reason behind your retirement. Also, do not forget to mention to keep the details under the cover for now because a formal letter is not submitted yet.
You might need to send a notice if your company requires it. If your company does, make sure to take note of the required period to send the document to inform the concerned parties.
Retirement is an unavoidable milestone for every worker. Even self-made entrepreneurs, athletes, and artists reach a point in their career that they choose to lie low and eventually retire from their professional dealings. But as for employees, writing retirement resignation letters is a must before they enjoy their life in retirement. This document serves as your final correspondence for your company so do it well.