8 STEPS TO DELAY YOUR RETIREMENT AT YOUR CURRENT EMPLOYER

Your Extra Innings

 

It’s never too early or too late to strategize and plan. Take this seriously. In last week’s post How To Delay Your Retirement At Your Current Employer https://yourextrainnings.com/how-to-delay-your-retirement-at-your-current-employer/, I laid out the various work arrangements that are possible. In order for it to happen, you are the one who has to be proactive and come up with a plan that can be sold. Like many things in life, you are responsible for your results. Take planning Your Extra Innings seriously and it will work out your way.

NOAH DIDN’T WAIT FOR IT TO RAIN TO BUILD THE ARK

HOWARD RUFF

1. If there is an employee handbook, take the time to review it for anything related to retirement, part-time work or anything in these areas. Know what the company policies are.

2. Don’t become obsolete and disposable. Stay on top of changes in the organization and industry. Don’t fall behind with technology. Are there things that other people are using that you are not up to speed on? Talk to the younger people in the organization. What are they using? Is there someone who could help you? Are there classes you can take?

3. Gather intelligence. Look at your situation from your boss’ point of view. What would their needs be? What issues would you need to address? What would they need to hear to buy in?

4. Pay attention to what is going on with your job and how it relates to the business. How does your work benefit the organization the most? What do you do that no one else in the organization does? What parts of your job can be done by others? How can you design a flexible work arrangement based on those questions?

5. Know your numbers. How much do you need to earn? Can you afford a cut in pay in order to be able to stay on their health insurance plan? Are you willing to give up paid personal time? You have to create a plan that is financially workable for your boss.

6. If there is a pension involved, review with HR the impact of reduced hours leading up to retirement. There also may be an issue with Social Security Benefits if you reduce your income leading up to the point you claim. I’m not an expert on either so talk with a financial advisor.

7. Create a written proposal that includes:  Your work schedule.  An outline on how your current duties will be handled by you and by others.  Work arrangement options including pros & cons of each: • Part-time • Freelance • Consultant • Phased retirement  Pay and benefits options

Your Extra Innings

8. Negotiations: Create a vision for your employer of how it will be when you are successfully working under the new arrangement. Focus on the benefits to your employer, not you. 

9. Don’t expect or push for an immediate response to your proposal. Your employer will need to digest this and probably talk with HR before any decision is made.

Paul The Electrician

This is a story about a guy I worked with named Paul. Paul is a commercial electrician who was 62 and near the end of his career. Being an electrician, some days Paul had to climb ladders installing heavy lights or climb into a trench and wrestle with 4” pipe. He knew that time was quickly coming to an end.

But Paul didn’t want to retire. He enjoyed working with his friends, and he liked going to the jobsites. So Paul took a look at the work he was doing and realized that besides installing the electrical work, his employer relied on him to do the layout work ahead of the crews. This way, when the crews got to the area Paul did the layout, they could just install conduit and not wait for someone to figure out where it went. The thing was, doing lay out only took Paul two days a week to stay in front of the crews.

Your Extra Innings

So after considering his options and creating a plan that he felt was good for him and his boss, he approached his Boss. He laid out his situation that it was either he was going to retire soon or he could just work two days a week doing nothing but layout. His employer didn’t want to lose Bob’s skill and knew this was a way of keeping him around for a while longer, so it was an easy decision. Bob even coached a couple young electricians on layout and measurement while he was working, ensuring his skill would continue on after he eventually retired. Everybody was a winner.

By taking the time and effort to review your work situation and being proactive, you can come up with a plan that helps you delay your retirement on your terms. But you have to take this seriously and make it happen. You can’t hope things will work out well.

If you believe it will work out, you’ll see opportunities. If you believe it won’t, you’ll see obstacles.

Wayne Dyer

Your question and comments would be appreciated. In my next post I’ll get into why it’s important to maintain life-long learning and the ways to go about it. If you provide me with your email, I will send the next post directly to your in box. https://yourextrainnings.com/contact/

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