Thinking About Retiring? Don't Tell Your Boss YET

About this Video

• Video Title: Thinking About Retiring? Don't Tell Your Boss YET
• Channel: Holy Schmidt!
• Speakers: Jeff Schmidt
• Duration: 00:14:29

Introduction

This video advises viewers against prematurely informing their bosses of their retirement plans. Jeff Schmidt uses personal anecdotes and observations to illustrate the potential pitfalls of lengthy notice periods, emphasizing the shifting dynamics of the employer-employee relationship upon resignation.

Key Takeaways

• Unexpected Reactions: Giving extended notice of retirement can lead to unexpected negative reactions from employers, even from those considered friends. The speaker's experience of having his two-week notice shortened to two days exemplifies this.
• Shifting Dynamics: Once resignation is announced, the relationship changes. The employer may view the employee differently, potentially assigning less crucial tasks or even prematurely ending employment.
• Hidden Costs of Extended Notice: Providing excessive notice (e.g., six months) may result in unforeseen financial hardships if the employer unexpectedly shortens the notice period, impacting income, benefits, and retirement planning.
• Company Procedures: Companies often have succession plans in place, rendering extended notice periods unnecessary. Employers may use the time to find replacements, promote existing staff, or even consider automating tasks.
• Bonus Considerations: Large discretionary bonuses may be reduced or eliminated upon resignation, especially if the employee possesses valuable contacts and networks.
• Post-Retirement Plans: Consultants or part-time workers should carefully review their agreements, as post-retirement activities may violate non-compete clauses.