There comes a time when we have to let go of the job we have loved for so long due to change in priorities, and of course, for other personal reasons. It can be because of sickness, traveling, or family concerns, which are the top motivation for someone who wishes to retire from employment, sports, or hobby. However, there is also a positive side to retiring, such as having more time to pursue another goal, enjoying time for yourself, and finding the real meaning of life. In this article, we will teach you how to formally retire from your current job by writing a formal retirement letter which you can read further below.
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What Is a Retirement Letter?
A retirement letter is a type of correspondence that intends to state an employee’s wish to retire or quit their current employment. Giving a formal retirement letter to your employer is very important as it helps them understand and identify your reasons why you wish to retire from your position and aid them in looking for an individual to fulfill your roles and responsibilities thereafter. While this might sound like a resignation letter, the only difference between the two is that you are not seeking another job opportunity but also applying to get your benefits.
How to Make a Retirement Letter?
Making a retirement letter is easy if you have the right materials, such as templates, to begin your task. We understand that some of you might have to settle with writing your letter manually, and that is why we have prepared some of the basic steps that you can follow. Read to find out below.
1. Write the Details of the Receiver
Your receiver should be the person who is in charge of the company or business, such as the operations manager or the owner themselves. They will be the ones responsible for forwarding your letter to the human resources department for their copy of your letter. This is very important as they will be the ones who will process your retirement benefits such as your healthcare, social security accounts, and other related government benefits.
2. Explain Why You Are Retiring
After the salutations and greetings, it is time for you to open up about the reason why you choose to retire. You need to be sincere about your reasons, such as the need for retirement to take care of your spouse, children, or grandchildren, to travel somewhere far, or if you have to recuperate from an illness. Keep it simple and brief, and most of all, be genuine.
3. Be Grateful
After stating the reasons for your retirement, It is time that you state your gratefulness to your employer. Thank them for the many opportunities that they have given you, such as the chance to develop your skills as well as grow exponentially career-wise. If they have ever helped you during your times of need, then thank them for that, too.
4. Request For Your Retirement Needs
In a formal tone, ask your employer about what you need after your retirement. This may be your pension from the social security agency or the activation of your healthcare application. Of course, if it is applicable, you can ask here for your retirement benefits as well as other monetary benefits that you may get after long years of working for the company.
5. Offer Consultant Services
If the company wishes to get your services even when you have retired from your post, you can always offer to become a consultant. This way, even though you are not going to work 24-7, you still have other means of income to help you with your transition from a working employee to a freelancer.
When should an employee retire from their job?
It depends on the situation or condition of the employee, but most people would retire when they have reached the age of 60 and above as mandated by the government and company policy. This is also the time when aged employees are qualified to get pensions and other benefits for senior citizens.
What is forced retirement?
Force retirement, or mandatory retirement, is when employees are sanctioned or mandated by the company to retire, even if they are still capable, due to labor laws. This is a form of subtle termination of an employee from the company’s end. However, forced retirement is not encouraged in today’s generation and older employees can continue working as long as they have the capacity and energy to do so.
What happens when I don’t accept my employer’s offer of early retirement?
Nothing. Employers do not have any right to terminate you if you do not accept their offer of early retirement as this is unlawful and illegal nor can they withhold your benefits.
Retiring from your job is one of the most important decisions in your life, and if you see the need to do so, start it right with a formal letter to your employer. Make your retirement letter today by downloading our editable and printable retirement letter templates which you can access by visiting our website gallery.
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