[USER]

I’m planning to retire in May. I haven’t told my boss yet because I’m waiting on my CFP to look over my plan.

This morning I spoke to my coworker who is in the same job function and they mentioned they’ve been thinking about leaving because of the additional workload management has been putting on us after laying people off and adding new requirements the last few years without additional pay (not even keeping up with inflation).

I’m not indispensable, but this would put my company in a bind if we both left in the next few months.

My question is, if my company asks me to delay my retirement past May what compensation should I seek? Definitely not interested in doing them any favors.

Most answers will probably be not to take anything because my time is more valuable than money. I completely agree, but my kid is still in school so I’m not completely free to do whatever I want once I retire which is why I’m even considering this.

I work remotely and my schedule is very flexible.

Just wondering if anyone has done something similar and what you were able to get your company to agree to.

[Alta]

They are not likely to offer to double your current wage for doubling your workload.

[Bretaña]

I know someone who was in a similar situation, the company needed her so she asked for almost double her current pay.

She also gave them an end date so they could prepare by hiring a replacement and giving her time to train them.

They paid what she asked and extended her end date 2 times, each time she got a hefty “staying on” bonus.

[Chiki]

If you have other forms of health insurance, I would switch to contracting and even at the same rate, it’s more take home pay.

If not, I would ask for a bonus or additional pay for a set period of time.

I don’t have a lot of faith that you’d get more than that but if it’s possible to increase hourly rate to contract, also an amazing option (better than mine).

[Matt]

A friend of mine was asked to stay an additional six months and he did. He said that was the worst decision he ever made.

Best of luck to you and congrats to a near close of career.

[Lisa]

Think about what situation would make YOU happy. Maybe reduced hours/days for same pay. Or so for the extra pay… Friend in what is important to you right now… Time or money.

But either way, the ball is in your court so all for whatever will make it worthwhile for you to stay on. Otherwise walk away.

If they don’t agree, walk away. I learnt years ago that it doesn’t matter how loyal and hard working we are, we are all dispensable when the company decides.

So don’t bend to pressure to stay on if the terms aren’t to your advantage..

[Randy]

2 people leave, you decide to stay you’ll be doing the work of 2. Ask for double salary.

Worse they can say is no or make you a counter.

[Amanda]

This is a decision you have to make with your family, but just remember that you are holding the cards.

If I were in the same position and I decided to stay, I would make crazy demands (increased pay, more vacation time, more flexibility…). Really think about what your time is worth.

Are they going to fire you if you make crazy demands that they don’t want to meet?

Probably not, but even if they did as long as you hit your retirement number, who cares? Good luck!

[Lee]

This is a great question! My husband is considering asking for contract work/consulting work when he is ready to leave, which the company has a history of doing, so pretty surebit would happen, but what to expect/ask for is another story.

[Amy]

They wont ask. They think everyone is replaceable. Only retire if you are sure that is what you want to do and can afford it.

Expect nothing from them other than what is guaranteed (pension. etc.

if you have one) It’s dog eat dog out there these days.

And tell NO ONE your plans!

[Joe]

I own my own business in the blue-collar field, so I can’t necessarily relate with any experience.

But what I would be thinking is if I was in your shoes I would wait until after they leave, not after they give their notice but after they leave for a week or two, then put in your notice.

If they try to woo you to stay, look for a hefty retention bonus that’s 50% of your salary currently and a good 25 to 40% bump in salary overall.

And have an end date so you can do it again.
Don’t get yourself caught with the retention bonus of having to pay it back if you don’t stay though.

So, you might think about whether that would be the way to go or just an increase in pay.

Either way, I wouldn’t say anything until after your coworker is actually gone.

And in any case I would put some kind of an end date to where there are expectations there that either they’re gonna find somebody else or they’re gonna have to pay up to keep you again.

You’re in a great spot.

[David]

2x-4x your current rate as an independent contractor, you decide the hours and the terms, only work during school hours, only 3 days a week, only x number of projects, or only certain areas you like best, etc, ask for what you want.

Find something mutually beneficial for you and your employer.

[John]

Didn’t read through the comments, but my 2-cents are look out for #1. That’s YOURSELF. You’re nothing but a number to the company.

You might not want to screw your friends, but forget the company.

Do what’s right for YOU.

[Pam]

Could you “retire” and offer to be a self-employed consult for them for a set scope of work, your (much higher) hourly rate, expected # of hours and a timeframe?

[Author]

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