I’m 64. I have a lead on a great part time job. I am currently full time. What are the implications of resigning vs. retiring from current job? I’m unable to think this one through.
The first question I would ask myself is if the part time job is truly part time. OR will it grow to fill all your time. OR, alternatively, to fill all your brain space/cause the stress of a full time gig.
At most jobs these days, you don’t official “retire”; you just leave. If your current job has a pension plan, then you might officially retire and begin to receive your benefit. But even then, you can continue to work part-time.
Having a good part-time gig in retirement is worth its weight in gold. If you think you might want to scale back, then this might be a great opportunity.
ETA: I call myself “semi-retired.” I left the obnoxious corporate world almost three years ago and have had a few part-time jobs since then. The one I’ve been doing since September 2013 is almost ideal – I work from home, and am doing something that I find remarkably interesting. It has truly made me understand the old adage that if you do something you love, you won’t work a day in your life. I love what I do.
Retire! Or better yet, find out if you can get some kind of Golden Handshake.
I can’t think of a reason to resign. H retired last spring and by doing so, had lots of “help” from the company. He was assigned an “advisor” who met with us weekly to go over everything. The weekly meetings were first in person, but then became weekly phone conversations…these lasted about 10 weeks. These meetings made sure that transitions went well…insurance, retirement payments, etc.
Retiring just has a more positive spin to it then resigning. Retiring is more about “you” and everyone understands wanting to not work anymore. Resigning seems like you might have issues with the company. I agree with @mom2collegekids in that you might have more help for anything from the company you are leaving if you ‘retire’.
Might retiring require you to immediately start taking your pension??? I think at our company it does, and that if you want to wait to collect benefits that you resign, but I am not sure.
Retire. You’re a pharmacist, right? Other part time jobs will come along when the time is right.
Are there pension or retirement benefit implications of retiring at 64 as opposed to 65? Would it benefit you to stay one more year?
Just wondering as I know of many companies where retiring short of 65 means one doesn’t get full pension or retirement benefits so many I know would hold out for one more year to get that.
You also need to think about when you want to start collecting social security benefits. If you start before your full retirement age, you will get a monthly reduction in your benefits of perhaps 20-25% or more and this reduction will last forever until your death. http://www.ssa.gov/retire2/retirechart.htm
You can work part time and get social security benefits, but this adds complications as well.
I retired. I collect my pension, but am also able to work from time to time for several weeks…or longer. It’s great.
My take? Retire socially . Tell everyone you are retiring. Enjoy the farewells.
Do not start taking retirement benefits unless you are old enough to get them at maximum value to you, unless you need the cash flow.
As I work in health care as well, retiring for me means not being able to return to the organization. I could work elsewhere, but that bridge is burned. Resigning, and leaving the pension money to sit, well you could perhaps return to work again. Only you can figure out which would work better for you, and I’d think organizational policy and your future plans and economic needs would be the determining factor.
big factor - health care insurance costs!
OP-if you are having trouble thinking this through you might want to meet with a financial planner to go over the implications of SS, pension, etc. You also might want to meet with a HICAP counselor to review your medical/prescription coverage - these are free counselors trained by the Area Agency on Aging and can help you with Medicare questions and coordination with private insurance.
I would definitely look into the implications of leaving a full time job for something part time. PT–is that 20 hours? What shift? Security? Without knowing any of those factors, I would not jump. The above posters have given good advice to seek counsel, learn about the ramifications.
VH
“. I love what I do.”
Is that CC? lol…
Op " You’re a pharmacist, right? "
My cousin who is a pharmacist all her life, she gradually phased out into her retirement…I am wondering if you can do that as well.
Resigning seems like you might have issues with the company.>>>>>>>>>>
Oh, indeed I do which is why I’d love the satisfaction of resigning.
And yes, this would be easing into retirement by being able to work part time for a couple of years.
But my 401K would just sit until time comes to call it up for duty, right? I have an old, old pension that I would take as a lump sum and roll over.
I have friends who retired as hospital pharmacists and worked part time in retail pharmacy. They called it retirement. How about ‘I decided it was time for a change.’ and leave it at that. Retire from current job and leaves it open to go to another one.