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How can you negotiate for phased retirement?

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Phased retirement is an arrangement that allows you to gradually reduce your working hours and responsibilities while receiving a partial pension or other benefits. It can be a win-win situation for you and your employer, as you can enjoy more flexibility and leisure time, while your employer can retain your skills and experience. However, not all employers offer phased retirement, and not all employees are eligible for it. How can you negotiate for phased retirement if you are interested in this option? Here are some tips to help you prepare and present your case.

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Bill Thane

Sr. Sales and Business Consultant - Digital Transformation, Lead to Cash Expertise, CPQ Consultant, Certified Scrum…
Peter Donovan

Certified Financial Planner & Aged Care Specialist at Phase 3 Retirement Solutions
Fergus E Meldrum

A Total Rewards problem solver who is looking for partners that truly care about their employees. Let's make a…

1 Assess your situation

Before you approach your employer, you need to evaluate your own financial, personal, and professional goals and needs. How much income do you need to maintain your lifestyle and cover your expenses? How much time do you want to devote to work, family, hobbies, or other pursuits? How do you feel about your current role and career path? Do you have any health or family issues that require more flexibility? These questions can help you determine if phased retirement is right for you, and what kind of arrangement you would prefer.

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Tom Anderson

Founder & CEO Anasova | Author "The Value of Debt" | Founder, Former Chairman & CEO Supernova Companies
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This first step is essential. Negotiation rule #1 is to understand your BATNA (Best Alternative to a Negotiated Agreement). This is your BATNA. But, it isn't easy to determine. People retire with similar lifestyles but vastly different amounts of money, which is odd. For example, a person living on $15,000 a month may retire with $2 million or $4+ million. Why? Understanding retirement ranges and the related assumptions (and risks!) is of critical importance. You have to live with these tradeoffs forever. The time spent understanding ranges, trade offs, and risks will empower you to have effective conversations.

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Peter Donovan

Certified Financial Planner & Aged Care Specialist at Phase 3 Retirement Solutions
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A carefully developed budget planner is an integral part of retirement planning to identify where your hard earned wealth will be deployed in retirement.

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2 Research your options

Next, you need to research the available options and policies for phased retirement in your organization and industry. Some employers may have formal programs or guidelines for phased retirement, while others may handle it on a case-by-case basis. You should also check the rules and regulations of your pension plan, social security, health insurance, and other benefits that may affect your phased retirement. You may need to consult a financial planner, a tax advisor, or a legal expert to understand the implications and trade-offs of phased retirement.

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Peter Donovan

Certified Financial Planner & Aged Care Specialist at Phase 3 Retirement Solutions
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Leading into retirement you need to decide whether it will be a clean break or a transition to retirement with reduced hours / days of work.

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3 Build your case

Once you have a clear idea of what you want and what is possible, you need to build a strong case for why your employer should agree to your phased retirement proposal. You should highlight the value and contributions you have made to the organization, and how you can continue to do so in a reduced capacity. You should also address any potential concerns or challenges that your employer may have, such as how your workload, responsibilities, and compensation will be adjusted, how your knowledge and skills will be transferred to others, and how your performance and communication will be monitored and evaluated.

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Bill Thane

Sr. Sales and Business Consultant - Digital Transformation, Lead to Cash Expertise, CPQ Consultant, Certified Scrum Product Owner
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A solid phased retirement plan should include a plan to mentor your successor. Start early with these activities before you start your reduction of hours. Also provide your employer with a plan on what you will focus on during your reduced hours. Focus on the areas of greatest need in your company or department where your extensive experience can bring the most benefit.

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Peter Donovan

Certified Financial Planner & Aged Care Specialist at Phase 3 Retirement Solutions
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A smooth transition to retirement should be mutually beneficial to all parties- you and your employer so it is a harmonious transition.

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4 Choose the right time and person

Timing and communication are crucial factors in negotiating for phased retirement. You should choose a time when your employer is in a positive and receptive mood, and when you have proven your worth and reliability. You should also identify the right person to talk to, such as your direct supervisor, human resources manager, or senior executive, depending on the size and structure of your organization. You should prepare a written proposal that summarizes your request and rationale, and be ready to answer any questions or objections that may arise.

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Peter Donovan

Certified Financial Planner & Aged Care Specialist at Phase 3 Retirement Solutions
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In my experience a smooth transition requires clarity. We will help you develop a clear plan that can be communicated to all parties.

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5 Be flexible and respectful

Finally, you should be flexible and respectful in your negotiation process. You should understand that phased retirement is not a right or entitlement, but a privilege and a compromise. You should be willing to listen to your employer's feedback and concerns, and to adjust your expectations and terms accordingly. You should also respect your employer's decision, whether it is positive or negative, and maintain a professional and cordial relationship. Phased retirement can be a rewarding and beneficial option for you and your employer, but it requires careful planning, preparation, and negotiation.

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Peter Donovan

Certified Financial Planner & Aged Care Specialist at Phase 3 Retirement Solutions
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I agree that the plan requires flexibility but at the core are mutual benefits to all parties for an orderly transition to retirement.

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Fergus E Meldrum

A Total Rewards problem solver who is looking for partners that truly care about their employees. Let's make a difference!
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For your employer this may be a first so being patient through the process is important. Also, not every role is set-up for this option so if it’s not manageable you have to be respectful of that. Educating your employer on how it could work is always helpful too.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you negotiate for phased retirement?

1

2

3

4

5

6

1 Assess your situation

2 Research your options

3 Build your case

4 Choose the right time and person

5 Be flexible and respectful

6 Here’s what else to consider

Management

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How can you negotiate for phased retirement?

1

2

3

4

5

6

1 Assess your situation

2 Research your options

3 Build your case

4 Choose the right time and person

5 Be flexible and respectful

6 Here’s what else to consider

Management

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