I just quit my high-paying job at 55 with $8 million saved – how should I tell everyone I’m ‘retired’ without burning bridges?

A 55-year-old Reddit user with an $8 million net worth is ready to pull the trigger and retire. His kids will be leaving home soon, and he anticipates spending $250K a year in retirement, which is entirely reasonable at a safe 3.7% withdrawal rate as his nest egg should produce around $296k. 

The big issue he is having though, is how he is going to tell everyone that he’s quitting work. He needs to inform his team, his clients, and headhunters who have reached out to him that he is leaving. He feels like he is done with corporate work, but at the same time, he’s afraid of closing the door entirely or burning bridges when he makes his big announcement.

So, what should the OP do to maintain his relationships while achieving the separation from his job that he desires?

How to announce retirement without closing the door at work for good

Announcing your retirement should never be a contentious issue, especially if you are hoping to potentially do at least some part-time work for your company at some point in the future.  The key is to do it right. This means you should:

• Provide plenty of notice to your company and clients so they have time to line up new professionals to take over the work tasks that you were doing for them. 
• Answer questions about continuity of service so that your clients and co-workers do not feel as though you are abandoning them or leaving to figure out the future on their own. 
• Inform your manager at the company first so they can work with you to create a plan to tell your team members, staff, and clients at the right time. 
• Express your heartfelt gratitude for the positive working relationships you have had, and let people know how much you appreciate them. 
• Help those who worked for you feel at ease that their job will still be secure once you have left, and work with them to understand what transitions they’ll face as they shift to being under a new leader. 

If you are interested in potentially working in some capacity for the company in the future, you should also make sure that you mention that this is a possibility as you leave. You could say something as simple as “I’ve always loved my time here and while I’m shifting into retirement mode, I do want to keep the door open to work together on future projects in a way that benefits both of us.”

You don’t necessarily have to create a plan for consulting or part-time work before you leave, especially if you aren’t sure if it is right for you, but it certainly doesn’t hurt to keep this possibility open as you can’t really know how you are going to feel about quitting for good until you’ve lived in retirement for a while.

Make sure you’re really ready before you make your big announcement

Before you make your big retirement announcement, you also want to make sure you’re 100% financially and emotionally ready to stop working. You don’t want to say you’re retiring, only to change your mind a short time after when circumstances have shifted.

You should seriously consider working with a financial advisor to confirm that your money will last and that you aren’t missing anything when it comes to your financial preparedness. You should also think carefully about how you’re going to spend your days to ensure you don’t retire and find yourself bored and without purpose.

Once you’ve taken care of these tasks, then follow the tips above to announce your departure and start enjoying life as a new retiree. 

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