PENSIONS
Retirement planning
Jeremy Montgomery BA (Hons) FCIPP, bureau manager at MP Payroll Solutions, considers the different ways of successfully planning for retirement
I n the May issue of Professional magazine, I mentioned retirement planning from an employer perspective. Now, to redress the balance, I felt it appropriate to consider retirement planning from an employee point of view. Looking at my position roughly three years ago, when I decided the time was right to retire, much to my surprise, my employer had other ideas and asked me to stay on reduced hours. I did. I was lucky as my employer was prepared to work with me to reduce the number of days I worked. The decreased monthly hours we agreed on resulted in a win-win situation; and in hindsight, it was the best decision for me. One of the main driving factors behind agreeing to stay was that, although I was looking forward to golf and spending time with the family, I was also quite worried we wouldn’t have enough money to live on. At the time, we were still supporting one son at university. I was also a little concerned I would just stagnate without the familiar surroundings of clients, colleagues and the general day-to-day office routine, so the offer my employer made provided massive comfort to me. Having now had time to reflect on my own position, I do believe there’s still more that we, as employers and employees, can do to make the later years, where we’re moving towards giving up work, easier to negotiate. The prospect of retirement can be daunting Not everyone wants to retire at 65. It can fill many people with dread at the thought of losing earnings and contact with others.
● consider project management roles – one or two a year, depending on the length of contract. Other options outside of the workplace could include: ● studying an area of specific interest ● voluntary work – this would mean staying active and could involve meeting new people ● the University of the Third Age. It’s also worth thinking about what you can still offer to your profession: ● could you write articles to share your knowledge and experience? ● training experience – what about becoming a tutor? ● forums / conferences / seminars – offer your services as a speaker or host ● mentoring – could you provide invaluable experience and guidance to your former colleagues? ● board / trustee roles – there are various payroll organisations that require this type of expertise ● you could even join one of the hundreds of groups on LinkedIn and take an active, expert role.
The prospect of being lonely is frightening. The mental health problems retirement can bring are extremely worrying, as not everyone has the benefit of a family or someone they’re close to. Work can often feel like family, especially so for people who live on their own and have been with the same employer for many years. They may live alone and never see neighbours. Family could be miles away. Should employers engage more in the retirement of their staff? While many employers offer support to staff during the lead up to retirement, not all of them do. Should employers engage more in the retirement of their staff? After all, you would hope that loyal service would at least count for something. What can be done for those worrying about retirement? For me, the answer is to plan ahead and enter into discussions with your employer at an early stage. What exactly do you want? Remember this is about you and your needs. There are many options available within the workplace: ● talk to your employer – is a part-time role possible – for two or three days a week or month? ● what about reduced hours –10, 20 or 30 a month? ● could you take on a different role? ● would a consultancy role work for you?
You deserve a long and happy retirement
I’m sure there are many other options available out there, so take the time to investigate and find something that matches your needs, both for now and in the future. Whatever you decide, make it the right choice for you, as you deserve a long and happy retirement. n
| Professional in Payroll, Pensions and Reward | June 2022 | Issue 81 30
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