Deal with Involuntary Retirement

Involuntary, or forced, retirement occurs more frequently in companies, agencies and organizations needing to streamline operations to meet budgetary demands. Employees aged 55 and older who suddenly find themselves out of work are often left wondering how to maintain their lifestyles while filling their time. As you near this age, know ahead of time how to deal with involuntary retirement so this life transition can be as painless as possible.

Steps

  1. Inquire about whether your employer has an involuntary retirement appeal process in place, such as those in place within the State of Massachusetts government offices and the U.S. Department of Health and Human Services.
    • A Massachusetts state employee who receives a notice from the department head has 15 days to request a hearing before the retirement board if he or she has reached age 55 and accumulated 15 years of creditable service, or has 20 creditable years of service if not yet 55. Ask your Human Resources director or department head of any such appeal process at your place of employment.
    • In most cases, employers give considerable thought and planning in involuntary retirement cases, so don't be surprised if your appeal or questioning of the management goes nowhere. But it never hurts to try.
  2. Stress to your management the expertise you possess and discuss how much your talents will be missed. Then approach them about any opportunities to stay on the payroll as an as-needed consultant. Ask for a couple days to put together a proposal detailing the services you could offer, especially if you know of specific upcoming projects that could benefit from your talents.
  3. Examine your retirement offer with a fine-toothed comb to ensure that your pension and severance package reflects your years of service and your position on the company's organizational chart. Also verify the package includes any unused vacation, sick days, comp time, insurance and other benefits or annuities you still need to receive. Ask to meet with your boss to discuss issues in the offered "early-out" retirement package.
  4. Start your own business or buy a franchise if you have the funds, the business acumen, a go-getter attitude and the energy to take on a new venture. Consider a 2001-2003 survey from the Bureau of Labor Statistics that reports it's easier for displaced workers ages 25 to 54 to find work than those ages 55 to 64.
    • Rather than knocking yourself out to find a new position comparable to the one you were forced to leave, take your involuntary retirement as a good excuse to start a new phase of life using your skills such as being a business coach, a financial consultant or other expert in your field.
  5. Turn a hobby you've always loved, one that relaxes you, excites you and feeds your soul and creative spirit, into a money-making venture.
    • If you've always picked around on a guitar or piano, spend time practicing and then see if a local wine bar or coffee house would allow you to come in and play for tips one night per week.
    • You've always loved working with your hands around the house, so print out some fliers to take around your neighborhood advertising your handyman skills. Homeowners will appreciate someone who can do those tedious tasks skillfully and don't charge as much as a full-time service business.
    • Your family and friends have always admired your crafting skills, so considering joining a quilting circle, pottery or painting class or other group where you can perfect your talents. Create a small inventory of your craft items to sell at craft fairs and bazaars.
    • If you enjoy working with young people, apply as a substitute teacher with your local school district.
  6. Volunteer your time and talents somewhere in your community that needs help.
    • Senior centers are always in need of someone to teach craft classes, entertain during dinners and seasonal parties, or handle arrangements for field trips for active seniors.
    • School districts need volunteer mentors to work with children who need an adult to look up to.
    • Museums, science centers and art galleries need volunteer docents to lead guided tours, teach workshops and help maintain the exhibits.

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References

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