8 Tips for Choosing Retirement Gifts
Emily Brandon
As the oldest baby boomers enter their mid-60s this year, there will be plenty of retirement celebrations. Although you may not have much extra pocket change, it's still important to let coworkers know how much you enjoyed working with them. "Doing nothing to note a person's retirement is a serious faux pas," says
Consider group gifts.
Asking colleagues to chip in can cut down on cost and may also be more appropriate. "Retirement gifts are often joint gifts unless you have a really close relationship," says
Think about hobbies.
Buy a gift related to a hobby your retiring coworker has expressed interest in pursuing in retirement. When
Check with a spouse.
A spouse, significant other, or close friend can be a good source of gift ideas for your retiring coworker. "Find out exactly what they are going to be doing in retirement," advises
Get creative.
Come up with a gift that makes reference to things the retiree created, bought, or sold on the job. When
Think small. Lavish gifts aren't necessary.
If you don't know a colleague or client very well, a simple card or understated gift is usually appropriate. "Sending them a handwritten note wishing them well is never going to hurt," says
Be sensitive to unplanned retirements.
Retirement isn't always a happy occasion. Some people are apprehensive about separating from the working world and worry that they will no longer feel useful. Forced and unplanned retirements are increasingly common because of layoffs, buyouts, and business closures. "Stay away from saying 'congratulations' or 'condolences.' You want to stay out of that," says
Avoid gag and age-related gifts.
Steer clear of gifts that comment on the retiree's age or newfound free time. "I would stay away from all those gag and over-the-hill gifts," says
It's OK to be sentimental.
The best retirement gifts are often photo albums, scrapbooks, or collections of handwritten remembrance letters from colleagues. "Something that recalls a memory of what the person did in their professional life can be very meaningful," says Post.
How Much Money Will You Really Need for Retirement
Mark Miller
How much money will you need to live comfortably in retirement? One way to calculate the answer is the old income-replacement rule of thumb -- to retire comfortably, you must replace 80 percent of your annual pre-retirement income. But at best, this is a rough estimate. Here's a checklist of major issues to consider for your retirement plan
8 Tips for Choosing Retirement Gifts | Retire Smart
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