I have a friend who lives in another state, and for a year I’ve not been able to figure out whether she’s retired. I don’t know if it’s an ego thing, her fear of getting old, or just something she thinks is none of my business. That’s her call, but I submit there are a lot of reasons to avoid keeping your retirement a secret. It’s in your best interest to let key contacts know when you’re leaving your full-time job, even if you plan to work part-time and claim, “I’m still working.” A lot of things can happen when you leave your permanent employment, so it’s best to keep those close to you in the loop; otherwise, negative consequences can result for you or your family.
Something Bad Happens
Consider the bad things that happen in life. Say after you retire you become ill. Wouldn’t you want a trusted party to know that you’re no longer covered under your employer’s health plan? Your insurance may be through your company’s retiree health plan, COBRA, a health insurance exchange plan, or Medicare. Loved ones will need to know this information before they can help you check into the hospital, especially while the pandemic wreaks havoc with the medical care system. Further, some of your other insurance coverages may no longer apply. If you had group long-term disability (LTD), an individually owned disability income plan, or waiver-of-premium on your life insurance policy, the disability benefit likely ceases because your employment has terminated. At a minimum, let your insurance advisor know about your retirement so they can cancel disability coverage that no longer has value.
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