How to Approach Salary Negotiations Close to Retirement Age

It’s important to approach negotiations when you are close to retirement age with both confidence and caution.

Salary negotiations can be tricky no matter where you are in your career. However, it’s important to approach negotiations when you are close to retirement age with both confidence and caution.

Know your value

The most important part of negotiating your salary is knowing your value as a worker. As you approach retirement, you are in the unique position of having decades of experience under your belt. Your salary should reflect that. It’s true that younger workers may bring new ideas to a workplace, but your experience is just as important. A worker who has experienced decades worth of industry shifts, trials, and tribulations should not go undervalued.

Think about other benefits you can negotiate

Think about your current benefits package. How much PTO have you accumulated? What are your stock options? Do you have the opportunity to work from home? As you approach retirement, you may find that a salary increase is not your number one priority. It’s possible that an extra week of PTO so that you can visit your grandkids is more important than a raise. Or, maybe you’re wanting to start working from home a few days a week. Your value as a worker is important to your company, so negotiating these non-salary types of benefits may be in your favor.

Remember, working longer has benefits

Negotiating benefits like more PTO, working part-time, or working from home may be enough where you want to push back your retirement age. Working longer has its benefits including:

• A sense of pride and a bigger sense of purpose.
• A larger retirement fund.
• Feeling younger and involved in your community.

Working even part-time has benefits to those that are able-bodied. Your mind stays sharper and you are more likely to stay social, which plays a large part in the reduction of depression in seniors.

Negotiating a salary or benefits is an important part of progressing your career. When you find yourself at the end of your work life, it’s even more important to negotiate the benefits that matter the most to you.

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