After dedicating several years to a company, some employees choose to retire. Many workers begin to consider retirement once they turn 65. Although the age at which the Social Security Administration considers as full retirement changes according to a retiree’s birth year, the usual age is around the mid-60s. Another form of retirement for some workers is to accept a buyout for early retirement, or retirement before the employee reaches the standard age for receiving retirement benefits. When an employee retires, it may coincide with application for pension or Social Security benefits, or disbursement of the employee’s retirement savings.
Employees may leave a job to look for a new career opportunity, better working conditions or higher wages. Typically, an employee finds another job before tendering her resignation with the intent to join another company. Standard procedure is to provide two weeks’ notice to the current employer, wrap up current projects and finalize the resignation.
When an employee resigns in lieu of termination, it’s difficult to say whether it’s truly a voluntary or involuntary resignation. When an employer asks an employee to resign before he’s fired, it could mean that there’s a policy violation for which the company wants the employee to take responsibility or an admission of wrongdoing the company wants the employee to own. In this type of resignation, the employee may be entitled to benefits, just as if he were terminated involuntarily.
An employee may quit his job because his spouse’s job requires relocation. In some cases, the trailing spouse may be able to arrange a job transfer, if the employer has multiple work sites. However, the option many trailing spouses choose is to resign and look for work in a new location. This kind of resignation is handled like any other resignation, including processing continuation of benefits, rollover options for retirement savings, and issuance of final paycheck and vacation time payout, when required.