Q: Even though we’re in our 50’s my spouse and I are going to be able to retire in a couple of years. Due to an unexpected windfall, our financial planner tells us that we have reached our retirement goals about 10 years ahead of time! We are delighted. But now I’m trying to figure out the most responsible way to handle the departure from my work where I have a job with a lot of responsibility. I have two years, but when should I tell them?

A: Well, congratulations!

Whether it’s winning the lottery, receiving an inheritance or some other lucky star that brings you a lump of unexpected money, it’s great to already have a goal and know exactly what you want, and how you’ll use it.

The timing for giving your notice to your employer depends on your position in the company. The higher the position, the more notice you should give. For example, the common standard for frontline employees is two weeks, but if you are a division director you’d be expected to give a month or more. I actually know a CEO who’s planning to retire, and she gave over a one-year notice. By that logic, for you I’d suggest somewhere between one and 12 months. Once you decide to give your notice, let only senior management know your plans and ask them to keep it confidential.   The reason you want to avoid sharing the news companywide is that once the workforce knows you’re leaving, people might perceive you as a lame duck. You don’t want that happening sooner than it has to.

Another factor to consider is how easy or how difficult the position will be to fill. For example, If you have a unique skill set, knowledge and experience that will be hard to replace, then your best bet instead of recruiting might want to start grooming one or two possible successors, while you still have 2 years to develop them and transfer your knowledge.

Lastly, unless you and your spouse have immediate travel plans after you quit, consider remaining available as a consultant during a 6-12 month transition period after your leave.

Lucky dog.

©Copyright Eva Del Rio

Eva Del Rio is creator of HR Box™ – tools for small businesses and startups. Send questions to Eva@evadelrio.com