Cast Away The Plaques – Creative Retirement Gifts Are Smart
As workers move ever closer to their retirement years, they have a lot to prepare for, including considerations of estate planning, wills, Roth IRAs, where to live, and so on. The companies for whom they work should make their very last day on the job even more special with a thoughtful, creative goodbye gift.
Gone are the days when long-serving employees look forward to getting their retirement plaques and handshakes, then walking away. Today, people want a retirement gift that’s practical, usable and represents their decades of service.
So, if you’re still handing out retirement plaques, it’s time to stop. People don’t want a wall ornament that reminds them of work – they want experiences or items they’ll actually use. Read on for some fantastic retirement gift ideas.
The Classic Watch
Admittedly, the classic retirement watch isn’t the most creative idea, but it is a gift that you know your employee will use. By giving a long-serving employee a high-quality watch, you’re extending to them a great thank you gift for their years of loyal service.
That said, do not hand out cheap watches as retirement presents. Little sends the wrong message to a loyal former employee than a cheap watch that breaks after a few months of use.
The “Experience” Gift
Instead of loading up potentially mobile retirees with gifts and presents that will only clutter their lives, more and more employers are opting for the “experience gift.”
A trip to Europe, a cruise down the Amazon, a weekend spent learning how to skydive, a white water rafting adventure, an incredible night at a beautiful restaurant, an unforgettable spa retreat – these are all great retirement gifts. They also minimize the waste caused by producing, wrapping and shipping hundreds of thousands of plaques that will inevitably wind up in a landfill.
Golf or Country Club Membership
For many retirees, golf is a beloved activity that fills their days. If you know a long-time employee loves to golf, an annual membership to a nearby club is a great means of expressing your thanks and keep them living an active lifestyle.
Gifts to Avoid
As you search for a retirement present, remember that there are a few gifts that should be avoided at all costs. These include anything and everything that is branded with the company logo. They may love working for you, but staring at a wall clock emblazoned with their former work logo isn’t everyone’s idea of an ideal retirement present.
Next, you should avoid giving any gift that’s tied to the work environment. That means desk clocks are out, fancy pens are out, pocket protectors are out and really anything related to work at all should be rejected as an idea. You’re celebrating this person’s next chapter in life, not chaining their memories to their current one.
Finally, avoid gifts that are too expensive without talking to the employee first. The IRS has strict rules on what can be “gifted” to an employee and what counts as a taxable bonus. The last thing you want is for those retirement plaques to be taxed.