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There is no socially-accepted standard regarding how much you should spend on a retirement gift, but rest assured that you aren’t expected to break the bank. Depending on your workplace culture, a retirement gift may not even be expected in the first place. Still, a retirement gift is a great opportunity to express your appreciation for someone you work with, and it may be considered proper etiquette to give a gift. If you’re curious about how much you should spend on a retirement gift, we’ve got you covered!
Steps
Question 1 of 7:
How much should I spend on a coworker’s gift?
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Spend $10-20 or so on a coworker’s gift. The vast majority of workers don’t spend more than $20 per gift when it comes to coworkers. [1] X Research source However, your relationship with the retiree will have a big impact here, so take that into account. [2] X Research source
- If you go lower than $10, it can come off a bit like you don’t care all that deeply about the person retiring. If you outspend everyone in the office though, your coworkers may feel like they’re being showed up. [3] X Research source
- If you rarely interact with this person at the office, nobody is going to shame you for not breaking the bank and opting for a $10 gift.
- If the two of you work side-by-side and interact on a daily basis, you should opt for a more thoughtful, expensive gift. Don’t go over $100, but get them something substantial—even if you didn’t like them.
- If you’re good friends with a coworker and they’re retiring after a long career at the company, feel free to spend up to $100.
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Buy them something related to their personal interests. Since the two of you know one another, take their personal tastes and hobbies into account to choose something specific to them. This sends the message that you put some thought into it. They’ll also get some good use out of your gift if it’s relevant to something they’re passionate about.
- If your coworker was always going on and on about how they couldn’t wait for the weekend so that they could go fishing, you might give them a custom fishing lure with the company logo or their name on it.
- If they always talked about the Chicago Bulls, you could buy them tickets for the two of you to go to a game together.
- For the world traveler who always spent holidays going out of the country, you might gift them customized luggage tags.
- You could get them a subscription to a “wine of the month” club, or some kind of reoccurring gift based on their personal interests.
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Question 3 of 7:
Should I get my employees a retirement gift?
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Yes, spend $20-100 to buy retiring employees going-away gifts. Have a little get together during the employee’s last month of work and celebrate the retiree. It isn’t mandatory, and it may not be expected, but it’s a nice thing to do for your workers. This is also a great way to keep morale high at the office. [4] X Research source
- Do not gift them cash or gift cards. It may cause some headaches down the line if your company is every audited, since the IRS may view it as paid income. [5] X Trustworthy Source Internal Revenue Service U.S. government agency in charge of managing the Federal Tax Code Go to source
- If you only plan on giving a specific employee whom you’re fond of a retirement gift, do it privately and outside of work so that other employees don’t catch wind of it. If you’re going to give a public gift, do it for all of your employees who retire.
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Get your employees something commemorating their service. Show retiring employees that their work was valued by getting them something related directly to their position at the company. If you don’t want to personalize each gift, it’s okay to simply give an official plaque listing their dates of service or something along those lines. Other potential options include:
- A framed photo of a major professional accomplishment, like a realtor posing in front of the most expensive property they ever sold, or a salesman holding their “employee of the year” award at a company party.
- For a teacher, you might get them an apple paperweight with their name engraved on it.
- If they were a car salesman who loved closing a deal, you could get them a nice model car inside of an acrylic case to be displayed on their bookshelf.
- For something a little less profession-specific, you could get them a customized crystal decanter with their name and title on it, or an engraved thank you award from the company.
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Question 4 of 7:
Do I get a retirement gift for my boss?
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Keep it under $100 if you do, but it’s not typically expected. If you work in a small office, your boss was especially good to you, or the two of you work closer together than the other workers at the company, it’s probably a good gesture to get them something. However, it’s not mandatory, and it’s unlikely that your boss will expect a gift from you if you answered to them. [6] X Research source
- If you are going to get them something, you can spend anywhere from $5-100 depending on your personal relationship. It all depends on your line of work and personal relationship.
- It’s generally not advisable to get a gift for your boss normally because it’s seen as brown-nosing. That’s not really a huge deal if they’re retiring, though. [7] X Research source
- Double-check your employee handbook or reach out to HR before doing this. Many companies have rules addressing employees giving gifts to managers.
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Give them something classy as a sign of respect and appreciation. Get your retiring boss something dignified that reflects your heartfelt appreciation for all they’ve done for you. Take their personality and hobbies into account as well.
- You could always get them custom cufflinks, a really nice tie, or a fancy scarf.
- If the two of you used to share a bottle of champagne after quarterly presentations, you might get them a really nice bottle of bubbly in a display case.
- You might get them an engraved case with chisel tip pen or something similar that they could display on their desk.
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Question 7 of 7:
Is a gift card a good retirement gift?
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It’s an acceptable option, although it’s a little uninspired. If possible, get them a gift card for something specific to them. If they’ve got a favorite restaurant or a store they love shopping at, get a gift card for that. This way, the retiree will know you were thinking specifically about them. If you just get them a regular Visa gift card or something like that, they’ll appreciate it, but it may not feel very specific to them.
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Do not give cash as a general rule of thumb. It’s a bit of an etiquette faux pas to give a retiree cash as a gift. It’s unlikely that they’d be personally offended, but they may take it the wrong way. A thoughtful gift will mean more to them than the money.
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Tips
- Depending on where you work, there may be rules against giving gifts that are more expensive than a few hundred dollars anyway, so don’t feel like you need to go overboard. [9] X Research sourceThanks
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References
- ↑ https://www.inc.com/peter-economy/want-to-buy-a-gift-for-your-boss-heres-how-much-money-you-should-spend-on-it.html
- ↑ https://www.cnbc.com/2017/12/14/5-dos-and-donts-of-office-gift-giving.html
- ↑ https://www.cnbc.com/2017/12/14/5-dos-and-donts-of-office-gift-giving.html
- ↑ https://www.phillytrib.com/lifestyle/back-in-the-day-time-has-passed-on-the-gold-watch-retirement-gift/article_5e853ac1-aa1a-5f2b-9bd2-f3b09dd9cd34.html
- ↑ https://www.irs.gov/government-entities/federal-state-local-governments/de-minimis-fringe-benefits
- ↑ https://www.inc.com/peter-economy/want-to-buy-a-gift-for-your-boss-heres-how-much-money-you-should-spend-on-it.html
- ↑ https://www.techrepublic.com/article/the-etiquette-rule-book-on-holiday-gifts-for-your-boss/
- ↑ https://www.bbc.com/worklife/article/20191206-the-science-behind-giving-good-gifts
- ↑ https://usacac.army.mil/sites/default/files/documents/sja/gifts.pdf
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