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Started By
Message
Retirement negotiating... No OT-esque answers here please
Posted on 6/13/14 at 12:24 pm
Posted on 6/13/14 at 12:24 pm
So, I'm in negotiations to be a manager at a new business that opens up soon. For the time being, I will be the only full time staff. I know they are offering health benefits, and they havent settled on a retirement plan. If they do not offer one, I'd like to ask for x amount of a percentage increase in my annual salary (in lieu of a retirement benefit) so I can put that money away in an ira.
How would you word it if it were you.
How would you word it if it were you.
3
Posted on 6/13/14 at 12:31 pm to skygod123
I think asking for a 6% increase + tax rounding up would be appropriate. Or whatever your current match with your 401k.
Just say - you are losing retirement benefits and you are looking for more $$ to compensate. Its completely reasonable.
Just say - you are losing retirement benefits and you are looking for more $$ to compensate. Its completely reasonable.
Posted on 6/13/14 at 1:16 pm to skygod123
You are talking pure retirement. .. not 401k match... correct?
Posted on 6/13/14 at 1:17 pm to Hawkeye95
Pretty much what Hawkeye said.
What are you losing from current retirement plan, or what are their potential choices? If only 401k/defined contribution, then it's easy. If it's complex like a pension/defined benefit, you'll have to back calculate a reasonable percentage.
What are you losing from current retirement plan, or what are their potential choices? If only 401k/defined contribution, then it's easy. If it's complex like a pension/defined benefit, you'll have to back calculate a reasonable percentage.
Posted on 6/13/14 at 1:26 pm to Mr.Perfect
quote:Im just saying if 401k benefits isnt explicitly offered in the benefits package, i want to be prepared with a counter in the form of a salary increase. And, I want to not sound like a dumb arse when I say it.
You are talking pure retirement. .. not 401k match... correct?
So, I am fishing for help with the language in my request.
Posted on 6/13/14 at 1:32 pm to LSUtigerME
current place is a 3 percent match with a profit sharing dump in lieu of a bonus at the end of the year. ive never received less than 3 percent and most ive received is 10%.
I dont expect for them to give me 13%. ideally, I id get 6% if they dont offer retirement benefits. But, there are enough perks with the job that i would go as low as 3 percent.
I really think this is a good move for me. And, i dont want to be so aggressive that i frick it up.
I dont expect for them to give me 13%. ideally, I id get 6% if they dont offer retirement benefits. But, there are enough perks with the job that i would go as low as 3 percent.
I really think this is a good move for me. And, i dont want to be so aggressive that i frick it up.
Posted on 6/13/14 at 2:52 pm to skygod123
I would ask for 6-10% plus tax.
Posted on 6/13/14 at 3:48 pm to skygod123
I had a related issue a few years ago when I was moving from one firm to another. The health insurance at the new firm was significantly more expensive than the one I was leaving. Like $250/month more. So when they made me an offer, I countered 3K hihger, and told them it was purely for the health insurance. They agreed almost immedately.
I think if you are just honest with them it won't cause a problem (they may not go for it, but it should not cause hard feelings). This is of course assuming you aren't already getting a big pay increase by changing jobs.
You could also offer to have them withhold the amount from your paycheck and send it directly to the IRA.
I think if you are just honest with them it won't cause a problem (they may not go for it, but it should not cause hard feelings). This is of course assuming you aren't already getting a big pay increase by changing jobs.
You could also offer to have them withhold the amount from your paycheck and send it directly to the IRA.
Posted on 6/13/14 at 4:07 pm to LSUFanHouston
quote:there is a pay increase, and they know what I am making now. But, the job is a lot more responsibility. And, initially will be a lot more hours. If the business does well, I could see myself retiring here, one of the reasons i want to make sure i make clear my expectations of compensation from day 1.
This is of course assuming you aren't already getting a big pay increase by changing jobs.
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