Sentimental retirement gifts. Scrapbooks, photo albums and collections of notes from customers, clients or colleagues are often the most meaningful retirement gifts. While sentimental gifts take some effort to compile, they are likely to be cherished by the retiree. “Gift recipients of all kinds love sentimental gifts, ones that remind them of the gift giver and the relationship the gift giver has with the recipient,” says Jeff Galak, an associate professor of marketing at Carnegie Mellon University’s Tepper School of Business in Pittsburgh. “Givers should focus on gifts that exemplify the relationship they had and will hopefully continue to have with the person who is retiring. Research shows that this will not only be well liked by the recipient, but could also strengthen the relationship between gift giver and gift recipient.”
Experience retirement gifts. Retirees already have a lifetime of accumulated possessions, but almost everyone appreciates a fun new experience. “The research suggests that experiential gifts are better than material gifts,” Galak says. “That is, rather than give a gold watch, give a ticket to a concert. Even better would be to give two tickets, and go with the recipient. Not only will the retiree appreciate the experience itself, but they will have a chance to form a stronger bond with the gift giver.”
Social retirement gifts. For some people, retirement can be isolating and lonely. Consider including a social invitation with your gift, such as an offer to get coffee, see a movie or attend a sporting event. “Rather than buy them a material gift, give them the gift of time – specifically, your time,” says Michael Norton, a professor of business administration at Harvard Business School and co-author of “Happy Money: The Science of Smarter Spending.” “Retirement involves completely changing your daily routine, which included conversations with co-workers all day, every day. Commit yourself to spending regular time with someone who is retiring, and you’ll help them adjust to their new life.”
Hobby retirement gifts. If you know what the retiree plans to do after leaving the workforce, you can tailor your gift to the retiree’s hobbies or travel plans. “Subscriptions to publications, or to wine or gourmet food clubs, organization memberships, cultural events, lessons or activities in which the retiree has expressed interest, i.e. becoming more tech-savvy, learning a new language, painting, sculpting – even skydiving or rock climbing,” says Rosanne Thomas, president of Protocol Advisors. “The person is retiring from work, not from life. Treat him or her to an exciting new experience.”
Industry retirement gifts. A retirement gift can relate to the field you worked in. The gift might reference things the retiree created, bought or sold on the job or the many people he or she helped at work. “Different fields of employment could be taken into consideration, making the gift more related to their career. For example, if in aerospace, the gift might be a model of the aircraft you helped build. In construction, it could be a new toolbox with an engraving for their garage,” says Pamela Eyring, president of The Protocol School of Washington. “The company culture and industry will help guide your selection.”
Humor retirement gifts. Your retirement celebration can be enhanced with a good-natured humorous gift. Funny T-shirts and mugs are easy to come by online on sites like Etsy and Zazzle. Just be careful to avoid offending the recipient. “Remember ‘gag’ gifts, or any alluding to behaviors or interests that are not suitable for all audiences, are to be avoided,” Thomas says. “These are funny in the moment maybe, but soon lose their charm. You do not want to be remembered for your tactless gift.”
Group retirement gifts. The most economical way to give a gift is as a group. Consider taking up a collection at the office in order to give a significant gift without busting your budget. “There is a benefit by going in as a group,” says Cassie Mogilner Holmes, an associate professor of marketing at the UCLA Anderson School of Management. “Some experiences are quite costly, and a really great extraordinary experience is sort of better than the single bottle of wine you could buy by yourself.” Remember to include a card or item that everyone in the office signs.
A heartfelt note. Long after the chocolate has been eaten or the experience has been enjoyed, a retiree might stumble upon the thoughtful card included with the gift. “Present the gift in person with a heartfelt written and verbalized message of thanks for the retiree’s dedication, hard work and accomplishments,” Thomas says. “It is appreciation and acknowledgment that people want most of all.”