Yes. As long as he doesn't make a habit of it. Retiring that is.
However, Miss Manners says that if he cannot attend, sending along a card and small gift with apologies will cover it. A "previous engagement" (read: empty wallet) can always be remembered.
Personally, I would pony up and shut up. IF the man was so instrumental to me for years, I would want to show my gratitude and send him off with a nice dinner and gift. Uh, this DOES include a nice gift, right? It had better. $50 is not too much to cover a nice dinner plus a portion of the boss's dinner and gift.
That's my take on it anyway.
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