A well system can include a well tool with a retarder chemical. The retarder chemical is released from the well tool into an annulus and retards setting of cement therein. A method of retarding setting of cement at a location in an annulus can include releasing a retarder chemical from a well tool connected in a casing string, after the cement is placed in the annulus. A well tool can include a valve that controls fluid communication via a port between an exterior of the tool and a flow passage extending through the tool, an annular recess, and a dispersible annular exterior component received in the recess. Another well tool can include a valve that controls fluid communication between an exterior of the tool and a flow passage extending through the well tool, an internal chamber, and a retarder chemical in the chamber.