The Best Time of Year to Retire?

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Is there a best time of year to retire? There are reasons to retire a certain time of the year. They can be either financial reasons, practical or emotional.
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0:00 - Intro
1:20 - Finacially Motivated
4:22 - Emotionally Motivated
6:20 - Conclusion
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Опубликовано:

29 июн 2024

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Комментарии : 116

@bernie9728 6 месяцев назад

The best time to retire is between January 1st and December 31st. The best time to retire is as soon as you can afford to. Think about the reason you went to work in the first place. For most of us, we went to work because we were going to need an income to live life as an adult. It should follow that once you no longer needed that income that you would retire. That's what I did at age 62. That was almost 8 years ago now. Second best decision I have ever made.

@brindleandbay 6 месяцев назад

Agreed! What was your first best decision?

@Cfrancis1968 6 месяцев назад

April 30th 2024 will be my last day of work. 1. My employer does their yearly 401k contribution in February. 2. I will get my semi-annual bonus check on April 5th 2024. 3. ACA health plan doesn't start until the first day of the month. 4. I will still be 55 years old and will be just three weeks short of my 56th birthday and my 37th anniversary at work. 5. I am a runner, cyclist and van life type of person, so the weather is ideal in May for exploring.6. Used 11 weeks of personal days and vacation from Labor Day to Thanksgiving, recently, to get it of the books, so my income will be lower next year without a huge payout. This will give me premium tax credits to apply toward my health insurance.

@brindleandbay 6 месяцев назад

You sound like my friend who retired early too. Congrats!

@tl4633 6 месяцев назад

January 31, 2024 is my official retirement day. I am 57 and look forward to the new phase of my life.

@transitengineer 22 дня назад

Sorry, to be so late to the party but this video, just shown up on my You Tube feed. Now in my early 60's, I retired last year. Knew three (3)-years in advance the month that, I was going to retire which was in the Fall. This is because, it was after my birthday (which, gives me more pension money), after my work anniversary (which, gives me more pension money), and prior to the holiday season. With a private sector pension, a public sector pension, a 401(k), a 457 plan, personal savings, and social security .... "Life is great" (smile...smile).

@desimo147 6 месяцев назад

I think I saw somewhere that most companies provide health insurance through the end of the month that you quit in. So if your last day occurs during the beginning of the month, you have health coverage through the end of that month. A relatively small thing, but also worth thinking about.

@brindleandbay 6 месяцев назад

Good point !

@mrbuttons2065 Месяц назад

End of July - 3 reasons: 1) company bonuses go out at the end of June 2) I turn 59.5yrs old mid-July (thus, i can start taking out of my IRA) 3) I can add my vacation days to 4th of July holiday (spend out all my PTO) and max out my summer on someone else's dime.

@radarman2011 6 месяцев назад

My plan is to retire in May 2024, right after annual bonus time and just as the great spring weather kicks in. I have been in semi-reitirement for 1.5 years already, just working three days a week - but those three days are getting harder and harder . .

@brindleandbay 6 месяцев назад

I bet they are!

@andyklapper8484 6 месяцев назад

Figuring I'll work the first quarter so I can max out my 401K for the year. It also gets me past the winter months and into the more fun spring and summer months when I don't want to be stuck indoors.

@mvnman6807 6 месяцев назад

December is the best month to retire. Given an assumption that your wages increase each year, your wage for the last year is the greatest. The SSA takes the highest 40 years to calculate your Social Security payment. If you retire in July, your greatest earnings year will have less impact on the SSA payment to you.

@KimBrazelton 6 месяцев назад

The first business day after I turn 59 1/2 is my retirement day 🎉🎉

@davidperson777 6 месяцев назад

June 30, 2025 is my date to pull the trigger after 37 years at the same company (if one ignores being acquired twice). Picked that date for couple reasons, one financial and one emotional. My wife is one year younger than me and will turn 65 in July of 2025. Secondly, our busy season is from July through November and I am excited about the thought of having to endure on one more crunch period, as we call them. Will leave just as things begin to heat up. The other reasons you mention are icing on the cake (get to enjoy the summer and have 6 months for tax planning). I'm glad you are enjoying road cycling. It is something I've done since the mid '70s. Though these days I've traded in the cleats for flat pedals and swapped the lycra kit for more relaxed attire and have adopted a more mellow riding style. But I still enjoy building up my own bikes and wheelsets.

@brindleandbay 6 месяцев назад

Case in point! Thanks for sharing.. and congrats!

@Joeym1655 6 месяцев назад

When you dread Monday morning!

@brindleandbay 6 месяцев назад

Funny!

@don7117 6 месяцев назад

Dec 31 2023 is my last day. Picked purely for tax purposes.

@brindleandbay 6 месяцев назад

Congrats!

@kenarthur6253 6 месяцев назад

Excellent, friendly advice. Thank you!!

@terridrimel1056 6 месяцев назад

My husband retired from a full time schedule when he turned 65 due to his pension and Medicare starting. He still works casual, picks up shifts when he wants. I’m retiring from my schedule to go casual next April because my work insurance will run through the end of the April, and Medicare will start 5/1. Also love the idea of getting a jump on summer. :) So, for me, there are practical and emotional reasons for the date I chose.

@brindleandbay 6 месяцев назад

I’m a big fan of getting that extra summer.

@crazy5fingers 6 месяцев назад

Sometimes you don't get to chose. My company has been hit hard by the economy and offered and ERO plan (early retirement option) which I am taking. Originally they wanted people gone on 10/27/23 but due to projects, my last day will be 1/26/24. Before the ERO, I was seriously thinking about retiring anyways, so this was great timing, plus pushing it to Jan will help with taxes since I will get a large lumpsum severance. When you said we only have so many summers left, that really put things into perspective. How true that is...especially since as we age, what we can do during those summers becomes more and more restrictive. Happy retirement everybody!

@Shortcuts2185 6 месяцев назад

Retiring next month mid January. 29 years at my company and so grateful I had the opportunity to work that long in 1 location. Waited until I turned 55 to use the 55 rule. My wife will retire in a year and a half. Maybe I'll find some part time work to keep busy.

@user-nr4cq2eh4h 6 месяцев назад

I retired on April 1st. Somehow it just seemed appropriate.

@brindleandbay 6 месяцев назад

Funny!

@paulbrinkman952 6 месяцев назад

Excellent content, well delivered. Thank you!

@brindleandbay 6 месяцев назад

Glad you enjoyed it!

@kebo57 6 месяцев назад

Unless there are prevailing reasons, I think December is the best month of the year to retire because it makes the cleanest break with your taxes, insurance, and other things such as it aligns with any changes in company benefits which you may have to change due to your retirement. Jmho.

@brindleandbay 6 месяцев назад

Good point !

@tedlaurvik3765 5 месяцев назад

For me it was capture that extra Winter. I retired in time to get a full ski season in. Thirteen ski days so far... Yea!

@brindleandbay 5 месяцев назад

Sounds like a win!

@ronmexico5908 6 месяцев назад

Retire when the weather is getting nice

@brindleandbay 6 месяцев назад

For sure !

@richardrohrbough2639 6 месяцев назад

Come on people! It’s obvious. Independence Day is the best day to retire. 😊 That’s what I did in 2022 and it’s been a BLAST ever since!

@peggyowens5475 6 месяцев назад

Great points !!

@brindleandbay 6 месяцев назад

Thank you !

@meibing4912 6 месяцев назад

Have thought about the "summer" effect too. Sadly, one of my pension plans triggers yearly increments (with SEP 1 being my "step-up"-date). Makes it hard to rationalize leaving in the Spring.

@jdedad 6 месяцев назад

I think in the grand scheme makes little difference but maybe emotionally along the lines of your theme of calm and clarity makes sense

@brindleandbay 6 месяцев назад

Agreed

@markbernier8434 6 месяцев назад

Started the process when a death showed me working wasn't worth doing any more. In retrospect, I waited 5 years too long.

@headbanger1967 6 месяцев назад

End of March for me. PTO gets loaded up January 1 so when they will pay those hours when I resign. I want to add as much as I can into 401K during those three months and the remaining amount I keep will have very low tax liability. Weather starts to break in Spring, plan to put home on market then or finish getting it ready to sell by summer. So many of your points hit me pretty straight on.

@rayanderson3164 6 месяцев назад

Almost always a milestone. 55 is the trigger point for us and plan to walk away a few business days after that at the first of the month for pension and at 55 where I work retiree healthcare and 401k access. For me that is April of 25. Like you said, another summer off and tax planning.

@lauraarnold8117 6 месяцев назад

My FRA is 67 years old, which falls in June. I plan to retire then living off my retirement accounts until January when I will start social security. This is personal and financial, allowing me to pay off my mortgage and maximizing work bonuses, plus a little extra SS each month. Also I understand there is a maximum you can make your retirement year.

@choosetoshine2610 5 месяцев назад

Excellent content! New subscriber! ❤🎉❤

@brindleandbay 5 месяцев назад

Welcome aboard!

@arthurthomasware5004 6 месяцев назад

Plenty of excellent tips there, Nick, for those living in the USA. Me, I'm in Aussie-land. I'm 87 and have been retired for 28 years now. It's summer year-round here. Wonder how many of those 'dots' I've got left on Planet Earth? Oh, and I do post videos on Retirement on RU-vid under my full name: Arthur Thomas Ware.

@brindleandbay 6 месяцев назад

Tom, is that what you go by? Thanks for the comment. I took a look at your channel and great job on posting authentic and helpful videos ! What better person to learn from than someone retired for 28 years ? I subscribed!

@bluegillmich 6 месяцев назад

I am leaning towards early february (Its real winter in my parts), and to your point maybe i can front load my company match ( my companies match re starts 1 oct- i bet i could be done by 1 february)...

@brindleandbay 6 месяцев назад

Doesn’t hurt to ask!

@janofb 6 месяцев назад

1) Pensions are calculated, usually, based on the interest rate December 1. I told my wife to retire on the last day of November when the low interest rate from the previous year was about to be readjusted to the new higher rate. She received $80,000 more than she would have if she retired one day later. That $80,000 was more than her annual salary allowing her to retire a year earlier than she planned. Interest rates are important for buy outs of pensions. 2)It depends, but if you retire about 5 months after your SS FRA, you'll get a bump up in monthly payments. 1-4 months after FRA, no bump. In that case, waiting from month 4 to 5 pays.

@jimh8386 6 месяцев назад

7:53 the time between Nov 1 and Feb 28 (not exactly sure on end date). I plan to cash in about 1400 annual leave hours. If I leave at that time I can roll over my time into my 401/457 and split the income between both tax years instead of one to reduce my taxable income for the year I retire if that makes sense.

@oleboy4332 6 месяцев назад

My last day is a Friday in 2029. 59 1/2 baby

@brindleandbay 6 месяцев назад

Glad you have a day picked ! So many don’t.

@jaclarkfamily 6 месяцев назад

I'm a teacher so it makes the most sense to retire at the end of a school year. I have 8 more school years left if I retire the summer I turn 65. I'm keeping an open mind and educating myself and staying aware of my husband's retirement options so we will see how it works out exactly.

@brindleandbay 6 месяцев назад

Good idea !

@toddbaker9922 3 месяца назад

I am glad I found you! Timing for me is based on my Federal Pension availability. Psychologically, I do need to separate from employer to take care of family members and myself. Added bonus, I am done mid-May 2024, which does indeed give me the summer for enjoyment as well as time to do tax planning.

@brindleandbay 3 месяца назад

Welcome aboard! And, congratulations on your upcoming retirement!

@jenbo6793 6 месяцев назад

So I started Dec 24, 1994...29 yrs later my last day will be Dec 31st. Nick I just watched your video. You said mid year? I wanted to complete my 29 yrs. And start the New Year as a retiree. Your thought? Thx...

@randymillhouse791 6 месяцев назад

YES: After a major F up. But seriously, 3:47: Something I never have heard of. Great vid!

@brindleandbay 6 месяцев назад

Thanks for watching!

@mbcoco1505 6 месяцев назад

My company holds the previous years 401k distribution to the 1st week in May of the following year, 2weeks notice puts me near June 1st

@brindleandbay 6 месяцев назад

Congrats!

@AveryFossen 5 месяцев назад

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.

@bobb7918 6 месяцев назад

If I retire after the first 6 mos I get a full year of service for my small pension. If you leave the first of the month I get heath coverage for the full month.

@nickpower-fj9bu 6 месяцев назад

October with a termination payment. Tax effective and just in time for the Aussie summer…..

@ronloftis9080 6 месяцев назад

My company went to accruing vacation time per payroll versus the old way of accruing it at the start of the year. And as genglandoh said, age 65 when I can get on Medicare. So my birthday is in December, so I plan using up all my vacation time and retiring the following month on Jan 1st of the new year and go on Medicare.

@brindleandbay 6 месяцев назад

Sounds like a plan!

@chacod.hastiin3775 6 месяцев назад

62 is my target date which falls in Jan. 3 weeks PTO does not kick until July, unfortunate. I will burn all sick leave. I could careless about the company I work for now and Im thinking April. I should be financially set by then, house paid off or very close to it. Possibly work PT to be busy.

@brindleandbay 5 месяцев назад

Congrats! Hope you commemorate the big moment!

@VideoRansack 6 месяцев назад

What about retiring in the first half of the year so that one still qualifies for ACA subsidies? I don't think many of these retirement channels cover the fact that if you can keep your taxable income below ~60K that one can qualify for substantial ACA subsidies -- at least through the end of 2025.

@brindleandbay 6 месяцев назад

Good point !

@educatedwanderer9293 6 месяцев назад

I'm 55 and I have two sons in college still living at home. My plan is to reevaluate at age 60, when they will both be done with college. My employer offers health insurance to bridge from 60 to 65, so I have an option to retire at age 60 as my retirement portfolio is at goal and ready. If that doesn't work out I can make a plan at 60 to continue working until 65. I have a small pension at work that I can start at age 67 as well as taking SS at 67.

@brindleandbay 6 месяцев назад

Sounds like a good plan!

@edkolly7147 6 месяцев назад

I work in healthcare in Canada no bonuses and no raises in 6 or 7 years and wanting to cut back in benefits always hiring younger healthcare workers to safe company budgets!

@accudave 6 месяцев назад

I wanted to retire at age 59 1/2 but my employer needed more time to train my replacement, so I set the date for 60. I retired at the end of the month before my birthday so that I would get my first pension check on the next day. If I waited till my birthday to retire, I would have had to wait another month for my first pension check.

@brindleandbay 6 месяцев назад

Perfect example. Congrats on your upcoming retirement.

@bradleyvanzile1111 6 месяцев назад

Retired 17 years ago

@triciabrown1462 6 месяцев назад

If you have a flex spending account, my understanding is you can use your entire annual contribution right after it resets (usually January 1st). Even if you leave your job right after using it all, you don’t need to pay it back. It’s prorated to come out of every paycheck, but if you’re no longer there, you won’t owe the balance as a lump sum. An HR person told me that several years ago. It might’ve changed, but I haven’t heard that it did.

@brindleandbay 6 месяцев назад

Thanks for adding to the conversation!

@genglandoh 6 месяцев назад

I would add another milestone. When you and your spouse can signup for Medicare. My wife turns 65 in June 2024 so that is my date to retire.

@brindleandbay 6 месяцев назад

Yes!

@joeredman9354 5 месяцев назад

I figured out that if I quit in July, I'll get 85% of my SS. I'll still get to enjoy summer too...

@ansonhibbard3339 6 месяцев назад

Concerning Social Security Is there a better time to finish a quarter or year?

@dancurran8977 6 месяцев назад

I retired at the end of May this year so my income would still be small enough to qualify for a good subsidy with Covered California (ACA).

@brindleandbay 6 месяцев назад

Congrats!

@tedjohnson4451 6 месяцев назад

I'm retiring August 9th, 2024 when my Pension & Social Security reaches 100% Replacement Income. I'll need to delay Social Security by two months so my Severance Checks don't collide with Social Security & cause an Overpayment.

@brindleandbay 6 месяцев назад

Congrats!

@vernshird711 5 месяцев назад

My last day will be 12/31/25 (retirement date is 1/1/26). I get the max annual leave payout by waiting until the end of the year. My employer allows you to defer up to 85% of your leave payout gross to your plan (401k, 457b, etc) and it gets deferred in 2026.

@brindleandbay 5 месяцев назад

Excellent!

@benalfredo 6 месяцев назад

I'm 57 and want to retire in 6 months, i have a $40k annuity, plus a 401k depleted to $200k of money that i'm not sure what i can do with at this point, My retirement plans seems to be out the window, is it a good idea to get professional help?

@tailgunnerhikes4703 6 месяцев назад

Surprised birthdate was not mentioned as a factor. Due to a series of unfortunate events, I need to maximize social security, meaning working until my 70th birthday. Also, is it correct for those working past full retirement age that the SS bump up occurs in January? (Meaning one would not want to retire between their birthdate and end of year to avoid losing that increase.)

@brindleandbay 6 месяцев назад

Good point ! And… you might be referring to the COLA and you won’t miss out on that.

@janibeg3247 6 месяцев назад

hmmm.... i retired on May 1st. a few years ago

@JoeBlow-fp5ng 6 месяцев назад

I disagree about not taking current stock market values or economic conditions into consideration on what day you retire. If your planned retirement date happens to occur during some new market turmoil, I'd say it's best to hold on to your job a bit, if possible, to see how it plays out. One of these market downturns might be a several years-long recovery event and it could have been problematic if you retired in October 1929 or October 2008. Or if there is another pandemic kicking off.

@johngiesbers9811 6 месяцев назад

I retired 2 weeks after I returned from vacation due to an untenable supervisor. knowing that management does not last, I was never the less, unwilling to put up with it any longer. Didn’t care that I could have gotten a small bonus by staying another month or that I would get paid for several holidays in the next 3 months. Cutting the earnings year short means a large tax refund. And delaying social security in the new year means a lower tax bracket next year . Not to mention being off for all those holidays.