Is there a best month to retire? What factors should I consider?

Factors you should consider to determine the optimal time of year to retire. Taxes, Bonus, Medical premiums, what are you retiring to, etc. Can I retire now? Retirement Planning.
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_*PLEASE STOP USING Spreadsheets!_ It falls way short optimizing every retirement factor*
Retirement Tool Link I reference and highly recommend -- New Retirement. Free 2 week trial. $120/yr after. You will buy this after trying (I have purchased for 3 years).

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Most Popular VIDEOS
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RECOMMENDED FINANCIAL ADVISOR
Neil Fortwendel with Northwestern Mutual ph: 812 549 5213

Video by Lean Driven Reliability LLC
This is not investment advice. For entertainment ONLY. Seek professional help to understand your unique situation.

#retirement #retirementplanning #retireearly #retireearlyandtravel #financialfreedom #financialindependence #retirementincome #retirementstrategy #findingpurpose #keto #ketodiet #ketovore #hiit #hiitworkout #healthylifestyle

[joekuhnlovesretirement]

*_PLEASE STOP USING Spreadsheets!_** It falls way short optimizing every retirement factor*
Retirement Tool Link I reference and highly recommend -- New Retirement. Free 2 week trial. $120/yr after. You will buy this after trying (I have purchased for 3 years).


Need a CFP to create your retirement plan for a one time fee? My Recommendation: Neil Fortwendel [phone]. Neil created my plan. Plan updates as you wish for a smaller fee. Check Neil out on Facebook and LinkedIn.


*DO NOT GO IT
*Money Pickle - FREE! use link to set up a FREE 45 minute dialog with a Financial Advisor*
No obligation. Get answers to your questions. Get an expert to look at your plan.


Most Popular VIDEOS

RECOMMENDED FINANCIAL ADVISOR - Assets under Management or one time plan creation
Neil Fortwendel with Northwestern Mutual ph: 812 471 2492

Video by Lean Driven Reliability LLC
This is not investment advice. For entertainment ONLY. Seek professional help to understand your unique situation.

[jamesr]

May, May 1st to be exact! 5 days from now it happens! Chose this time because, as also a midwestern guy, it's when the weather blooms and Michigan comes to life. That will make the new normal so much better. Can't wait. Been dreaming of this day for a year (but only let them know about 4 months ago).

[OldManRiver]

Will retire September 30, bow hunting season starts October 1st. Nice riverfront, I live on the Mississippi.

[dforrest]

As a former teacher, summer just makes sense. They stretch teachers pay over 12 months but the pension starts right away, so that’s three months of double dipping! I retired with very little notice, so I actually made the official date July 1 because in June I was taking a 3 week road trip and wanted to make sure of the medical insurance. As it turns out, I didn’t need to worry about that, but the peace of mind and that trip made for a great start to retirement.

[danitzm]

At many companies if you work on the 1st of the month you get medical insurance for the whole month so it often pays to retire on the 1st instead of 30 or 31st.

[michaellindsay]

Another great video Joe. I'm 56 and just turned in my retirement notice this past Tuesday with an expected date of July 1. Everything that you mentioned is something i have experienced in my journey to actually pulling the plug. Project completion, bonus, etc, even to the point of my manager suggesting part time (which might work for me - we'll see 😅). Your videos have helped me a great deal, so ii just want to thank you for that. I do have a couple of thoughts on timing that you didn't mention. May not apply to everyone's situation, but they were part of my thought process....

1) Rule of 55 - leaving your job for whatever reason (layoff, retire, etc) in the year you turn 55 or later, you may have penalty free access to your company 401k funds. Must leave the funds with the current company plan and the plan has to allow it, but it may be an option.

2) Company insurance is typically paid by the month, so by retiring on the 1st of the month, you will still have insurance through the end of that month before needing to purchase insurance. If retiring on the last day of the month, insurance would be needed the next day. Again, may not apply to everyone, just my experience.

Thanks again for all the great videos and glad to hear your granddaughter is doing well.

[janetkenny]

I timed my retirement for mid December 2023. I had to meet 25 years of service to reach full pension formula, which I attained in Nov. I have to have a full 12 months of collecting pension to qualify for the annual pension GABA of 3% January 2025. Big for me was utilizing COBRA for the 18 months until 65, which this timing was perfect. I’m glad I retired in winter because I needed time to rest and get my routine figured out. I had no idea just how stressed I was. Now at end of April, I’m really enjoying my life, exercising, seeing family and friends regularly, and now getting my garden prepped for planting. I have a full summer planned with a little in state travel, festivals and concerts and planning a fall trip with my kids. I am surprised that I am spending less than I thought I would, which Joe has touched on. I have not heard a peep from my former work place.😊

[July..]

Time is precious especially as you get older. Spent my career in the maintenance skilled trades in manufacturing. I always liked when you would walk in and they would tell you how far behind you were before you started on shift with the equipment being down. 🤔

[MikeSellersGA]

Hit my FRA last month. My bonus cleared the bank March 1 and I turned in my notice that afternoon. I would have considered working longer since my wife has another year, but it wasn’t worth the stress.

[killerbgarage]

If you die, your job will be posted before your obituary, don’t kid yourself

[rowddyone]

My husband gets a bonus late Feb/ early March so right after that !😊

[John-wwfv]

My son has been able to help with such issues through a CFA he was able to link me up with.
Since hiring my advisor? It’s been better handling such financial turmoil that may happen. And so for my finances are stable.

[PorscheSpeedster-kznc]

Azul Wells has done a video on this in the past. I retired on December 30, 2021. I didn’t take any vacation that year and my paycheck with the vacation payout fell into the 2022 tax year resulting in lower taxes. In addition, I had a prorated bonus and my stock options payout in 2022 also. A nice kicker at lower taxes falling into the next year.

[July..]

Spring if you live in the cold weather states. 😊😊

[LivingRetirement]

For me, the time of the year did not matter. The important thing was to get the hell out of there!!! All seasons have positive sides and things to do. The bonus time was still 7 months away when I put in my notice. Insurance was ok! It so happened to be that I had tree felling and wood splitting to do.

[July..]

People fall into staying for holiday pay. I told them if you stay for another holiday after a holiday you will never leave. Kinda like hotel California where you can check out, but never leave. 🤣🤣

[bigbobby]

Excellent perspective as always! I might want to retire in late May/early June because those are the days that school used to let out for the summer when I was a kid, and that's the big kid in me coming out. We train our kids (this goes into college as well) to expect a Summer Break, Spring Break, Fall Break, etc. But then it's a stark reality when the working world begins and those entitled breaks go away, so I haven't had that experience in decades. I look forward to getting back to those days of actually having time to live my life outside of work, and am making every preparation I can to do that in the next few (hopefully 3-5) years.

[Harmony]

Joe one more factor is many of us rent where we work. $-$$

Last commet I find the numbers vary if you have your retirement home paid (with or without HOA) and a small pension
It is still scary as heck for a one income person to make the plunge but time is more important than money now I agree
My friend has cancer at 50 and it is a real shock and eye opener

Thx for your videos

[genglandoh]

Cleveland OH
I decided to retire on May 31 2024 at 67 1/2
My wife turns 65 in June 2024 and can sign up for Medicare.
My company pays my 2023 bonus in April every year.
So it was a good date for us.
I decided to give my management (boss and VP) 12 months notice.
Both of them have treated me and others very well over the 15 years I worked for them.
I just got my normal bonus so they continued to treat me well.
Earlier this year they both suggested I could work part time.
I am a project engineer which requires lots of travel but I am done with sitting in airports.
I do have a retirement plan that I started 6 years ago.
1. Got my USCG Captains License
2. Got hired 6 years ago by a training company to do the USCG Captain License Class (2 classes per year before retirement and 4 classes after retirement)
3. Got hired last month by Freedom Boat Club to train members on Rules of the Road and how to dock the clubs boats. (starts in June)
I will not make a lot of money but I will be having fun.

[johnfitch]

I'm retiring January 31, 2025. 30 years to the day since I started at my current company.