What’s the best month to retire?

It depends on what you consider ‘best.’ Here’s what to consider

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From the Summer 2016 issue of the magazine.

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Q: Is there a best month of the year to retire?

—Dory Urbano, Vancouver

A: It really depends on how you define “best.”  If you follow astrology, a consultation with the stars will tell you what’s best. If you play golf, I’d say April is best so you can plan your summer tee times unencumbered. But from a financial perspective, there isn’t really a best time to retire. That said, there are still a few factors to take into consideration. For instance, you’ll want to make sure you work long enough to qualify for the richest pension possible. And if you have a bonus or retirement allowance you might want to consider scheduling your retirement in December so that the bonus pays out in the following tax year, when you have no salary income. Whichever month you choose, I hope you have the best retirement ever.

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One comment on “What’s the best month to retire?

  1. Another advantage of December is to get an extra $2000 of pension income tax free vs waiting until January.

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