What Month Should You Retire? Ep #96

Did you know that some months are better than others when it comes to retiring? What month YOU should retire depends on numerous factors, like what you do for a living, health insurance, your retirement portfolio, and even <em>the weather.</em> We’ll cover it all in this episode of the Retirement Made Easy podcast.  <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>[0:26] The top 5 episodes of the podcast you need to listen to</li> <li>[3:26] Check out FREE resources at RetirementMadeEasyPodcast.com!</li> <li>[5:05] The best month to retire by profession</li> <li>[9:03] Factor in when you can jump on Medicare/health insurance</li> <li>[9:40] What to do when life throws a wrench in your plan</li> <li>[11:56] The two months I would choose to retire</li> <li>[14:08] Why the <em>weather</em> should be taken into consideration</li> <li>[16:41] Consider all of the factors that will steer your decision</li> </ul> <h2>What is your profession?</h2> <p>What do you do for a living? If you own a business, you’ll want to sell your business and retire in <em>January</em>. Why? It’s a clean slate for your taxes. You won’t be taxed on earned income PLUS whatever is due on the sale of the business. </p> <p>Many teachers retire in July when they get full credit for the previous fiscal year. Teacher’s pensions are based on your best three working years. Typically, that’s your last three working years because you’ve gotten raises along the way. Some teachers will work in Summer school, which is included in the pension calculation.</p> <p>Does your profession impact when you can retire?</p> <h2>Do you have a bonus to factor in?</h2> <p>I encourage those who work in the corporate world and get a yearly bonus to wait to retire until that happens, which is usually in March. For example, bonuses from 2021 are typically paid out in March 2022. I don't see it as an ethical dilemma. That bonus was earned the previous year. It’s the same with company stock options. Once they’re issued, they’re yours. </p> <p>Lo