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It depends on what you consider 'best.' Here's what to consider
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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Hi,
I want to retire this year, December. This is my question. I have a large pay out of sick time that will be owed to me when I retire. Should my last day be Dec 31 or Jan 1 ? Would my payout of the sick time be on my 2021 or 2022 income? I don’t want to be placed into a higher tax bracket.
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with a qualified advisor.