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12-20-2014, 05:29 PM
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#21
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
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There are financial reasons to retire a few months into the year...
- Divert 100% of salary (if the plan allows) into 401k.
- Some places have bonuses that require you be an employee at payout of bonus for the previous year. (My old employer had switched to that policy when they realized folks were leaving the first few days of the year - after earning the bonus... but before the payout.)
- ESPP plans often have windows that are not even with the beginning or end of the year... Ours was May/November. If the stock has had a big runup - you might want to stick around to get that discounted stock.
That said - none of it played into my retirement date. I'd reached the point of having enough of a stash to support ER... but was in OMY mode (sort of) when I realized I was going to have to travel a lot to handhold a customer... I gave notice. (There was no actual business need - just trying to give the customer warm fuzzies at how attentive we were. )
I know under our old policy there was also an advantage to quitting on the first of a month - you had paid benefits for the entire month. They changed that also -my benefits ended the day after I terminated.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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12-20-2014, 05:48 PM
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#22
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Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,603
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I retired 4-2 so that I could enjoy all of the spring and summer off of work
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12-20-2014, 06:21 PM
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#23
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Thinks s/he gets paid by the post
Join Date: Oct 2014
Posts: 1,677
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My plan is work until March 31, 2015. I'm eligible on February 28, but will work in March so I am eligible to participate in the ESPP.
I will have some vacation time for 2015. I haven't decided whether to use the days or get paid for them after retirement. The monetary amount won't be significant so I'm leaning towards burning vacation to shorten my work weeks.
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12-20-2014, 07:00 PM
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#24
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Bay Area
Posts: 2,745
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December or August (after cashing out stock options).
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12-20-2014, 07:03 PM
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#25
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Location: Bonita (San Diego)
Posts: 1,795
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January 1st.
__________________
"So we beat to our own drummer in the sun;
We ask for nobody's permission to run.
I just wanna live in a world like that;
Now I'm gonna live in a world like that!" - World Like That, O.A.R.
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12-20-2014, 09:57 PM
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#26
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Location: Columbus
Posts: 1,118
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It will be June for me. Gives me almost a half year of social security income credit for the year and it gives me the warm summer ahead to enjoy.
I'll never understand why anyone would retire the last day of the year? Lose a paid holiday the next day? Not being able to say you worked until the following year which started a day later? Who does that? Maybe folks who feel sorry for some peon in payroll? I don't get that.
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__________________
Ohio REFI PE ENG and Investor as of 2016
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12-20-2014, 10:26 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Jun 2007
Posts: 2,657
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Unless there's some vesting date or bonus that would affect the date, I'm thinking March or April. I like the idea of retiring in time to enjoy the spring and summer, plus with only a partial year of income I can stuff my last OMY savings into Roth IRA and 401k on a year my income will be low because I only work part of the year.
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12-20-2014, 10:32 PM
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#28
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Recycles dryer sheets
Join Date: Nov 2014
Location: Pastures
Posts: 186
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6/1/17 is my date. I will be 55 and eligible for full pension. I had originally thought I would have to wait until my birthday in the fall but will have enough hours in by June. Will try to max out 403b for the year before going. Happy to be able to start out in the summer rather than the fall!
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12-20-2014, 11:46 PM
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#29
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Dryer sheet aficionado
Join Date: Jun 2011
Location: The mountain west
Posts: 35
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Quote:
Originally Posted by Al in Ohio
It will be June for me. Gives me almost a half year of social security income credit for the year and it gives me the warm summer ahead to enjoy.
I'll never understand why anyone would retire the last day of the year? Lose a paid holiday the next day? Not being able to say you worked until the following year which started a day later? Who does that? Maybe folks who feel sorry for some peon in payroll? I don't get that.
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Paid holiday? What's that?!? In my world the only way I get paid for a holiday is if I get assigned to WORK on that holiday.
__________________
If you want to go fast, go alone
If you want to go far, go together
~African proverb
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12-21-2014, 12:02 AM
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#30
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Confused about dryer sheets
Join Date: Oct 2014
Posts: 2
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Planning my date of bliss at March 31, 2015. The company known as Ma Bell is giving a 10% bump on either the lump sum buyout or the annuity. I haven't got the numbers yet until Feb 3rd. The company wants to kick out the old Boomers for some fresh meat. If it works out great... I will be FIRED. 36 years is more than enough but mostly it was a good job. My 401k is pretty hefty since I have been maxing out since I was 30. Listening to Bob Brinker while fishing in the delta canal 1985 when he made his mantra that resonated with me,,, max out your 401k in the sp500 and a bit in international. I never wavered and thanks to
Brinker for that advice I feel pretty wealthy.
I am 59 with little debt and now planning a 10 week trip in Europe in September. I ride motorcycles on long trips since I have the time. Use to ride from the SF Bay Area to British Columbia then to Montana, Idaho and Oregon and home. The ride would last 3 weeks. But what an adventure!
My DW will continue to work up to when we go on our Euro adventure. Goods days are here to stay! Now looking forward to managing my money in retirement. Just the tax thing is a bit over my head.
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12-21-2014, 04:45 AM
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#31
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 4,337
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I'll resign 5 Jan 2015. My bonus for 2014 was paid in December. Company match on the 401k occurs at every paycheck and is 100% vested for me. I fully vest in my SERP contributions 31 December. A large SERP payout will occur a few weeks after my separation from the company and I wanted to have it hit in a year without any earned income to minimize the amount taxed at 33%. I have already set my 401k to 100% of my pay so after SS, medicare, income tax withholding and HSA contribution it will all be tax deferred. I won't max out my 401k until sometime in February. My transition won't be that long.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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12-21-2014, 04:51 AM
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#32
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Location: Switzerland
Posts: 1,047
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July, 2015 one week before I turn 60. I refuse to retire at 60...59 it must be, if only for a precious week!
__________________
FIREd, April 1, 2015. My Retirement Benefits Package includes: 6 months vacation, twice a year.
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12-21-2014, 07:35 AM
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#33
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Posts: 3,088
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Some thoughts on a good time:
Fill up the 15% bracket then go
Wait until spring and the weather improving
If you get a bonus, until after the bonus
Max out you 401k as much as possible
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12-21-2014, 08:47 AM
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#34
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Location: Seattle
Posts: 6,023
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April 1.
1) I would be a fool to keep working.
2) Gives enough earned income for a full 401K/IRA contribution while minimizing taxes for that year.
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12-21-2014, 08:54 AM
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#35
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
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Mine was June 30, 2009. The day my contract expired!
__________________
FIRE'D in July 2009 at 51...Never look back!
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12-21-2014, 09:23 AM
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#36
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Posts: 2,511
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March 1st. I was asked to work for a number of months so they could find someone to replace me. The latest work date I offered was the end of February... that's what the took.... so March 1 I'm non-employed
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12-21-2014, 11:22 AM
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#37
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Full time employment: Posting here.
Join Date: Aug 2013
Location: New Jersey
Posts: 950
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I enjoyed reading all the replies - looks like a lot of folks are planning to retire in the Spring or Summer, so I'm in good company.
I'm currently in the 25% tax bracket, so retiring by May should keep me in the 15% bracket. I've been maxing out the 401K and Roth IRA amounts for a few years, including the over 50 contributions - so I have no plans to increase those amounts during the last few months. According to my plan, I would have hit 110% of my target number by the previous December 31, so I will dial BACK the 401K contributions during the last few months and put it in my fun money stash. I look at it as a walk across the finish line - not a sprint.
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12-21-2014, 11:33 AM
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#38
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Thinks s/he gets paid by the post
Join Date: Feb 2013
Location: Toronto
Posts: 3,321
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Quote:
Originally Posted by Helen
I went on my birthday in May. It was when I qualified for retirement benefits. It was also a great time of year for hiking. By the time (fair weather) backpacking season started I was in prime condition.
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May birthday as well and retired 2 days before it. The major point was to retire in the spring so I could go wild enjoying the fair weather - running, hiking, gardening. Of course, breaking my ankle a week later put a bit of a crimp in that but not that much thankfully.
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12-21-2014, 09:56 PM
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#39
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Dryer sheet wannabe
Join Date: Jan 2012
Posts: 23
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Aug 31, 2015 this date still allows me to enjoy the end of summer, and fall before enjoying a season of skiing. My schedule lightens up the last 4 months, so I view that as free money, which will go into the fun stache. I will be 45. Can't wait.
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12-22-2014, 11:06 AM
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#40
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Location: North Bay
Posts: 1,251
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May 2016. I chose May because I couldn't stomach losing one more summer to w*rk. I will become fully vested in retirement medical benefits in March 2016, and eligible for the 2016 bonus in April.
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