Retire Smart: The Best and Worst Months to Leave Your Job скачать в хорошем качестве

Retire Smart: The Best and Worst Months to Leave Your Job

Why Timing Your Retirement Month REALLY Matters. When planning for retirement, most people focus on savings and investments, but the exact month you retire can have a significant impact on your finances and benefits. From taxes to healthcare, company perks to pensions, the timing of your exit can make a big difference. Here’s a general overview of why this matters and what to consider. Final Payouts Many employers provide a final payout upon retirement, such as severance, unused vacation pay, or other bonuses. While this can be a financial boost, the timing affects how much of it you keep. Tax Bracket Considerations: Retiring at the start of the year may lower your annual income and, in turn, your tax bill. Retiring later in the year could push you into a higher tax bracket. Company Benefits Some benefits accumulate over time, while others reset on a yearly or fiscal schedule. Examples include: Paid time off (PTO) payouts for unused vacation days. Annual perks like professional development stipends or wellness allowances. Other Considerations Healthcare planning is essential for retirees. Two factors to think about: Coverage Transition: Will you need to bridge the gap until Medicare eligibility Medical Expenses: Timing retirement near the end of the year might help if you’ve already met your deductible for healthcare costs. 401(k) For defined contribution plans like 401(k)s, timing matters in several ways: Employer Matches: Ensure you receive the last employer match for the year. Vesting Schedules: Make sure you’re fully vested in any employer contributions before leaving. Pension Plans If you’re eligible for a pension, the years you’ve worked may affect your payout. Some plans give credit for an additional year if you work even one day into the new year, while others require more time. Understanding your plan’s rules can help you choose the right retirement date. Restricted Stock For employees with stock-based compensation, the timing of vesting can significantly affect your financial outlook. Knowing your company’s rules about vesting and payout eligibility is crucial, especially if these shares represent a large portion of your compensation. Your retirement month isn’t just a random choice—it can influence taxes, benefits, and long-term finances. By aligning your retirement with company policies, financial goals, and personal health needs, you can start your next chapter on the best possible footing. Be sure to consult with a financial advisor or HR representative to fully understand how timing affects your situation! Chapters 00:00 Introduction 00:29 Taxes 01:10 Company Benefits 01:59 Healthcare 02:30 Defined Contribution Plan 03:20 Pensions 04:28 Restricted Stock FREE Retirement Ready Checklist: https://HolySchmidt.com/Checklist/ Important Links: Follow Me on Instagram:   / the_schmidtlist   Geoff's Facebook Page   / geoffreymschmidt   Federal Reserve Board Survey of Consumer Finances: https://www.federalreserve.gov/econre... Social Security Administration Application for Benefits https://secure.ssa.gov/iClaim/rib Current Social Security Cost of Living Adjustment https://www.ssa.gov/cola/ Social Security Payment Estimator https://www.ssa.gov/benefits/retireme... THE CHANNEL’S MOST POPULAR VIDEOS Should You Take Social Security at Age 62 and Invest it?    • Should You Take Social Security at Age 62 ...   7 GOOD REASONS to File for Social Security Benefits at Age 62    • 7 GOOD REASONS to File for Social Security...   Average Retirement Savings by Age 60. Are You Almost Ready to Retire?!?    • Average Retirement Savings by Age 60. Are ...   The BEST AGE to File for Social Security Retirement Benefits    • The BEST AGE to File for Social Security R...   3 Social Security "Little Known Facts" That Are REALLY Important    • 3 Social Security "Little Known Facts" Tha...   Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.