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  1. #1

    Best Time of Year to Pull the Plug

    I feel very fortunate because hopefully I will be leaving the workforce on my own terms. My plan is to say goodbye to the working world on 12/31/2018. My thinking is that it will make filing taxes (I do my own) easier by having a complete working year followed by my first non-working year. This seems to make a lot of sense to me. I would love to hear some thoughts on why folks picked the time of year they did to pull the plug.

  2. #2
    Working one day in 2019 will allow more Roth, IRA and 401K contributions. Another day in a month generally gets you the month's worth of healthcare and vacation.

    When does your pension consider a calendar year, if you have one? How about bonuses? Are you medicare or SS age, that may play into it.

    It's always a great day to quit work!

  3. #3
    That should be your tagline.

  4. #4
    Targeting 2018 here.
    How easy it is to file income tax does not even make the list of my considerations.
    Being able to Max. my contributions (and employer match) to 401(k) and IRA is important, meaning that I need at least $X of '2018 earnings.
    Being employed on 3/1 adds about 8% to my pension (compared to exiting a day earlier).
    Being employed on 6/30 reduces the "early retirement" penalty applicable to my pension with precisely 4%.
    And on it goes...

  5. #5
    Not the time of the year per se, but I knew my company would let me keep the company health insurance for the remainder of the month, so quitting on the first day of the month was what I intended to do, although I ended up staying a week longer.


    Sent from my iPhone using Early Retirement Forum


 

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