We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

When to retire

garrob · 2019-05-22 12:50:59

Hello, I will be 62 on 12th Feb 2022 and that is when I plan to retire. Is it best to retire on my actual birthday? or wait until the financial year is up, or wait until I get my pension statement in July? Thanks for any help in advance.

Comments

AnotherJoe Posts: 19,622 Forumite

22 May 2019 at 7:46PM

If you retire after the new tax year but before you earn as much as the personal allowance then you can reclaim back all the tax you paid so your effective rate of earning is higher than usual. Plus you can whack it all in your pension or a SIPP and then access it immediately. So worth considering working a little longer.

0