Best time of year to retire (UK!)

cfw1994

A few thoughts on another thread, but I feel this deserves it's own topic. Particularly for those here who are considering retirement in their near futures....

Ignoring the *financials* of when is right for you (one can always work another 6 months, right?!).....
what is the best time of year to retire?

As mentioned elsewhere, it feels to me like working a bit into a new tax year makes sense: perhaps 1st June.
The weather should be picking up, the potential to claim some tax back at some point....

I do know one who left at Christmas and immediately had a 6 week ski break, so I don't discount the option to go at any time and head somewhere (hot or cold), but wondered what others here think!

cloud_dog

I'll go when I've had enough (assuming I can afford to), otherwise I am planning on an end of March cessation of activity <<year TBC>>.... although I tend to get a wee bonus in June....Ho hum

SonOf

Ignoring the *financials* of when is right for you (one can always work another 6 months, right?!).....
what is the best time of year to retire?

If you are going to ignore the financials then it doesnt matter. Sooner the better!
If you are going to include the financials it can matter. Such as building up enough money to be able to put in a larger lump sum into the pension.

Sea_Shell

Every season has its benefits.

Being retired you can get the best out of any time of year, for getting out and about. You don't have to cram everything into your weekends or annual leave.

We both retired in July's, not through any plan, just coincidence.

You'll have every Spring, Summer, Autumn and Winter ahead of you, for the rest of your life!!! So your immediate retirement date is largely irrelevant!!

Nebulous2

I've an intention to spend summers here and tour Europe all winter, so imagine leaving the end of September. Though if I build up my annual leave and toil due that may mean leaving the end of August, early September and being paid to the end of September.

Dorian1958

Iretired at the end of April

Ms_Chocaholic

I'm not retired but I would say April/May when the weather starts to improve.

AlanP_2

I'm thinking an end of August date as thar will align with a birthday and will give me an extra year of NI towards SP.

Birthday is only psychological as actuarial reduction is pro-rata but just feel there is a difference between retiring at 61 or 62 even though there isn't really.

DairyQueen

The stars are aligned for OH to go in April 2021. End of the tax year when he accrues max SP. His limited company tax year end is 31st March, and his deferred DB accrues another year in April.

Add his birthday that month, and the warmer months to look forward and, for him, it's a no brainer.

enthusiasticsaver

Both DH and I retired in the winter (October and December) so we did not have to battle in to work in the foul weather. We both received tax rebates as obviously our salaries had been taxed assuming we were working a full tax year whereas we in fact had only been working for 8 or 9 months of the year. Worked fine for us. If you want to retire with nice weather you can always book a nice holiday somewhere sunny without any of the restrictions of having to get back for work. Nice month in Spain or Portugal in February sounds appealing.

Brewer20

I finished work the first week of the new tax year, so April. All round really a good time to finish but it happened that way not planned. Only drawback being as I'd taken voluntary redundancy my lump sum (part) was supposedly tax free, the HMRC didn't want to do that. They don't half make things difficult, I spent 3 months battling them to get the over paid tax back. Fully paid back I've never paid them any income tax since, now fully retired. I get my state pension next year which throws me over the threshold, back to paying tax, can't wait, not.