Which month is best to retire in

zagfles

mark55man said:

Thanks Tony. 
Once in payment, my schemes adds an annual cost of living allowance (coincidentally) around the time the pension became deferred.  So if I go before the anniversary I get the COLA and if I go after I get the revaluation boost.  I will try and see if there is a way of getting both!  Your scheme may vary.

I think this means I need to worry about inflation in the year I take it as to which is best, and will probably act in a way that slightly decreases my 3% advantage given inflation is around 2% at the moment and possibly rising with post pandemic / post brexit costs

I think indexation in payment is usually pro-rata'ed in the first year, eg if the annual rise is in April and you start taking the pension in October you'll only get half the normal indexation the following April. Check with your scheme.

Cash-Cows

The best time to retire is as soon as possible. I hope that helps. 

mark55man

Hello - sorry to revise a zombie thread - but rereading it I just wanted to say how valuable all your comments were - especially the timing of taking my DB when I do that.

My retirement estimate then was late 2023, and I nearly made it I started a long sabbatical March 24 so not too far off but will return mid November for a last winter of effort, as my OH is busy so I don't want to hang around the house on my todd.

Other reasons not covered above for a slight delay
* Daughter doing a masters and needing a little more support which may as well come from salary not savings
* OH needing some elective surgery covered by work health policy but with a long waiting list on our NHS
* A project performance reward which is within reach but not if I am on notice when it triggers

So on balance R-day will be late May 25 aiming for the Tuesday after the last bank holiday!!  So not quite under 60 but still lucky to go well before 65