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Here are five ways the month you retireaffects your wallet.
But did you know your retirement month could affect whether you pay this surcharge?
If they stay for a full year of pay, their last year on the job could trigger IRMAA.
Tax Implications
Your retirement month can also impact your tax bracket.
waiting until December and staying in the same tax bracket with full pay, ONeill said.
Raises and Bonuses
Timing is crucial when it comes to raises and bonuses.
Special income payments often occur at a specific time of the year.
She provided examples: Many companies pay bonuses or stock options at year-end around the holidays.
Ditto for missed raises that may also take effect at a specific time of the year.
Workers who leave too early miss out, so see to it to time it correctly.
Vacation and Benefits
Your retirement month can affect your accrued benefits.
If employees retired on June 30, they missed out on another year ofpaid vacation days.
These are things that might be affected by retirement month, so confirm to look into it.
Off-Peak Discounts
Finally, your retirement month could affect your ability to take advantage of off-peak discounts.
By planning the month around your specific needs, you could end up saving money.
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