When is the best time to retire?

There is not necessarily a “best” time to retire; however, you may want to consider several things when making your decision to retire:

  • Cost-of-Living Adjustments (COLAs)

COLAs are issued July 1st to retirees and beneficiaries who have been receiving a payment for at least six months. Therefore, if you retire by January 1st of any given year you are entitled to a COLA on July 1st of that same year. If you retire after January 1st, you are not eligible until July 1st of the following year.

  • Payout for Annual Leave, Holiday, and Comp Time:

If you are considering retiring at the end of the year, you should remember that you may receive annual leave, holiday pay and comp time in the pay period following your last pay period.