When the topic of retirement comes up, most people focus on two pieces of data: the amount of money they have saved (plus any sources of income they expect to have, like Social Security) and their age. Those two pieces of information give you a rough idea of when you might be able to retire, and as you approach retirement age (62 at the earliest for most people), you can usually focus on the year when retirement becomes a viable option for you.

But there’s a third data point to consider: What month are you retiring? While it may not be obvious, the exact timing of your retirement decision on the calendar can have an impact on both your finances and your psychological well-being. While everyone’s work, financial, and emotional needs are different, there are a few general considerations that can help you decide whether you should retire in January, June, or December (or somewhere in between).

Since we often focus on our finances when thinking about retirement, it makes sense to start with financial considerations. The best time of year to retire is different for everyone financially, but you can ask yourself a few questions to determine which month is best for you:

Pros. Does your job pay a bonus? Waiting to receive one makes a lot of sense, unless you want to limit your income in your final year (see below), and retiring a month before a big bonus payment makes… less sense. The extra money can be a useful cushion as you transition from a fixed salary, and you worked hard for that money.