My wife and I will both be retired by the end of September. My employer is asking for an updated W-4. My current W-4 list zero deductions and an additional $700 withheld per pay period.

Should I make a change to my current W-4 upon retirement or leave it as is?

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    A W-4 informs your employer how much to withhold for federal income tax from your salary. Will you have salary from your employer after you have retired? – chili555 Jul 8 '17 at 15:48

If you were close to paying the right amount of tax each year, I'd leave it alone. You would be on track to get a refund. Alternately, do the math, see how much tax you will have paid in by the end of September, and run a trial tax return. If you are getting back more than $1000, you can up your deductions to avoid this.

Once you are retired, or separated from this company, the W4 is irrelevant.

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