Poll: OMY - how many?

[fh2000]

I voted one year. DD is a sophomore. DS will begin college in September. We will be empty-nested.

Our biggest concern is what happens if market drops 20%? Do we still go, or do another OMY?

[W2R]

Quote:

Originally Posted by fh2000 I voted one year. DD is a sophomore. DS will begin college in September. We will be empty-nested. Our biggest concern is what happens if market drops 20%? Do we still go, or do another OMY?

Well, as someone who retired in late 2009, I'd say go for it! Retiring just a few months after a crash has been great since there was no way to go but up.

What I think would be tougher would be retiring in a thriving economy, only to experience a crash soon after retirement. The 2007 through 2008 retirees had a rough time of it, I would imagine.

[Katsmeow]

Quote:

Originally Posted by fh2000 Our biggest concern is what happens if market drops 20%? Do we still go, or do another OMY?

The problem with that is that sometimes people don't want to retire if the market is up because maybe that means a crash (or dip) is coming and it can be bad to retire at the top of the money and then have a huge crash soon after retirement.

So you get to a point where you can't retire if the market is up or if the market is down which can make it hard to retire at all.....

[jollystomper]

Certain things are happening at work and in my personal life (nothing "bad", just "surprising reactions") that are currently have me looking at OMY... I've got a couple more work meetings, discussions with DW, and (free as a work benefit) financial adviser meetings to make a decision by the end of March.

[fh2000]

Quote:

Originally Posted by W2R Well, as someone who retired in late 2009, I'd say go for it! Retiring just a few months after a crash has been great since there was no way to go but up. What I think would be tougher would be retiring in a thriving economy, only to experience a crash soon after retirement. The 2007 through 2008 retirees had a rough time of it, I would imagine.

W2R, I see what you mean. It is almost like I should wait for 20% drop then see if I still have enough.

Yesterday, DW and I went to our usual hiking spot and pondered our future risks that might affect our OMY plan:
1. die prematurely
2. get real sick (cancer, other major disease)
3. market drop 20%-50%
4. boomerang kids

[REWahoo]

Quote:

Originally Posted by fh2000 W2R, I see what you mean. It is almost like I should wait for 20% drop then see if I still have enough.

+1

The best time to pull the plug is when the market has dropped significantly. Unfortunately that's whet it's the most difficult to work up the courage to give up a job.

Quote:

Originally Posted by fh2000 Yesterday, DW and I went to our usual hiking spot and pondered our future risks that might affect our OMY plan: 1. die prematurely 2. get real sick (cancer, other major disease) 3. market drop 20%-50% 4. boomerang kids

You left out the asteroid strike...

[robnplunder]

I vote for two more years to increase traveling budget in RE. - or + one year depending on how the market does.

[My Dream]

I retired at age 49 which was 4 years earlier than planned. I wish I had waited a couple more years but didn't have much of a choice since my dw gave me an ultimatum, my family or my career. You see, I was self-employed and a workaholic and it was taking too much of a toll on our marriage. When I retired I gave myself a to do list that would last me about 10 years and I'm still working on it. In the meantime my wife started a part time job which lead to a full time, so I wouldn't worry so much about, "where is the money coming from".

In the end, it worked out great as my marriage is stronger than it has been while I was working. Now the kids…..have grown up, and become a handful.

[robnplunder]

Quote:

Originally Posted by REWahoo You left out the asteroid strike...

Divorce ...

[robnplunder]

Quote:

Originally Posted by Katsmeow The problem with that is that sometimes people don't want to retire if the market is up ...

This reminds me. Perpetual OMYers are there b/c they keep finding reasons to do OMY.

[hakuna matata]

Nope--not even close, the whole mindset doesn't work for me. We are still working but still on track for this fall. I would be retired now but we had to wait for my wife to get her 20 years in so she can get her pension. It isn't a huge pension but provides a large enough base for our retirement that we would have been fools to pass it up by her quitting when she was so close to getting it. And if she worked, I worked But all is on target, even though these last 183 work days are tough (not that I am counting or anything).

[CaliforniaMan]

Quote:

Originally Posted by Katsmeow The problem with that is that sometimes people don't want to retire if the market is up because maybe that means a crash (or dip) is coming and it can be bad to retire at the top of the money and then have a huge crash soon after retirement. So you get to a point where you can't retire if the market is up or if the market is down which can make it hard to retire at all.....

I added a 20 to 35% decline to my numbers to see if I should still do it. Adding in SS, it would still be a yes. It wouldn't be as much fun for sure, and I would cut back a bit, but I would still do it.

I am winding it up within a month or two of my plan, to finish up at the end of the quarter and clean up some loose ends.

I don't want to sound cute, but for me it was really more helpful to think of it as OLY rather than OMY. One less year I am healthy and able, and fired up to do the things I have planned. Based on all of the uncertainties of life, I decided OLY was not worth the gain of working OMY.

[John Galt III]

I had 2 years of OMY Syndrome going, and the 2 years might have become 8 years, but I got fired after 2 years of OMY.

[REWahoo]

With 50 voting so far the split is precisely even: 50% no, 50% yes. While I expected the OMY folks would be numerous I really didn't expect half.

[racy]

I voted No.

Last summer I came home from a stressful day at megacorp, grabbed a beer and joined my wife who was floating on a lounger in our lake. Half way through my Sam Adams it hit me: I don't have to put up with anymore stress, I could retire. And, so I did 7 months later.

[ziggy29]

Megacorp made that decision for me before I reached the point of pondering OMY. In retrospect, I'm really glad they did....

My original intention was to be out by 50. They whacked me at about 47 1/2. I had no say in the matter, but with the severance they gave me I would have taken it even if it were optional.

[rodi]

I've been saying age 55 or sooner if I'm offered a severance. I was planning on getting a severance last year when our division was sold to a new corporate overlord. So I was ready. That didn't happen.

I'm padding the nest egg in the meantime... and 2.5 years to go till absolutely drop dead date of my 55th.

If the market goes up a lot - I'll pull the plus sooner...
so I'm in the waffling OMY state.... It's not my drop dead date yet - but a year ago I thought I'd be retired now.

DH on the other hand just talked to his employers and meets with SocSec. on Friday - his birthday. He's not even waiting one extra day.

[REWahoo]

Quote:

Originally Posted by robnplunder Divorce ...

Redundant - same as an asteroid strike...

[Live And Learn]

Quote:

Originally Posted by fh2000 Our biggest concern is what happens if market drops 20%? Do we still go, or do another OMY?

My OMY disease is partially caused by my Fidelity RIP shortfall year dropping from age 92 to 81 if I only use 80% of my portfolio.

[Sirka]

No, I pulled the plug when I hit my goals:
when I turned 55 (2005) and earned enough to fund IRA for the year (March)
DW already pulled the cord (2004), so that mad it easy.