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View Poll Results: Did you delay retirement for OMY?
No 68 48.23%
Yes, for one year 19 13.48%
Yes, for two years 28 19.86%
Yes, but I lost count after delaying two years 22 15.60%
This is a stupid poll! 4 2.84%
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Old 01-13-2014, 03:57 PM   #41
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Probably will succumb to OMY or perhaps 2.

For us, it's more a question of
(1) whether to work at all (part-time, consulting, etc) or not
(2) how much we really want to travel in RE
(3) whether to count on anything from SS in 20+ yrs
(4) whether to assume any lump sum windfall from my ILs later on.

The sooner we leave, the more these or some combination of them will come into play.

Interestingly enough, once DW got over the initial shock of me showing her the numbers and that it could actually work at a high confidence interval, I have been equivocating and she has been the one saying get out right now!.
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Old 01-13-2014, 04:16 PM   #42
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Redundant - same as an asteroid strike...
(Recalling from another recent thread on who initiates divorce more, men or women)

For men, yes. For women, an asteroid strike (divorce) is heaven sent. My wife spells alimony as allthemoney.
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Old 01-13-2014, 04:30 PM   #43
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I knew my date from a LONG way out, planning to ER at age 58 as soon as I got my "80" points to qualify for the pension and health insurance. At age 50 I went into HR to ask some question or other about retiring and the HR guy (a good friend) said, "Wow, you can exit at age 55, a year before me". This was a wrinkle in my favor that I hadn't realized I had when I made a permanent transfer from my UK company to the US subsidiary company. Although my US pension was based on the number of years worked, and I still will get a small UK pension based on the 7 years service I had there, they count all the years together when calculating the 80 points. (age + years of service).
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Old 01-13-2014, 04:38 PM   #44
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My date was set in stone. I was assigned overseas for 2 years (to the US) and had a contract with an expiration date. They said at contract expiration I needed to become a US employee. I wanted to return to Venezuela. We couldn't agree, so we parted ways. Life is funny, because we never did more back to Venezuela, as other things happened.
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Old 01-13-2014, 04:53 PM   #45
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I stayed three more years.

I originally planned to retire in 2007, at age 48, as I would then have 30 years' service with the state. Lo and behold, late in 2006 I got a $20K per year raise. My pension plan bases its retirement benefit on years of service x 2% x the average of the final 3 years' salary.

Waiting 3 more years to take advantage of using that raise amount increased my pension amount from $27K annually to $45.5K. Staying on also helped by raising my years of service to 35 (33 actual years worked, plus service credit for having gobs of accrued sick leave and the maximum allowed of annual leave).

So, I retired in 2010 at age 52 instead of 48. Looking back, I'm glad I did -- and I still consider it an early retirement.
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Old 01-13-2014, 05:03 PM   #46
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I had two projects I wanted to see completed. Once those reached the market, retiring was straightforward in less than a year.
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Old 01-13-2014, 05:09 PM   #47
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We are partly in OMY mode right now. We reached FI to fund our everyday living a few years ago. But, with DW being in no hurry to retire (we reached FI well before our planned retirement age), we use the additional savings to fund a number of accounts earmarked for fun stuff like remodeling our retirement home or paying for future travel.
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Old 01-13-2014, 05:12 PM   #48
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I think a lot of people exit OMY mode because of some event rather than just deciding to finally leave. It might be a retirement/lay-off package, a required job change, new boss, health situation, increase tax rate (ok, let's not go there again!) or any number of things that trigger it. I had a great situation so I probably was in OMY mode for more than 2 years until I finally got the exit package to push me out the door.
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Old 01-13-2014, 06:09 PM   #49
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I think a lot of people exit OMY mode because of some event rather than just deciding to finally leave. It might be a retirement/lay-off package, a required job change, new boss, health situation, increase tax rate (ok, let's not go there again!) or any number of things that trigger it. I had a great situation so I probably was in OMY mode for more than 2 years until I finally got the exit package to push me out the door.
I agree.

I have been waiting to no avail for severance package (layoff or voluntary). The other events that can stop my OMY syndrome is having it out with my evil boss that leads to my resignation or termination, my parents passing (no need to support them), and my winning a lottery (or some kind of financial windfall).

People tend to hang on to their job when they have health problem. The job is needed to ease finance hardship that comes with fixing one's health problem.
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Old 01-13-2014, 06:18 PM   #50
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People tend to hang on to their job when they have health problem. The job is needed to ease finance hardship that comes with fixing one's health problem.
That can be true. I was thinking more of my dad's case where he had a heart attack a few years earlier and was still having some stress related health issues so he retired at 62. Or if they've got medical taken care of, some realize their days may be dwindling and want to make the most of them.
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Old 01-13-2014, 07:34 PM   #51
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I'm stuck on OMY at 59. I went part time 20 hours last February, working from home, good pay and they pay half my medical. The pay covers about half our expenses and keeps me happily occupied, with occasional travel. And we are at 100% on Firecalc, so I could easily walk away. I have found other things to do, volunteer, work out,not clean house, but I still like working a bit. DH retired 8 yrs ago and likes me working...
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Old 01-13-2014, 08:12 PM   #52
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Next week on January 18th, I will have worked OMY exactly. I'm still working, and my current plan is to hang it up around mid-year, meaning I will have worked a total of OMY&1/2. I chose the 2 yr option on the poll, since there's no 1 1/2 year option.....
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Old 01-14-2014, 10:11 AM   #53
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One more year started at 49. 50 came and I kept working hoping to quit at 55; actually, desperate to quite at 55. 55 came and went. Did some calculations and cross calculations of the pension and found out that I'd get a big jump in pay if I made it to the 30-year mark. So, I'm sticking it out "one more year" with Dec. 1, 2014 as my end date. Then I'll have served my 30-year sentence and have a pension (cola'd) that will keep me afloat and independent until I, or the pension, give out.

I highly recommend picking a real, live retirement date that's based on when you achieve your financial goal. Mine was to decide that my pension was good enough at 30 years. I could go for another 3 years after that and get a bigger jump at 33 years, but I want freedom before I die. Picking a retirement date made a huge difference to my state of mind. I can now say, "this is the last January 14 I'll ever have work for my employer." haha.

One word of warning. My uncle retired two days before he would have gotten a huge jump in his pension (worked for Honda). He thought he'd done his homework on when it was best to retire, but apparently not. He didn't get it in writing from the company. So, he missed a huge amount by only two days. Imagine living with that! It seems almost impossible that this could have happened, but it did. So, I'm getting my pension amount in writing from my company before I serve my last day just in case there's any dispute about the monthly pension amount.

One more year is grueling, though. So, in my mind, I'm semi-retired at my desk until Dec 1.
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Old 01-14-2014, 01:27 PM   #54
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I had decided in mid 2012 that I would bail at the end of 2012. I was burned out and hated the corporate world. I had also reached my "number" I felt necessary to retire, but by a nose. As the fates would have it, in late September of that year my father unexpectedly passed away, leaving my with an unexpectedly large inheritance that put my well past my "number". So I really didn't have to face the OMY syndrome at the end of 2012. Thanks Dad.
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Old 01-14-2014, 01:37 PM   #55
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I am still in OMY mode for more than 2 years until my youngest DD complete college. I am sure I could come up with more excuses then.
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Old 01-14-2014, 01:56 PM   #56
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I am still in OMY mode for more than 2 years until my youngest DD complete college. I am sure I could come up with more excuses then.
Graduate school, wedding, down payment for her first house?
Well, that is what DW is trying to pull me back with. But, no. My OMY is not renewable.
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Old 01-14-2014, 02:05 PM   #57
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Graduate school, wedding, down payment for her first house?
Well, that is what DW is trying to pull me back with. But, no. My OMY is not renewable.
Right on. I am not going to allow external excuses for OMY. If I have to do OMY or TMY, it will be because I need to (not b/c my DD would need to go to grad school).
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Old 01-14-2014, 02:18 PM   #58
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I am guessing that most posters in this forum would not postpone retirement as they reach FI. I am flabbergasted by the number of people at Boglehead with million dollars of assets consider themselves as not financially independent and choose not to retire. Reference: Net worth Survey 2014.
They must be in the "OMY mode for more than 2 years" indefinitely category.
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Old 01-14-2014, 03:52 PM   #59
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We are partly in OMY mode right now. We reached FI to fund our everyday living a few years ago. But, with DW being in no hurry to retire (we reached FI well before our planned retirement age), we use the additional savings to fund a number of accounts earmarked for fun stuff like remodeling our retirement home or paying for future travel.
Ok, I guess I'll have to come clean after reading this post. I am in OMY mode, although am basically playing games with myself saying that official FIRE date is 2/3/15. FIRECALC and others show 100% now but w*orking this year and next allows for pent up spending this year (remodeling, new car, furniture, etc.). I rationalize staying by saying with all planned time off this year's w*rkweeks will only be 60% time one week, 80% the next week through remainder of the year. Still, after a wonderfully peaceful weekend off, 57 minutes after being at w*ork today, I was already mad. Perhaps I may not make that 2/3/15 deadline...
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Old 01-14-2014, 04:05 PM   #60
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Ok, I guess I'll have to come clean after reading this post. I am in OMY mode, although am basically playing games with myself saying that official FIRE date is 2/3/15. FIRECALC and others show 100% now but w*orking this year and next allows for pent up spending this year (remodeling, new car, furniture, etc.). I rationalize staying by saying with all planned time off this year's w*rkweeks will only be 60% time one week, 80% the next week through remainder of the year. Still, after a wonderfully peaceful weekend off, 57 minutes after being at w*ork today, I was already mad. Perhaps I may not make that 2/3/15 deadline...
Ditto except I am doing some pent up spending now while I am in OMY.
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