View Poll Results: Did you delay retirement for OMY?
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No
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68 |
47.89% |
Yes, for one year
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19 |
13.38% |
Yes, for two years
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28 |
19.72% |
Yes, but I lost count after delaying two years
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23 |
16.20% |
This is a stupid poll!
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4 |
2.82% |
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01-13-2014, 09:42 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Poll: OMY - how many?
The One More Year (OMY) syndrome is a frequently mentioned topic on E-R.org. I'm curious to know how many of you 'fell victim' to OMY prior to retiring, or if you aren't yet retired, are currently suffering from the syndrome.
I will admit to delaying retirement for a year after deciding to throw everything we could scrape together to pay off the mortgage before pulling the plug.
__________________
Numbers is hard
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01-13-2014, 09:47 AM
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#2
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Full time employment: Posting here.
Join Date: Apr 2006
Posts: 969
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I am definitely currently suffering. Basically, I have mentally prepared myself to work through the end of this calendar year then reevaluate early next year, maybe mid-Q2 after bonuses.
__________________
If there's one thing in my life that's missing; It's the time I spend alone
Sailing on the cool and bright clear waters; There's lots of those friendly people
Showin me ways to go; And I never want to lose your inspiration
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01-13-2014, 09:53 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2011
Location: NC Triangle
Posts: 5,807
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I'm still getting used to the new app and don't even see a poll
Whatever. But the answer for me is no OMY syndrome. Things just worked out that way, we'd finished funding obligations and I was happy with our work. I suppose I knew it was time for something else.
__________________
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01-13-2014, 09:56 AM
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#4
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,714
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No negative options. As in, I didn't but would might have if I had know better.
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01-13-2014, 09:58 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by MichaelB
No negative options.
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Can you get more negative than poll option #1?
__________________
Numbers is hard
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01-13-2014, 09:59 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,303
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I was one year for sure, maybe two but no more, so I voted 2. I didn't set a firm day/date where I told myself this is the day!
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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01-13-2014, 10:02 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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No. I had planned on 2012 way back in 2005. I had my doubts during 2008-09, but it all worked out in the end.
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01-13-2014, 10:07 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2011
Location: NC Triangle
Posts: 5,807
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Quote:
Originally Posted by Midpack
I was one year for sure, maybe two but no more, so I voted 2. I didn't set a firm day/date where I told myself this is the day!
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My date was easy, it was the end of the contract year (that's the way it works in academia). Yeah, I could have fudged around but I didn't want to make it complicated for me or the administration.
__________________
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01-13-2014, 10:07 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
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I had retiring when I turned 55 in mind for many years, which would have been 2010.
I was a little spooked by the investment markets from 2008-2010 and in 2010 we still owned 2 homes and had the expenses associated with two homes. In late 2010/early 2011 we demolished and rebuilt our vacation home which was going to be our retirement home.
We sold our main home in late 2011, and at that point having the proceeds from the sale to feather the retirement nestegg and a significant reduction in annual expenses going from two homes to one home I felt comfortable pulling the trigger just after my 56th birthday.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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01-13-2014, 10:08 AM
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#10
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Full time employment: Posting here.
Join Date: Jan 2013
Posts: 681
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It was around three years for me, and "two years" was the closest option in the poll. The way my pension is structured, it didn't make any sense to retire before I turned 57, and I actually retired shortly after my 60th birthday.
Three years is the financial side only. My real reason for delaying had nothing to do with finances. I had to make decisions about how to occupy my time in retirement, or I would have ended up with a lot of free time and nothing to do. So I could have also responded to the poll that I didn't delay retirement at all. I retired when I was ready to start a new chapter in my life.
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01-13-2014, 10:38 AM
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#11
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Recycles dryer sheets
Join Date: May 2011
Posts: 325
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No to OMY for me. The date was foreordained to coincide with the vesting of several thousand shares which are now valued at over $500K.
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01-13-2014, 10:54 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: The Beautiful Blue Ridge Mountains
Posts: 2,791
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OMY, just OMY. Maybe another year? I gotta get out of this rut! But just OMY and I'll have that much more cushion in my plan (or I'll drop dead before I finally pull the trigger).
Still working...
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01-13-2014, 11:11 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,655
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I didn't even consider OMY, but my DW is a different story. Those stock options she has get in the way. She can't stand the thought of leaving that money on the table by leaving before they vest. We have enough for her to join me in retirement and she will have a pension, but these options keep her tied to the job.
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01-13-2014, 11:18 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,695
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No. I had a set of conditions which, once they were all met, would enable me to ER. Those pieces fell rapidly into place in 2008 so when the last one of them was achieved I set my ER date. The crashing markets in the latter half of that year were a big help in accelerating my ER so not only was there no chance at OMY, I did not want to work even OMM (One More Month) than necessary!
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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01-13-2014, 11:21 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,866
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I voted 2 years but I think I have a 50% chance of going this year (which would make it only 1 year). Then again, I also think I have a 50% chance of going in 2016 (which would be the "too many to count" option). OMY really is a tough disease to kick.
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11
ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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01-13-2014, 11:32 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Poll: OMY - how many?
Not me! No way.
Officially I became eligible for retirement on Saturday, Nov. 7, 2009. My last day of work was Monday, Nov. 9, 2009. I delayed it 2 days until Monday, to avoid any question about eligibility due to it being a Saturday.
Previously I briefly considered the idea of retiring 2 years earlier, but slogged through until retirement eligibility kicked in so that I could take federal employee/retireee health insurance with me. Glad I made that choice, although it was tough to do.
I also thought of retiring 7 months later, when I turned 62, because I could contribute another $20,500 to the TSP for 2010 if I worked in 2010. Also at 62 my FERS pension/annuity would have been bigger and not decreased due to being under 62. But, enough is enough so I chose not to do that either.
I voted that I didn't stay OMY, because all along I had been tentatively planning to retire on 11//7/2009, with 6/30/2010 as a back-up plan just in case.
I guess instead of OMY, it was TMD (Two More Days), for me.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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01-13-2014, 11:33 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2009
Posts: 5,308
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I guess it depends on how you look at it. I went to fully retire in 2010, but was made an offer to work very part-time (about 1 day a week). So I called it early semi-retire and decided to do the very part-time. I'm still doing it. DH sees me as retired since I'm always here (he is definitely retired) since I work from home now. So, from his standpoint given the limited amount I work he just sees me as retired but doing a little work for fun. But, it could be seen as OMY syndrome which I sort of see it as. My reasons I guess are twofold. First, I was asked to do it by someone I like to help and didn't really want to say no to if the conditions were reasonable. Second, despite Firecalc and the Fidelity planner being positive with good results, DH retired and I semi-retired with us still having adolescent kids at home so our projected expenses for several years were high (college and all that). So my working even very part-time took some of the load off the portfolio withdrawals. But, again, my doing the part-time work really is a form of OMY since I don't need the part-time work for portfolio survival, more of a cushion than anything else.
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01-13-2014, 11:38 AM
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#18
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Recycles dryer sheets
Join Date: Apr 2012
Location: Birmingham, AL
Posts: 195
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Voted 2 years, but it was actually 2 1/2.
I initiated Year 1 and was asked to stay for Year 2 and the extra 1/2 year in order to complete work in progress.
Things worked out OK both financially and personally. It allowed me the choice to retire vice have a career change when the time came (mid 2012)...and I've enjoyed my new life immensely.
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01-13-2014, 11:43 AM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Quote:
Originally Posted by Katsmeow
I guess it depends on how you look at it. I went to fully retire in 2010, but was made an offer to work very part-time (about 1 day a week). So I called it early semi-retire and decided to do the very part-time. I'm still doing it. DH sees me as retired since I'm always here (he is definitely retired) since I work from home now. So, from his standpoint given the limited amount I work he just sees me as retired but doing a little work for fun. But, it could be seen as OMY syndrome which I sort of see it as. My reasons I guess are twofold. First, I was asked to do it by someone I like to help and didn't really want to say no to if the conditions were reasonable. Second, despite Firecalc and the Fidelity planner being positive with good results, DH retired and I semi-retired with us still having adolescent kids at home so our projected expenses for several years were high (college and all that). So my working even very part-time took some of the load off the portfolio withdrawals. But, again, my doing the part-time work really is a form of OMY since I don't need the part-time work for portfolio survival, more of a cushion than anything else.
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(emphasis mine)
From your description, I tend to see it the same way as you, as OMY. Which is not to say it is a bad thing at all; it is providing that cushion and it sounds like the inconvenience is minimal, if any.
Also I have always thought that you might miss being an active lawyer if you completely retired; many lawyers do, it seems. This way you can keep a hand in without knocking yourself out! Sounds like a "win-win" for a while, as long as it continues to be fun.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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01-13-2014, 11:51 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Location: Crownsville
Posts: 3,746
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I didn't vote, because I don't think my situation applies, as retirement is still a few years off. My target date tends to jump around from time to time, but the most consistent date I tend to fall back on is April 2016.
I have a feeling I'll put it off once I get there, but won't know for sure until I'm there, I guess! I could easily see myself putting it off until 2017, and then re-evaluating as that year progresses. So for the time being I'll say no later than 2020, when I turn 50!
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