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Re: Handling the "just one more year..." syndrome
Old 03-14-2006, 01:01 PM   #21
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Re: Handling the "just one more year..." syndrome

Quote:
Originally Posted by Mountain_Mike
Retirement plans tend to be seductive...to draw you into the "one more year" syndrome.* *Ours REALLY seems to penalize you from leaving even just a couple years early.

Here are some of my choices:

Retire 6/30/06* $46,104 per year
Retire 6/30/07* $52,872
Retire 6/30/08* $59,916
Retire 11/10/08* $63,528

Staying "that extra year" would increase my pension by over $500 per month per year.* In this case, getting an extra $17,424 per year for less than 2 1/2 years of additional service is something to think about.
I'm glad I don't have those choices to make. Of course another year of work would add a good chunk of money to my savings.................nahhhh. Money doesn't buy me any more time on this planet.
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Re: Handling the "just one more year..." syndrome
Old 03-14-2006, 02:00 PM   #22
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Re: Handling the "just one more year..." syndrome

Quote:
Originally Posted by Mountain_Mike
Retirement plans tend to be seductive...to draw you into the "one more year" syndrome.* *Ours REALLY seems to penalize you from leaving even just a couple years early.

Here are some of my choices:

Retire 6/30/06* $46,104 per year
Retire 6/30/07* $52,872
Retire 6/30/08* $59,916
Retire 11/10/08* $63,528

Staying "that extra year" would increase my pension by over $500 per month per year.* In this case, getting an extra $17,424 per year for less than 2 1/2 years of additional service is something to think about.
Those are tremendous increases every year.* To equate it with a savings plan, its like saving about $175K a year.

Depending on how much "work" is involved, with those increases it may be worth staying on.

The other way of looking at it is to pick a point where you would be comfortable with the income.* You could always make more, but how much is enough to live comfortably?
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Re: Handling the "just one more year..." syndrome
Old 03-14-2006, 02:28 PM   #23
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Re: Handling the "just one more year..." syndrome

Mountain Mike:

You didn't say how old you were. If you are 30 I'd say definitely keep working. If you are 75 then I'd say maybe you should get a few years in on RE before your health goes.

Somewhere in the middle, well that's a choice you have to make.
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Re: Handling the "just one more year..." syndrome
Old 03-14-2006, 02:39 PM   #24
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Re: Handling the "just one more year..." syndrome

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Originally Posted by AFloat
You can always get some more money if you have to, you can not regain your health or age.
With this I wholeheartedly agree. In many cases you can always find a temp job, be a consultant, work as a Wal-Mart greeter, etc... to make additional money if you ultimately find that you need it.
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Re: Handling the "just one more year..." syndrome
Old 03-14-2006, 04:04 PM   #25
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Re: Handling the "just one more year..." syndrome

I'm right in the middle of the " tough choice" zone. I was just thinking, I'm no happier now than I was when I made 1/10 what I make now. If it were only me, I'd bail out and adjust my lifestyle accordingly. But, there are other things and people to consider.

An annual increase that approximates saving $175,000 a year is a very strong incentive, however. Bottom line, 55 is my outer limit for ER, but I'd like to go sooner...
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Re: Handling the "just one more year..." syndrome
Old 03-14-2006, 07:12 PM   #26
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Re: Handling the "just one more year..." syndrome

Quote:
Originally Posted by Jay_Gatsby
In many cases you can always find a temp job, be a consultant, work as a Wal-Mart greeter, etc... to make additional money if you ultimately find that you need it.
I spent a couple hours yesterday at a doctor's clinic (nasty cold).* As I watched the lobby traffic, I noticed a steady stream of medical suppliers & couriers going into the lab.* There were at least four or five of them, and not one of them looked younger than 60.* In fact I'm pretty sure that at least one of those companies will have an obituary-related vacancy within the month.

I hope they get a good healthcare plan with a job in that field.
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Re: Handling the "just one more year..." syndrome
Old 03-14-2006, 07:15 PM   #27
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Re: Handling the "just one more year..." syndrome

This is a really great thread, and I'd like to ask my partner to sit down and read it, he is waffling right now on the "one more year" fence.

So could y'all do me a favor and don't insert any camel toes, squirrels or beavers for another day or two?
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Re: Handling the "just one more year..." syndrome
Old 03-14-2006, 07:27 PM   #28
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Re: Handling the "just one more year..." syndrome

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Originally Posted by Sheryl
So could y'all do me a favor and don't insert any camel toes, squirrels or beavers for another day or two?
No problem. Since you've already made references to all three, you've pretty much covered the bases for us.

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Re: Handling the "just one more year..." syndrome
Old 03-14-2006, 08:19 PM   #29
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Re: Handling the "just one more year..." syndrome

I was going to photoshop together a shaved squirrels beaver, but the baby doesnt want to be put down right now, so you're good to go.
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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 01:13 AM   #30
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Re: Handling the "just one more year..." syndrome

You guys are getting to me again. Maybe I should, maybe not...

The NOTS
1) I think we are FI but one more year always helps.
2) DW can spends whatever I make.
3) Health, I'm immortal (I think), grandparents lived to high 90's
4) What to do all day
5) Friends are NOT FI and won't be ER, therefore who do I spend days with?
6) Get paid a rediculous sum for what I do.
7) Some male in family has to work (OK son just started, but term)

The SHOULDS
1) Probably FI
2) Not immortal, M died 78, F at 55 (but cause not likely to affect me)
3) Getting bored at work

Options?
1) Outa here
2) New job (have an offer)
3) Consult? maybe, hot field but not a lot of contacts

Unfortunately, doing nothing is a lot easier than any of the others. Anyone else suffering from inertia?

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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 07:33 AM   #31
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Re: Handling the "just one more year..." syndrome

Quote:
Originally Posted by kumquat
You guys are getting to me again. Maybe I should, maybe not...
If it was that much of a toss-up for me, I'd keep working.

Hey... wait... it is, and I am...

Actually, I would enjoy doing precisely what I am doing, just half-time. Alas, I haven't found that job just yet.
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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 07:36 AM   #32
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Re: Handling the "just one more year..." syndrome

Quote:
Originally Posted by kumquat
Anyone else suffering from inertia?

I am the Mistress of Inertia.

But am slowly decreasing the hours I work. Now at about 1/3 or 1/4 time.
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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 07:46 AM   #33
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Re: Handling the "just one more year..." syndrome

Quote:
Originally Posted by Martha
I am the Mistress of Inertia. But am slowly decreasing the hours I work. Now at about 1/3 or 1/4 time.
Then you're my hero.

I'm working more than I would like, but thank heavens I really like my job. Part-time would be perfect but is not an option - yet.

Keep teasing me with stories about libraries, time-off, flexible hours -- good motivation to stay on plan.
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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 07:54 AM   #34
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Re: Handling the "just one more year..." syndrome

Quote:
Originally Posted by kumquat
Unfortunately, doing nothing is a lot easier than any of the others.* Anyone else suffering from inertia?
It's OK to do nothing while you are exploring all your options. It's called "preparation". Then, at some point when you feel the need to take action, you'll be well-prepared.

Quitting work is a HUGE life change. Not to be taken lightly, and not to be done just because it seems you "should" or you reached some arbitrary age.

Audrey
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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 09:23 AM   #35
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Re: Handling the "just one more year..." syndrome

Quote:
Originally Posted by Martha

But am slowly decreasing the hours I work.* Now at about 1/3 or 1/4 time.
I do that now, even though I'm at "work" 40+ hours per week* :

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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 10:02 AM   #36
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Re: Handling the "just one more year..." syndrome

Its not a black/white either/or. If you think you've got it and you're not a reckless person that thinks borderline stuff is good enough, then you should be good. Worst case, if in a year or two or three things take a little dip and you eat a little further into your cash/liquid money than you'd like, call your old boss back and take on a consulting job or go back to work for them as a temporary employee for a busy season or do something totally different for a few months until it blows over.

If you get 5 years into it and things still look solid, you're probably good to go from there.

Unless something bizarre happens I'd bet you're 2-3 months into it smacking yourself in the head for not doing it sooner.
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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 11:58 AM   #37
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Re: Handling the "just one more year..." syndrome

Quote:
Originally Posted by Cute 'n Fuzzy Bunny
I was going to photoshop together a shaved squirrels beaver, but the baby doesnt want to be put down right now, so you're good to go.
Thanks - you're a pal.
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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 01:07 PM   #38
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Re: Handling the "just one more year..." syndrome

I'm in that same MountainMike delemma. Not quite as dramatic, but using the same fuzzy logic, it would be worth about 3.5k per year if I was willing to work it, conservative estimate assumes no more promotions or salary increases of any kind. I'm comfortable in what I do, but the bottom line for me was the desire for personal freedom.

I figure I compromised in that I worked 3/4 of a year past the minimum retirement age for the system in place where I work (8 more days to go!).

That 9 months netted me nearly 5k per year extra, and seemed like the thing to do to get me to an acceptable level of compensation forever always. We calulated our expenses and figure our take home at about 10k per year more than current expenses, based on an about to paid off mortgage but adding in extra travel dollars, and keeping a permanent vehicle payment in the mix.

I just fudged up what 4 more years would have got me, nearly 14k more per year. Sounds like serious money, but just not for us. We will have "enough" to live comfortably, if not extravagantly. After all we made a serious (Joke) point of acquiring all the toys, some of which we haven't even opened yet during the best earning years of our lives.

Time to slow down now and smell the roses, or look for the fox in the woods. 8)
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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 01:16 PM   #39
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Re: Handling the "just one more year..." syndrome

Quote:
Originally Posted by Cute 'n Fuzzy Bunny
I was going to photoshop together a shaved squirrels beaver, but the baby doesnt want to be put down right now, so you're good to go.
I should hope not, he's still pretty young and probably has a bunch of things he wants to experience.....
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Re: Handling the "just one more year..." syndrome
Old 03-15-2006, 07:13 PM   #40
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Re: Handling the "just one more year..." syndrome

I find this topic interesting because I have wrestled with it so much personally.

There was a guy on this forum a while age (oldage pensioner?) who RE'd with a $2mil portfolio and went back to work. It seemed like it was mostly just a pervading sense of insecurity. I'd like to avoid that feeling, even if the tide sometimes seems to be running in the wrong direction.

In my case, I have decided to do 2 more construction seasons. The upside is I have winters to ski. Also, the numbers were so compelling--

current retirement (at 55--I am presently 53) $30,800/yr--if I take it early I lose 6%/year
with 1 more construction season (estimated, @ 55) $40,000/yr
with 2 more seasons (pull the plug 11/07, wait until 2/08 when 55) $50,000/yr

I could go yet another season after and get it up to $57,000-$58,000/yr, but it would really bother me not to be drawing on that pension once I am 55 years old, since the amount is not adjusted for taking it "late".

These numbers are the result of a lot of flukes of the system converging and how the average compensation is calculated (beware of engineers flogging spreadsheets....they can do serious damage).

Yes, there are always uncertainties. In my case, I am retiring in Canada with a US pension. So the "Bush Tax" (declining US dollar) is whittling away at my assets and pension if they are evaluated in Canadian dollars. But 2 more seasons allows me to burn my mortgage and fund my sons university (at least to the level I am willing to fund them). So it seems to work out.

If I decided to go one more construction season, I would start wondering about myself....at that point I would give Nords permission to fly to Alaska and beat me over the head with a surfboard.

As for the "mistress of inertia", seems like a good name for a heavy metal band. Or the start of a bad fish joke never mind...
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