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OLY Syndrome? (One Less Year)
Old 04-29-2014, 05:40 PM   #1
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OLY Syndrome? (One Less Year)

Since I joined here last year, and reading of those with OMY syndrome, I have repeatedly found myself trying to justify One Less Year instead. When I first started thinking about ER, I figured between 60-62. After not too long, that became no later than 60. That's when I really started using the modeling tools. We ramped up savings % as I dropped the target to 58, then 57, then 56 over the winter. After turning 55 recently, I think I'm ready to go now, particularly with how stress has been ramping up at work. DW fully supports this, and she would continue working until she is 55 (only another 1.5 years).

I have tracked expenses in Quicken for 15 years, so I have a good handle on that. We have no net debt. (Selling our current house will easily pay off our retirement house.) FireCalc, I-ORP, and Fidelity RIP all seem to show I'm pretty good shape. We now have about $1.6M combined in 401k, 403b, Roth, t-IRA, and after tax savings. The SS AnyPIA projects us to have a combined $63k at age 70. I have a non-COLA pension of $27k starting at 60, and DW has a partial COLA pension of $21k starting at 65.

Anyone want to dissuade me from pulling the plug late this summer (after max'ing my 401k contribution of course)?
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Old 04-29-2014, 05:45 PM   #2
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Anyone want to dissuade me from pulling the plug late this summer (after max'ing my 401k contribution of course)?
Not me. Go for it...
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Old 04-29-2014, 05:51 PM   #3
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Do it. You're done.
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Old 04-29-2014, 06:57 PM   #4
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I agree. Congrats
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Old 04-29-2014, 07:09 PM   #5
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There is nothing wrong with retiring a little bit earlier than previously planned, if you are ready and feel your income will be sufficient.

Congratulations!
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Old 04-29-2014, 07:20 PM   #6
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Our plan calls for us to ER in late 2015 but we have really hit our number this year. I also have the OLY Syndrome but we need the time until 2015 to sell our house.
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Old 04-29-2014, 07:26 PM   #7
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How could I possibly attempt to dissuade someone who is planning not just a retirement, but a cat-tirement?

You seem to have been running the figures and considering this for a while now, and you also seem to be rather keen to leave the job behind.

I'll join the others in saying "Do it!"
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Old 04-29-2014, 07:37 PM   #8
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Track your expenses; your real expenses. Then you'll know if it would work.
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Old 04-29-2014, 07:46 PM   #9
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Looks good to me! Enjoy!
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Old 04-29-2014, 07:59 PM   #10
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Well, this is the Early Retirement forum, so you're unlikely to find much dissension here!

Apropos of nothing: I'm mildly surprised (though not bothered, it doesn't hurt me) by all of our contributors who are still working at 60+, or indicate that they intend to retire post-60. While I don't mean to suggest that such folks are unwelcome or have nothing to contribute, or that early retirement should be strictly defined to mean no later than X years, personally I believe that 60+ retirement is more 'normal' than 'early' … but to each his own.
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Old 04-29-2014, 08:47 PM   #11
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Are you pretty confident in your health care expenses in retirement?
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Old 04-29-2014, 08:47 PM   #12
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personally I believe that 60+ retirement is more 'normal' than 'early' but to each his own.
Evidently you didn't see the story that said half of Americans don't even have $2000 for an emergency fund. I think 60 is going to be considered early in the not to distant future.
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Old 04-29-2014, 08:57 PM   #13
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Very doable. Go for it.
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Old 04-29-2014, 09:12 PM   #14
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I'm conservative - I'd finalizing selling the house before pulling the plug. Other than that, go for it, if you meet your realistic expenses.
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Old 04-30-2014, 08:36 AM   #15
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Late retirement

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Evidently you didn't see the story that said half of Americans don't even have $2000 for an emergency fund.
I have the impression that the majority of Americans plan (sic) to rely exclusively upon SS for their retirement.

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I think 60 is going to be considered early in the not to distant future.
Perhaps we need a new "Old Dreamers" sub-forum?
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Old 04-30-2014, 09:02 AM   #16
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If I were you, I wouldn't wait to max out the 401k. Why waste the summer at work for a few extra $1000
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Old 04-30-2014, 06:20 PM   #17
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Are you pretty confident in your health care expenses in retirement?
I think so. I have compared several health insurance options, including COBRA on my current plan (expensive and short term), my MegaCorp's pre-65 retiree plans, ACA plans (unsubsidized rates), and DW's employer. I am leaning toward a MegaCorp retiree plan. They don't subsidize so I would be paying the entire cost, but being part of the large company pool brings the rates down some. I have included the costs of that plan, including paying deductibles, co-pays, etc. in my expenses for modeling. Going with DW's employer would certainly be much cheaper, but that would only last until she retires, which won't be that long.
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Old 04-30-2014, 06:41 PM   #18
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If I were you, I wouldn't wait to max out the 401k. Why waste the summer at work for a few extra $1000
That thought has been on my mind too, as it's a relatively small amount in the grand scheme of funds. However, I want to go out using the formal MegaCorp retirement process in order to ensure a smooth transition to their retiree benefits. (They say the process should begin 90 days before retirement date.) I also would feel better giving more of a transition time to my coworkers, most of which I still like, particularly for a new project I was just put on. So I can suck it up for OMQ (one more quarter).
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Old 04-30-2014, 06:45 PM   #19
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Well, this is the Early Retirement forum, so you're unlikely to find much dissension here!
That's kind of what I figured, but the reassurance is nice anyway.
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Old 04-30-2014, 06:49 PM   #20
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Our plan calls for us to ER in late 2015 but we have really hit our number this year. I also have the OLY Syndrome but we need the time until 2015 to sell our house.
Exactly my situation, except need the time to transition. Too many things to get squared away in preparation before pulling the plug in just 9 months.

That said, even with working only 30 days a week, every Monday off and every other Friday off, I can't believe how hard it is to go in to the office. I have nothing to complain about now--no stress (as I'm completely unengaged now), no issues, but still can't escape the desire to be doing something else somewhere else all day...like this (from the RetiredSyd blog, she's in Thailand)...

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