Poll: OMY - how many?

[REWahoo]

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.

 

[CoolChange]

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.

 

[steelyman]

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.

 

[MichaelB]

No negative options. As in, I didn't but [-]would[/-] might have if I had know better.

 

[REWahoo]

No negative options.

Can you get more negative than poll option #1?

 

[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!

 

[Meadbh]

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.

 

[steelyman]

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!

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.

 

[pb4uski]

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.

 

[karluk]

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.

 

[sanfanciscotreat]

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.

 

[GalaxyBoy]

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...

 

[Dash man]

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.

 

[scrabbler1]

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!

 

[Live And Learn]

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.

 

[W2R]

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.

 

[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.

 

[Greg V]

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.

 

[W2R]

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.

(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.

 

[Andre1969]

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!

 

[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]

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]

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]

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