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What is "OMY"?
Old 01-06-2017, 06:12 AM   #1
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What is "OMY"?

Yes, I know it's "One More Year," and I *think* it's meant to signify the hesitation or fear that prospective retirees have in taking the plunge. But many here seem to understand it in different ways, positive and negative. Is there a thread anywhere exploring the different meanings people assign to "OMY"? The steps, if any, people take to finally vault over the OMY hurdle? The considerations to keep in mind. I have a countdown going to when I *can* retire - when I qualify for health insurance - and yet I know I am going OMY over that (unless we have a huge stock market year), although I think it will be a VERY unpressured year. But it's still OMY.
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Old 01-06-2017, 06:31 AM   #2
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My meaning on OMY: Beef up nest egg just to be safe and not be sorry later down the road. Grow hay when sun is shining. Why would I give up easy money now? etc.
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Old 01-06-2017, 07:35 AM   #3
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Most of the time OMY is used here to signify that you are FI but are doing OMY because you are either not confident in your plan, you like your work, DW or DH won't let you quit, etc... As an example I am FI but DW is working at least 5 more years and I found out that I was not ready mentally for ER. I am now targeting 2019 as my new date for the following reasons: DW will rate a second pension after 2021 so she may retire then at 50, I like my job-easy money and not too demanding, padding the accounts. Lot's of reasons someone would OMY. Now you know some of mine.
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Old 01-06-2017, 07:41 AM   #4
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To me, OMY means that much more money getting added to your stash, in exchange for one fewer year you have to goof around.

Six months after calling it quit, I was diagnosed with something that could have sent me 6 ft under. If I did not suffer through that, would still wonder about that money that I left behind.
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Old 01-06-2017, 07:44 AM   #5
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There probably is a thread, but why not discuss again? I'm in the midst of severe OMY right now. Sounds like you cover a few of the definitions.

Literally: one more year means that for some people. Maybe me. I'm 54, and at 55 if I stay with Megacorp, I could access my 401k at 55. A slight benefit, but really not that important. For many people, that OMY is crucial to a pension or health benefit. Not me. Sounds like it for you.

Figuratively positive: this usually means "I love my job, and I'm F.I., but I want to work one more year to accomplish 'x'" There was a thread here called OMY with meaning which discusses the possibility of using that extra money to change the world.

Figuratively negative: going through the motions. I don't know why I'm doing this. "People say" I should keep working, so I do. I don't know how I'll tell my friends I'm retired, they'll think I'm crazy. Etc. There are A LOT of stories here like this. This kind of thinking is very common. People have worked for 30+ years and know nothing different. They just keep doing it. They literally OMY until they DIE. No joke.

Figuratively anxious: a lot of us fall in this category. It comes down to "what if". We OMY to "get more cushion just in case." In case of what? Black swan? Health issue? You just don't know? I'm in this category. I come here to ER.org every now and then to get a kick in the butt. It is very easy to keep "cushioning yourself to death."

In my case, I think I got out of worrying about the cushion. My OMY is more to do with DW and her work schedule. She is in literal OMY, and will retire next year on the exact date she is eligible for very generous benefits. Not me. Instead, I'm exploring a job change to do something different. Almost like the "OMY with meaning" thread, but the meaning would be primarily for me and my brain. I may not get this little dream job where I could change my world. If I don't, I'll keep posting on Class of 2018 and ask for a kick in the butt.
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Old 01-06-2017, 08:02 AM   #6
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Quote:
Originally Posted by pjigar View Post
My meaning on OMY: Beef up nest egg just to be safe and not be sorry later down the road. Grow hay when sun is shining. Why would I give up easy money now? etc.
This is the same for me. At this point I'm trying shift my thinking from "OMY" to "OMM" (One more month).
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Old 01-06-2017, 08:28 AM   #7
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To me OMY means exactly that, One More Year in the workforce. It is not the definition of it, but the reasoning behind it that can vary for each person's individual circumstance. I don't think it is strictly related to a hesitation to retire, it is related to a conscious decision to put off retirement for one more year for whatever your personal reasons.
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Old 01-06-2017, 09:09 AM   #8
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I kept OMY, OMY, OMY, until it was OMG why am I still working?? This summer I came to the realization that I just cannot keep doing the stress of ridiculous workloads and unreasonable deadlines. I finished out last year so I would get my bonus (which turned out to be a bit of a disappointment, but was probably worth it).

I'm near the end of a major project and don't want to totally screw the people here by leaving just as I need to sign and seal the documents, so I'm targeting my last day in about a couple of months from now. If it slides much more, though, they're on their own.
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Old 01-06-2017, 11:00 AM   #9
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For me, the temptation to OMY has been related to legacy issues. My kids work hard and I know they're not likely to have the retirement resources that DW and I will have.

That being said, I calculate that our nest egg is approaching the point of sufficiency for not only the needs of DW and I, but also for a substantial blessing to our kids in their retirement years.
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Old 01-06-2017, 11:31 AM   #10
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Quote:
Originally Posted by pjigar View Post
My meaning on OMY: Beef up nest egg just to be safe and not be sorry later down the road. Grow hay when sun is shining. Why would I give up easy money now? etc.
At some point you realize, your time is limited.

Myself, I kept unknowingly doing OMY as I was not on this board, and didn't realize I could RE.

Finally some friends told me they would soon RE, which I found shocking !!!

It caused me to question them, look at my savings, and spending, and find this board, and within months I decided I could RE.
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Old 01-06-2017, 11:31 AM   #11
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I think for many it's just about adding padding/safety to their plan and nest egg.

For me - because of the market run ups after the crash... and an untenable situation at work... I pulled the trigger more than a year earlier than plan. No one ever talks about OLY.
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Old 01-06-2017, 11:36 AM   #12
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Approx. TMY for us, ONLY so that we can take advantage of DW's retiree medical at 55.
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Old 01-06-2017, 11:37 AM   #13
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Quote:
Originally Posted by hankster View Post
For me, the temptation to OMY has been related to legacy issues. My kids work hard and I know they're not likely to have the retirement resources that DW and I will have.

That being said, I calculate that our nest egg is approaching the point of sufficiency for not only the needs of DW and I, but also for a substantial blessing to our kids in their retirement years.
A friend of family besides buying a car and giving $$ to a relative, also left that same relative 50K in Will.
It was promptly spend on 4 cruises, and that same relative is again broke. ..

A cousin got an inheritance which in today's dollars would be about $222,000 , he managed to blow through all of it in 4 years, while his parents were also supporting him with a free education and room and board.

Hopefully your kids have more restraint than to simply blow the free money.
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Old 01-06-2017, 12:04 PM   #14
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Quote:
Originally Posted by rodi View Post
I pulled the trigger more than a year earlier than plan. No one ever talks about OLY.
OLY. Love it!

Quote:
Originally Posted by FIREmenow View Post
Approx. TMY for us, ONLY so that we can take advantage of DW's retiree medical at 55.
OMY covers TMY, TMY, FMY, FMY, SMY, etc.

And that's the problem. OMY frequently becomes TMY or ... EMY (8 more years).
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Old 01-06-2017, 03:27 PM   #15
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Quote:
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I think for many it's just about adding padding/safety to their plan and nest egg.

For me - because of the market run ups after the crash... and an untenable situation at work... I pulled the trigger more than a year earlier than plan. No one ever talks about OLY.
Yes. I read somewhere that for some people, there comes a time when they just have to pull the plug. No matter what happens, they decide they will deal with it because they just can't take their situation any longer. I also read somewhere that market run ups cause people to retire more often than not. The former wasn't my case, but the market run up definitely swayed me to ER.
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Old 01-06-2017, 03:44 PM   #16
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A friend of family besides buying a car and giving $$ to a relative, also left that same relative 50K in Will.
It was promptly spend on 4 cruises, and that same relative is again broke. ..

A cousin got an inheritance which in today's dollars would be about $222,000 , he managed to blow through all of it in 4 years, while his parents were also supporting him with a free education and room and board.

Hopefully your kids have more restraint than to simply blow the free money.
There's always that risk. That's why we plan on giving smaller amounts while we're still around rather than dump a big windfall upon death. They have a record of good money habits so far.
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