Harder than I thought it would be

[ProGolferWannabe]

So, I've done the math dozens of times, and my logical self knows that I am fully able to successfully retire, at least from a a financial standpoint. My wife is on board with my decision....this is something that we have both talked about and been working towards for years. Every time I look at the numbers, I keep thinking that if I just stay another 18 months, I will earn another year and half of salary, my pension will increase by x%, etc. I know I don't need the extra money, and it will really not have a material impact on my lifestyle, but, man, I feel like I am almost doing something wrong by leaving money on the table. No doubt if I stayed, I would probably feel the same way in 18 months---if I just stay another year, I can have an even bigger pension. Kind of like a rat on a spinning wheel, never able to get off.

 

[RobbieB]

If you want to work, work.

If you don't want to work, don't work.

Do as much of what you want to do and as less as possible what you don't want to do.

 

[Nemo2]

If you want to work, work.

If you don't want to work, don't work.

+1

 

[bingybear]

you miss the most important part. you pay 1.5 years of SS so that you can help fund others retirement goals.

decide what you want to do and when. If the numbers are close...you'll be fine. If you're a little under you can always tighten up a bit. This is much like all the decisions of life. If you make an error... you adjust. It could mean you go back to work... or don't have the health to send all you save on fun stuff. You adjust.

If you've been realistic on budget and modeled retirement reasonably, you should be able to retire.

So have you run your numbers on firecalc? How realistic are you on budget?

Do you really want out of the working world?

 

[travelover]

How long will you live? Know anyone that keeled over at about your age?

 

[Hillbilly]

If you want to work, work.

If you don't want to work, don't work.

Do as much of what you want to do and as less as possible what you don't want to do.

Nicely put

 

[Bamaman]

I would think by your "handle" that your job is getting in the way of your golf game.

Which do you prefer, working or golfing?

Time to hit the links. Money's not everything.

 

[ER Eddie]

I hear ya. I just finished making a list of the Pros and Cons of retirement. There are about 40 entries for each. I can make a good case for either going or staying.

Ultimately, there is going to be risk and uncertainty involved in a decision like this. I sometimes get trapped looking for a perfect solution (one without significant downsides) or assurances that I'm doing the right thing. I won't ever find that.

I have faith that I'll know when the time is right for me. Hopefully, you will, too. It's not an easy decision, I know.

 

[ProGolferWannabe]

Ultimately, there is going to be risk and uncertainty involved in a decision like this. I sometimes get trapped looking for a perfect solution (one without significant downsides) or assurances that I'm doing the right thing. I won't ever find that.

I think this is exactly correct (for me)

 

[JoeWras]

So, I've done the math dozens of times, and my logical self knows that I am fully able to successfully retire, at least from a a financial standpoint. My wife is on board with my decision....this is something that we have both talked about and been working towards for years. Every time I look at the numbers, I keep thinking that if I just stay another 18 months, I will earn another year and half of salary, my pension will increase by x%, etc. I know I don't need the extra money, and it will really not have a material impact on my lifestyle, but, man, I feel like I am almost doing something wrong by leaving money on the table. No doubt if I stayed, I would probably feel the same way in 18 months---if I just stay another year, I can have an even bigger pension. Kind of like a rat on a spinning wheel, never able to get off.

Welcome to the OMY club. One More Year.

I, too, am in your hell. A different level. No pension, but the fear of jumping off the wheel. Why?

 

[RobbieB]

Perfection is over rated.

Life becomes much easier when you give up on perfection and "that's good enough" is OK.

 

[OnTheBeach]

I am 46 - I did the "just one more year and i will have x dollars more" for 2 years. I have been retired for 8 months and haven't looked back. If you crunch the numbers and everything looks good - then go with your gut.

 

[Car-Guy]

OMY syndrome. Been there, done that (twice)

Looking back I'd gladly give back the extra money I made to get those two years of my life back.

There are somethings that money can't buy.

 

[street]

I know exactly how you feel and what you are thinking. Lol It is like anything you won't know until you try it. I'm not sure how old you are and what you have for money etc. If you can I would say retire but have a plan. Retirement isn't the end but the beginning and start of a new life new journey and venture. You will enjoy it.
I had some of the same feeling but just did it and it has been the best years of my life and I retired early. There is more to life then that job and you will discover it once you are gone.

 

[kimcdougc]

Good thing is, you have choices. Congrats on being able to retire, if you want to.

 

[UnrealizedPotential]

I don't know, I just never went through the OMY thing. I guess I never had a chance to. I never even questioned if I had enough. It turned out I have plenty, and I left my job early. But I hated my job, and the stress from my job was stronger than my fear of the unknown of quitting and living off my investments. The unknown is now known and I don't regret that I left. But I was willing to sell my condo and move to a cheaper state. There are things I gave up, but there are things I gained in the long term. But I never married or had kids. Sometimes things don't quite work out in life the way you plan it. But for every door that closes, one opens, or so they say, and life goes on. Leaving a job is a personal decision that one has to make alone as the consequences and rewards are all theirs.

 

[brucethebroker]

How long will you live? Know anyone that keeled over at about your age?

Agreed.

Would you be sorry over your choice to continue working (18 months from now) if one of the following happened:

Death of spouse?
Health condition (auto accident, stroke, etc.) that would reduce your ability to travel or otherwise live your dream retirement?

Many, many comments presented here are by, or about people who wished they had retired earlier while they still had the good health to travel, etc.

Something to consider........

 

[ProGolferWannabe]

So, first, thanks for the comments and observations. The comments about knowing friends who passed away at my age, the sudden death of a spouse, or just the loss of time (e.g. working longer vs. retiring and regretting that later) are certainly all things I have pondered, and all great reasons to start a new phase of my life. If push comes to shove, I could always go out and work again, cut back on expenses, be flexible as someone said earlier, but dropping dead is not something I can recover from as easily.

 

[phil1ben]

The assumption is that you would rather spend your remaining time doing things other than working at your current job. It also appears that you are now working each day to increase the size of your beneficiaries' inheritance. If you find that an acceptable reason to continuing to work then go at it. I did not and retired two weeks ago just shy of 57. Although I am only at this for two weeks, I can't describe how wonderful it is to do what I want to do each day. Good Luck.

 

[CaptTom]

...Ultimately, there is going to be risk and uncertainty involved in a decision like this...

I think this is exactly correct (for me)

Don't underestimate the risk of someday wishing you'd retired earlier.

 

[FIREmenow]

Don't underestimate the risk of someday wishing you'd retired earlier.

Wow! That's a powerful reminder.....
+1

 

[FreeBear]

Perfection is over rated.

Life becomes much easier when you give up on perfection and "that's good enough" is OK.

+1

Yep, no perfect or risk free solutions, just got to live life.

 

[marko]

Don't underestimate the risk of someday wishing you'd retired earlier.

+1
CaptTom: is than an original on your part? If so, bravo!

 

[Stratman]

If you want to work, work.

If you don't want to work, don't work.

Do as much of what you want to do and as less as possible what you don't want to do.

It's just not that simple for some of us. For the last few months, I was exactly where ProGolferWannabe is now. The numbers all said it was okay; the wife was supportive; everything said go so I set a date for the end of March and started the countdown. But something just didn't feel right. I wasn't at peace with the decision. So I decided I was going to stay until the end of our contract which is in July and see where I fell with the next contractor. I was okay with that decision but still unhappy with where I was.

I continued to pray about it, run spreadsheets, read this forum, still wanting to leave but not wanting to leave money on the table. Then it happened. I was assigned a project which was total BS and I knew I wouldn't be happy with it so I talked to DW and turned in my resignation the next day. As soon as I did I was at total peace with it so I know it is the right decision. I'm enjoying 2 weeks of vacation now then I have to go back for a week to close things out and then I am done on February 10th.

OP, the best I can tell you is that you and only you will know when the time is right.

 

[ProGolferWannabe]

It's just not that simple for some of us. For the last few months, I was exactly where ProGolferWannabe is now. The numbers all said it was okay; the wife was supportive; everything said go so I set a date for the end of March and started the countdown. But something just didn't feel right. I wasn't at peace with the decision. So I decided I was going to stay until the end of our contract which is in July and see where I fell with the next contractor. I was okay with that decision but still unhappy with where I was.

I continued to pray about it, run spreadsheets, read this forum, still wanting to leave but not wanting to leave money on the table. Then it happened. I was assigned a project which was total BS and I knew I wouldn't be happy with it so I talked to DW and turned in my resignation the next day. As soon as I did I was at total peace with it so I know it is the right decision. I'm enjoying 2 weeks of vacation now then I have to go back for a week to close things out and then I am done on February 10th.

OP, the best I can tell you is that you and only you will know when the time is right.

Glad you were able to make a sound decision, and congratulations on your pending retirement!