YMO, the opposite of one more year

S

SecondAttempt

Thinks s/he gets paid by the post
Joined
Aug 9, 2019
Messages
1,560
Location
Anytown
I find myself thinking about the opposite of one more year. I mentioned in the Healthcare forum that over the weekend I discovered that, out of ignorance, I was budgeting way too much for healthcare.

I have found myself pondering (and modeling) whether I can move my date up by a year. This is certainly driven in part by my company starting to bring back a lot of the BS stuff that was in place prepandemic and put on hold in early summer 2020.

Found out today a senior guy who has been with the company for 20+ years was reprimanded for something stupid last week and quit on the spot. He will be sorely missed and although I did not personally get along with the guy, it is aggravating that management just doesn't seem to get it that people are still under a lot of stress and have plenty of other opportunities.

Is there a term for the opposite of OMY, where you get fed up enough and leave earlier than planned?
 
I have not heard of a term for that, but I definitely think that you should RE now.
 
I haven't reviewed your finances, but if you were budgeting $10k and now it's $5k, imo that's probably ok.

One thing to make sure of, though, is to pick the right date on the calendar. Sometimes 3 more months is as good as OMY. Review when things like your bonus, 401k match, any additional profit shares, HSA match, etc., load up. Ensure you are on the right health care enrollment should you wish to cobra, etc. In my company, a lot of of our compensation sweeteners occurred in 1Q. Retiring in December would have been insane, since everything good loaded in Feb and Mar, so retiring on April 1 was the sweet spot.
 
If OMY is staying one more year after you have reach FI, wouldn't the opposite be leaving one year before you reach FI. If so, I wouldn't recommend RE without the FI. If FI, then every day is OMD.... Recalculating your estimated expenses and realizing you are FI sounds like right on time to me!



I do highly recommend not working!
 
Aerides said:
I haven't reviewed your finances, but if you were budgeting $10k and now it's $5k, imo that's probably ok.

One thing to make sure of, though, is to pick the right date on the calendar. Sometimes 3 more months is as good as OMY. Review when things like your bonus, 401k match, any additional profit shares, HSA match, etc., load up. Ensure you are on the right health care enrollment should you wish to cobra, etc. In my company, a lot of of our compensation sweeteners occurred in 1Q. Retiring in December would have been insane, since everything good loaded in Feb and Mar, so retiring on April 1 was the sweet spot.
Click to expand...


I agree with Aerides. I waited until the company profit sharing (7% of my salary)was deposited in my 401K in January than pulled the plug.
 
That almost happened to me when we lost the contract I was on 4 years before our 2024 target date. We tightened our belts a bit (but not THAT much), and it was OK. Then I was offered another job by my old boss, and it's been an easy and fun gig with a lot of the same people, and all the new people are pretty great, too. And then the markets tanked, which cemented my decision to go back to my "Class of 2024" plan. If we hit the lottery, I'd probably stay at this job for a while, although I might cut back my hours.
 
SecondAttempt said:
I find myself thinking about the opposite of one more year. I mentioned in the Healthcare forum that over the weekend I discovered that, out of ignorance, I was budgeting way too much for healthcare.

I have found myself pondering (and modeling) whether I can move my date up by a year. This is certainly driven in part by my company starting to bring back a lot of the BS stuff that was in place prepandemic and put on hold in early summer 2020.

Found out today a senior guy who has been with the company for 20+ years was reprimanded for something stupid last week and quit on the spot. He will be sorely missed and although I did not personally get along with the guy, it is aggravating that management just doesn't seem to get it that people are still under a lot of stress and have plenty of other opportunities.

Is there a term for the opposite of OMY, where you get fed up enough and leave earlier than planned?
Click to expand...

How about "NOW"?
 
Folks could "one more this" or "one more that" (bonus, 401 match, etc) forever and never go.
If your numbers fit your budget, and you are ready to retire now, then do so.
 
pacergal said:
Folks could "one more this" or "one more that" (bonus, 401 match, etc) forever and never go.
If your numbers fit your budget, and you are ready to retire now, then do so.
Click to expand...

+1000 I don't know what else to add. Pacergal said it perfectly. :)
 
1e53a7e3-b8e9-4796-b5ea-ba7c874e70f9.jpg
 
Simple: OLY - One Less Year.

You are FI, and planned to retire a few years in the future. But things has changed, so you intent to retire at least a year sooner - so One Less Year. :cool:
 
jollystomper said:
Simple: OLY - One Less Year.

You are FI, and planned to retire a few years in the future. But things has changed, so you intent to retire at least a year sooner - so One Less Year. :cool:
Click to expand...

Yep, that was what I was thinking. :angel:
 
Aerides said:
I haven't reviewed your finances, but if you were budgeting $10k and now it's $5k, imo that's probably ok.

One thing to make sure of, though, is to pick the right date on the calendar. Sometimes 3 more months is as good as OMY. Review when things like your bonus, 401k match, any additional profit shares, HSA match, etc., load up. Ensure you are on the right health care enrollment should you wish to cobra, etc. In my company, a lot of of our compensation sweeteners occurred in 1Q. Retiring in December would have been insane, since everything good loaded in Feb and Mar, so retiring on April 1 was the sweet spot.
Click to expand...

I was budgeting about $2000/month, $24,000 a year. ACA with subsidies should be closer to $12,000 a year for a platinum plan and likely less. I will need it for 4.5 years. So 4.5 times $12,000/year savings is $54,000 which more than pays for an extra year of ACA and in addition funds around half a year of my early retirement when I plan to travel a lot.

In my company we occasionally get small bonuses but $2000 is a huge one so not worth staying for. I do get a pretty good bonus when I hot 10 years, which is about 6 months before my planned date so it is unlikely I will actually change my date.

But I feel like I am coasting now. Retired but still on the job in a sense. I have enough integrity to get done what is expected of me but not seeking anything new and care very little about raises and stuff.
 
pacergal said:
Folks could "one more this" or "one more that" (bonus, 401 match, etc) forever and never go.
If your numbers fit your budget, and you are ready to retire now, then do so.
Click to expand...

+1 Except make sure your numbers are not cut too close to the bone. We often see on this website where some have not considered health, a downshift in the economy, etc and have to find work at an age where it becomes more difficult.

Cheers!
 
You must log in or register to reply here.

Similar threads

O
More than the DoR website said
Replies
2
Views
424
HI Bill
HI Bill
S
The one more year syndrome
2
Replies
44
Views
6K
meleana
M
F
One Year Anniversary
Replies
9
Views
417
NeilDH
N
D
Social Security - Any stabs at this one?
Replies
6
Views
875
Drake3287
D
J
Get more than one power of attorney original
Replies
2
Views
467
joesxm3
J

Latest posts

Back
Top Bottom