The one more year syndrome

[Sk08]

Thanks for replies everyone. Got some good input and ideas to think about.

 

[harley]

I FIREd in July of 2006. I was at 98% on FIRECalc, and was pretty nervous about making the move. The first couple years were sketchy, as we built a big house and spent a ton on furnishing and decorating. Then 2008 happened. Talk about flop sweat! But as FIRECalc had indicated, we made it through that and came out smelling like a magnolia blossom (I don't like roses). We've had about 15 years of spectacularly wonderful retirement, then I started having health issues which has cut into the joy a little. But if I had waited a bunch of OMYs, I'd have had more money than I needed, and a lot less joyful time.

If you are comfortable with your WR, AA, and FIRECalc percentage, I'd say do it, and do it now. As is so often stated here, Time > Money.

 

[Go-NoGo]

When you have had enough, and have enough - it's time to GO!

 

[dmpi]

If your job is too easy then you can easily succumb to the 'one year more' syndrome or the 'I'm going to wait until they fire me or lay me off' philosophy. Remember: Money isn't everything. Enjoy life while you can.

 

[mrfeh]

Thanks for mentioning a few numbers from our thread Feb. 2022.
That was when we first felt we were close to ER and didn't have our numbers accurate. Looking closer at our budget, we found we won't need to withdraw nearly what we originally thought. One big thing we overlooked was still adding money to same taxable investments we would be drawing from.

Even though our investment portfolio is close to the same now as it was when first asked for opinions, we are now at a solid 3% WR. And 3% at firecalc is close to 100% And that's not including the year and half liquid we have in money market, This past year I was forced with crazy OT, so that helped get our liquid up.

I've read many times that 3% WR should be perpetual, but if I was looking at a 50 year retirement, I wouldn't be comfortable with it.

YMMV

 

[FLSUnFIRE]

My original plan was July 2020 having set the date in late 2019. With the chaos of Covid, I delayed a year in a bit better financial position and pulled the trigger in 2021.


47 is a great age to retire!

 

[LateToFIRE]

I might be a classic case of OMY, as pushing 60 now, but truth is I never really gave that much thought to RE. And every time I set a "number," I'd revise it once I hit it - partly because I just wasn't ready to entertain FIRE and partly due to lifestyle inflation.

What I wanted most was to achieve FI and have the choice of what to do and how to spend my time. I'm a late starter in in the FI race, but worked hard to catch-up. I could have surely FIRE'd in my late 40's but felt I was mid-career and still very ambitious, so kept going.

By my 50's friends and family were scratching their heads wondering why is this guy still burning the candle at both ends as I was clearly FI. But, again I'm ambitious and had some things to prove for better or worse. I had also by that time set a rather aggressive NW target for no other reason than it sounded like a super-safe number. I don't plan on hitting that target now, not worth the extra years it would take, and certainly don't need it.

While still not RE, my priorities have shifted over the past year. The recognition that time is shorter than dollars really hit me owing to health scares, pandemic effects, seeing how folks a decade older are aging, recognizing agism has capped career progression, etc., all the usual "mid-life crisis" stuff.

I have a clearer path and vision of what I want now, which interestingly has allowed me to continue working, just in a different, healthier way. But, for sure, all the stories of FIRE I'm reading here are inspiration to make the transition.

 

[zfire]

Yep, pick a date and stick to it.

I picked a date. I planned everything with that date in mind and I stuck to it. It just so happens I retired in the middle of Covid and a bear market. I lived to tell the tale. Plan for the worst, hope for the best. There never is or will be a perfect time. Educate yourself on SORR strategies.

I was given similar advice a while ago. I'm about 5 months from the end of my OMY. I'm pulling the plug in March.

Similar age: I'm 49 and DW is as well.

Good Luck!

 

[HI Bill]

Would like to get feedback from some of you that ER but found yourself stuck in "the one more syndrome" after you reached the financial number you spent decades working and sacrificing to achieve.

My FIRE # and date were based on being single and living in a condo. Age 50, $1.5M goal. When I turned 50, I was married, and my wife wanted to do extensive travel and buy a house. I did 5 OMYs to be able to afford both. This gave us a big cushion, as in down times, we don't have to spend 100% of our planned budget. It also has allowed us to purchase luxuries I never thought we'd own (high-end speakers, mid-range jewelry, mid-end purses, etc.). It's sure nice to be able to splurge when you want to. That said, if you have a budget that you're sure will make you happy (and can easily live with), and your WR is 3-5%, and you don't like your J#b, then by all means, FIRE. I really struggled to w$rk between ages 50-55. But I'm glad I did!

 

[Landolink]

I’m 58. I just retired. My solution was just put a date out there and tell your employer. I gave 6 weeks notice. I had second thoughts and questioned whether I was doing the right thing. But eventually it felt right. I will find some work though but my goal is to have summers off. I probably have 40 time expenses but I still worry. Wife working and has insurance.

 

[flyingaway]

I’m 58. I just retired. My solution was just put a date out there and tell your employer. I gave 6 weeks notice. I had second thoughts and questioned whether I was doing the right thing. But eventually it felt right. I will find some work though but my goal is to have summers off. I probably have 40 time expenses but I still worry. Wife working and has insurance.

The decision is much easier when the spouse is still working.

 

[jollystomper]

Would like to get feedback from some of you that ER but found yourself stuck in "the one more syndrome" after you reached the financial number you spent decades working and sacrificing to achieve.

Seems like something is always going on in the world to make a person think they better work a little longer, the markets might crash. Age 47, so a lot of years to rely on investments.

(Hoping to hear from those of you that did not like your job)

How you were able to get past that hurdle?

Here is my thread chronicling my OMY experience, it may be of help: https://www.early-retirement.org/forums/f28/omy-glide-path-plans-81406.html

 

[2HOTinPHX]

I started a thread with some good inspirational videos regarding OMY syndrome. Might be worth watching for you.
https://www.early-retirement.org/forums/showthread.php?t=118539

 

[dunkelblau]

I probably have one of the longest OMY streaks on this board, nearly 20 of them before I retired late last year. In my case ER wasn't a binary choice because my employer was flexible with my work terms. No way I could have lasted through all these OMYs in my job exactly as it existed two decades ago.

My first decade of OMYs mostly involved moves on my side to avoid making a non-ideal but tolerable work situation worse. It was a mix of quiet quitting the parts of my job that I disliked, while putting extra effort and attention into my favorite niche projects that didn't have immediate value but turned out to meet long term needs of our business. One consequence for me was missing out on raises and promotions by not going into management, which for me was a huge blessing. I was already FI, so those carrots weren't important to me; work/life balance was my target.

My second decade of OMYs began with a failed attempt at ER where I got bored after three weeks, and management called me back to negotiate a completely different work environment. Since my niche suddenly became hot and in short supply, they asked me to work remotely on whatever schedule I cared to support on whatever projects I found to be worthwhile. So I moved to the beach, took variable on-call hours, and just continued on as subject matter expert where I had already climbed the learning curve.

My long OMY streak ended as covid faded away. During 2020 and 2021 everyone had to go remote, and by last year management wanted all of us to return to office. Business was also sinking in most of tech as the covid demand bubble deflated. So when management needed RIF volunteers, several dozen of us signed up (where I worked many FIs were piling up OMYs). No callback for me this time.

Now that I've had nearly a full year's worth of ER, I can say that I have no regrets for my OMYs because for me ER life ~~ OMY life. On the plus side I like the total schedule flexibility, but I miss working those interesting customer troubleshooting problems. So for me it's a wash overall.

 

[jebmke]

We never had "a number" -- it just wasn't a thing back then. Decision to retire was not a financial one. The financials were simply a gate.

I didn't really keep track of things until near the end of work-life; my gut tells me we blew past "the number" in late 40s ... 50 for sure.

 

[tmitchell]

I did 2MYs due to covid. In retrospect having retired at 54 I'm glad I ended up with the extra buffer as travel costs have risen significantly. That said, I often wish I had gone ahead with my original plan now that I've adapted to the new normal.

Given how young you are why don't you consider a mini-retirement and/or coastFI? You have enough to sustain a change in lifestyle that may be better suited to your desires at this stage in life. Could you work part-time or transition to another more interesting job for a couple years while your portfolio grows?

Forty-seven is pretty young and assuming you're in good health you'll have a lot of energy to do things. Have you also considered your social life post-work? I have struggled due to all of my friends still working. I'm relatively introverted and can occupy myself quite well, but the social component is still very important. Good luck.

 

[flyingaway]

If you don't hate your job, keep working. More money is better. Retire when you want to do something else or you just don't want to work anymore. Very few people actually retire when they hit their numbers.

 

[Sk08]

Thanks for the comments and telling your transition away from work.

To answer a few questions that was asked.

We live in a very small town around 1100, and going with part time has very few options, either at a gas station or Doller General... would prefer to not go that rout.
I walk to work, and the next closest town is 40 miles, so even if a less paying but more desirable job was available the drive would be a burden.

Don't know if I would go as far as say I hate the job, but don't like it much anymore. Change in far upper management are trying micromanage us. Our small town shop consist of 5 people, and main office is 170 miles away, and they are no longer a good place to work for. Turnover is high, in fact 2 out of 5 in our shop are new, and it's similar with all the small shops across the state. To make matters worse, our direct supervisor, 1 of the 5, that we get along well with, is going to retire soon, and the next supervisor up the chain is also close to retirement, and funny enough, the supervisor above that just retired, and we couldn't ask for better people to work under, so its only going to get worse.
I wont leave before next spring because winter is our busy season and leaving with 2 new people wouldn't be a nice thing to do.

I have between now and next May to make sure the numbers are good enough to be able to sleep at night if another decade like the 2000's happen.

 

[Dean56]

......BS bucket just got too full. As simple as that!

Same here. I've been retired for 13 months now and enjoy doing what I want, when I want. No jitters!!

 

[meleana]

I planned to work until 65 and was struggling to go that long. Then my retirement was decided for me by being “forced” to resign at age 62 by new management. Best thing that could have ever happened to me.