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Consultations with numerous working pre-retirees over the last few years have revealed that the One More Year (OMY) Syndrome is a real phenomenon. But, does it have to be?
Let’s look at the One More Year Syndrome, its causal factors, and if there’s a “cure” for the (OMY) One More Year Syndrome.
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One More Year (OMY) Syndrome Defined
A person afflicted with One More Year Syndrome continues working for “one more year” even though they’ve reached financial independence, and no longer need to work for a paycheck.
According to the Physician on Fire website: OMY syndrome is often looked down upon in the forums as a weakness in fortitude. If you can afford to retire early and choose not to, you are clearly guilty of some sort of moral failing.
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Is the “One More Year” Syndrome real, and is it the result of some moral failure?
Let’s start by listing reasons to continue working and reasons to quit working:
Continue Working “One More Year”
There is no question that working provides many benefits. Most of the following benefits were noted in the blog QUITTING WORK- THE HAMSTER WHEEL, and HOW MUCH IS ENOUGH?- TWO CONVERSATIONS.
Let’s look at these reasons to continue working a little more closely:
- Financial compensation– this one’s pretty easy to understand. More work= more money.
- Workplace friendships– many people develop close friendships with coworkers. This is easy to understand because coworkers share the same work relationship, work hours, and working conditions. These friendships can be forged over many years of shared work.
- Steady income– continuing to work provides a steady and constant income stream.
- Insurance– most jobs provide health insurance as a work-related benefit.
- Paid time off– most employers provide some type of paid time off in the form of vacation time, sick leave, or personal time off (PTO.)
- Retirement plan– most employers provide some type of retirement benefit to full-time employees
- Increased social security benefits– working longer means additional contributions to the Social Security program and increased Social Security payments at retirement.
- Job advancement opportunities– work provides the opportunity for personal growth and job advancement.
- Fixed schedule– most jobs provide a fixed and ongoing schedule.
- Professional training opportunities– one of the benefits of full-time work is the opportunity to enhance professional skills.
- Professional relationships– many jobs provide the opportunity to develop friendships with people who work in other businesses or locations but work in the same professional field.
- Employee stock purchase plan– many businesses offer stock purchases of company stock as a work incentive
- Office amenities– some employers may provide on-site gym, childcare, or cafeteria facilities for workers.
- Discounts on products– some manufacturing businesses provide deep discounts on the products they manufacture.
- Personal fulfillment– for many workers, their employment provides a deep sense of personal fulfillment
- Social interaction– by default, working provides multiple opportunities for interaction with clients, coworkers, vendors, buyers, etc.
- FEAR OF RETIREMENT– this one is in all caps because continuing to work avoids fear and anxiety sometimes associated with retirement.
- Love job– people who love what they’re doing and are passionate about their work. They want to continue doing what they love.
- Identity tied to work/ profession (validation and relevance)– many workers, derive satisfaction, relevance, and validation through work. What they do is closely tied to who they think they are!
- Social status– certain jobs and certain professions provide notoriety and social status.
- Structure– work provides structure for many workers by providing a place to go every day and a set schedule of work.
- Mental and physical stimulation– working, can provide mental and physical stimulation.
- If someone is not able to totally pull the trigger on retirement, there are other options available to quit work slowly. (See: PHASED RETIREMENT AND OTHER WORK OPTIONS.)
It’s obvious that continuing to work provides financial, social, and emotional benefits. Why would anyone want to quit working?
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Discontinue Working “One More Year”
There is no question that quitting work provides many benefits too:
- Time– the greatest benefit of quitting work! Everyone is allotted so many days in life, some more than others. But, we all have a finite lifespan. Each person must decide how they want to spend their available time. It’s been said that no person has stated on their deathbed that they wish they had spent more time working!
- Freedom– free time comes with the freedom to explore and pursue new opportunities. Quitting work can be a time of personal growth, and a chance to reconnect with family and friends.
- Hobbies– quitting work full time allows a person to explore new hobbies, and re-establish old hobbies. (With no time constraints I launched a new hobby of blogging and podcasting. I use the term hobby because there has been no income derived from my new pursuits, and no desire to monetize them at present. One could also say that my attainment of the CRPC™ designation and becoming a retirement counselor is another hobby for the same reason.)
- Family relationships– working full time can strain family relationships with the constant struggle between time spent at work and time spent with family. Removing work from this equation means there is more time to spend with family and establishing closer family bonds.
- Experiences rather than things– freedom from work constraints means that time can be spent on deeper experiences, rather than buying “things” in the futile search for happiness and gratification.
- Friendships– more free time means more time to reconnect with old friends and time to establish new friendships. (It should be noted and has been my personal experience, that making new social friends is not that difficult, but establishing deep friendships in retirement can be problematic as behavior patterns and habits have been established many years ago, and most retirees already have a circle of friends. Also, if you move to a different community like my wife and I did, this adds another degree of difficulty as there is no established circle of friends in the new community.)
- Finances– even though it seems counterintuitive, once a retirement spending pattern is established, and retirement needs are funded, most time is spent in non-financial areas. Most people quit stressing about finances once they realize they will be OK financially. Some authors speak about the 10/90 rule in retirement. Prior to retirement people spend approximately 90% of planning time on financial matters. Once they retire, people tend to spend only 10% of their time on financial matters and 90% of their time planning non-financial activities.
- Health– working full-time can make staying healthy a chore. Having free time for physical activity and gym workouts can increase health and well-being. Retirement can be a period to concentrate on health issues, and studies have shown that even moderate workouts can increase health and longevity.
Above are great points for both lines of thought. One could successfully argue either continuing to work, or quitting work, having valid reasons for both points of view. It’s been my experience that one of the biggest factors that come into play is the one reason that was listed above in capital letters: FEAR.
FEAR, ANNOYANCE, AND DISCOMFORT are neighbors. Many people, when faced with the prospect of retirement will exhibit one of these three emotions. When a co-worker or manager approaches with questions about retirement, they become annoyed or uncomfortable. I’ve personally seen cases where annoyance grows to full-blown anger. The emotions of anger, annoyance, and discomfort stem from the base emotion of FEAR.
It’s been stated that we become most uncomfortable and annoyed with our children when their actions create fear. For example, any good parent would tend to become annoyed and uncomfortable when a child ignores them and runs close to a roadway. That parent is fearful that the child could potentially be struck by an oncoming vehicle and be severely injured or killed. We become annoyed or uncomfortable when our children wander too far from our reach. Why? Because we are fearful that they could be abducted or hurt while too far from our protection. The same could be said for drug use or drinking and driving. The base emotion is fear, but that fear is outwardly expressed through annoyance or discomfort.
In the same manner, many people become uncomfortable or annoyed when faced with the prospect of retirement because they are fearful of the unknown factors facing them in retirement. In many cases, the known factors of continuing to work, even when unnecessary or harmful, are less fearful than the unknown factors surrounding retirement. It becomes easier to work “One More Year” and kick the can of the retirement decision down the road for a future date. Each year becomes “One More Year” ad infinitum.
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People forget that death is a form of forced retirement!
What a sad situation when someone dies unexpectedly or is diagnosed with some fatal illness very close to, or very soon after retirement. A life spent working and looking forward to the time of enjoyment and retirement at the end of a working career is suddenly altered, or ended unexpectedly. How much better to have retired earlier and enjoyed the fruit of their years of labor.
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Does that mean that my answer to the question of the OMY Syndrome is to retire as soon as possible, or worse yet continue to work ad infinitum? NO!
The correct and appropriate answer is to create a formal Retirement Plan (See: HAVING A “PLAN”, PLANNING ENEMY- TEMPORAL DISCOUNTING, PLANNING ENEMY- TEMPORAL DISCOUNTING #2.) A formal Retirement Plan is well thought out and formulated, and covers all three legs of the RETIRING WITH ENOUGH three-legged stool. A formal retirement plan will answer three questions: Do I have enough money? Have I worked enough? and, Will I have enough to do in retirement?
Will creating a formal retirement plan and answering the three questions posed by the retiring with enough three-legged stool remove all fear? No! But, personal experience and numerous conversations with others indicate that approaching retirement properly prepared with a formal Retirement Plan creates an environment of excitement and happiness, instead of an environment of fear, apprehension, and annoyance.
Nothing will remove every bit of doubt, apprehension, and anxiety that surrounds the decision to retire. But, having a formal written retirement plan that is well thought out and formulated will foster a sense of calm, by acknowledging that the best effort has been made to plan an ideal retirement. (See: HAVING A “PLAN”, FOUNDATIONS OF RETIREMENT: THE THREE-LEGGED STOOL.)
No plan is foolproof, and all plans will change over time. But, someone who has a formal and well-thought-out retirement plan will be in an infinitely better position to begin retirement than the person who retires fearful and unprepared!
The ultimate decision to retire is very personal and emotional. No one can determine the proper time and date for someone else to retire. Every person must make their own retirement decision after considerable thought and evaluation of all aspects of Retiring With Enough (See: FOUNDATIONS OF RETIREMENT: THE THREE-LEGGED STOOL.)
Working “One More Year” may be the right decision or the wrong decision. Only you can decide!
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Final Thoughts
- The “One More Year” Syndrome is a real phenomenon and can cause significant delays in retirement.
- There are many good reasons to continue working, as well as many good reasons to quit working and retire.
- Fear of the unknown, especially when facing retirement, can cause anger, frustration, annoyance, and discomfort.
- A formal Retirement Plan creates calmness and direction when approaching retirement.
- Each person must decide when it’s the proper time to retire. No one else can make that decision for them. Even if “surplussed” (think laid-off or forced to retire) someone can continue to work at a different job if they wish to do so.
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