One More Year Syndrome: Why You Can't Pull the Trigger on Retirement

One More Year Syndrome (OMYS) is a psychological barrier where you're objectively ready to retire financially, but you keep delaying - always finding a reason to work "just one more year."

• **The pattern:** You hit your retirement number, but suddenly it doesn't feel like enough
• **Moving goalposts:** "$1M was my goal. Now I think I need $1.5M."
• **Always a reason:** Market volatility, inflation worries, "what if" scenarios
• **Fear masquerading as prudence:** You call it "being careful," but it's really fear of the unknown
• **Loss of identity:** You don't know who you are without your job title
• **Social pressure:** Colleagues ask "Why would you retire? You're too young!"

Understanding WHY you can't pull the trigger is the first step to overcoming it.

• **Fear of running out of money:** Even with $2M saved, you imagine dying broke
• **Identity crisis:** Your job defines you - who are you without it?
• **Fear of boredom:** "What will I even DO all day?"
• **Social loss:** Work provides daily social interaction and purpose
• **Loss of status:** You go from "important manager" to "retiree"
• **Health anxiety:** "What if I get sick and need money?"
• **Guilt:** Feeling like you're "giving up" or being lazy
• **Sunk cost fallacy:** "I've worked 30 years, why stop now?"

How do you know if you have OMYS vs. legitimately needing to work longer?

• **You've hit your target but it still doesn't feel like enough**
• **You keep finding new reasons to delay** (market, inflation, healthcare)
• **Your spouse or family is frustrated** with your inability to set a date
• **You dread work but can't bring yourself to quit**
• **You rationalize "just one more year" repeatedly** (this is year 3 of "one more year")
• **Financial advisors say you're ready but you don't believe them**
• **You're accumulating money you'll never spend**
• **You have no plan for what you'll do in retirement** (that's the real fear)

Every "one more year" has a cost - and it's not financial.

• **Lost time:** You're trading golden years of health and energy for money you may never spend
• **Declining health:** Stress, commuting, and sedentary work age you
• **Relationship strain:** Spouse retired and waiting; friends enjoying retirement without you
• **Regret:** People rarely regret retiring, but many regret not retiring sooner
• **Death before retirement:** Some people delay so long they never retire
• **Diminished enjoyment:** Retiring at 70 isn't the same as retiring at 62

Breaking free from OMYS requires addressing the psychological barriers, not accumulating more money.

1. 1**Set a FIRM retirement date:** Not "when I feel ready," but "June 1, 2027" - and tell people
2. 2**Identify the real fear:** Is it money, identity, boredom? Name it.
3. 3**Create a retirement plan beyond finances:** What will you DO? Hobbies, travel, volunteering?
4. 4**Talk to recent retirees:** Hearing "I wish I'd retired sooner" helps
5. 5**Run the numbers with a fee-only advisor:** Let an objective professional confirm you're ready
6. 6**Accept imperfection:** There's no "perfect" time - the market will always be uncertain
7. 7**Reframe retirement:** It's not the end - it's freedom to pursue what you couldn't while working
8. 8**Consider phased retirement:** Reduce to part-time as a trial
9. 9**Address identity:** Start building non-work identity BEFORE retiring (hobbies, community)