The Downside of Working "Just One More Year"

[@nunuvyurbiz123]

I'm in my sixth "one more year." Bonuses, RSU vestings have been repeating goalposts. I'm 56. I have enough - $6.45M invested, plus ~$750K in net home equity which I will liquify (sell my home). I have a plan for what I will do in retirement. There are two things that have been holding me back (1) the fear of regret of walking away from my large income. Over $500K. It's a lot! i can imagine being retired, telling someone how much I made, and being called a damned fool for giving it up. (2) financial needs of my parents, as I don't really know how much they have, just that they definitely don't want to go in an "old age home." But time is running out. Even a best case scenario means my remaining time is dwindling fast. So I'm out early next year.

[@paulshepherd2289]

Thank you for the video. I watch both of your channels and love the content.

[@Mary-tj5qx]

The book "Your Money or Your Life" lays out 3 or 4 things money means to people. For some of us its freedom, for some it's safety and security, for others its status or power, and so on. They go on to say that we can understand what money means to us by looking at the way you use money. I mention this because it's the loss of this particular value we assign to money that likely stalls our decision to retire. For me money is freedom. Because I recognize freedom diminishes as health declines, I am aware of the cost/benefit of continuing to work and will retire early in my mid-50's for this reason, next year. If money represented power to me, the calculation would be completely different. Another good one, guys.

[@rbeberman5296]

I’m 63 and a half, my company offered voluntary severance, 9 months pay plus 18 months subsidized cobra. I’m taking it. I’ll be stressed about living without a paycheck coming in, but i’ve got few mill saved plus a pension and hopefully ss on the horizon.

[@tcwaz]

James, you answered one of my questions on your podcast a few years ago on lump sum investment from a house sale and an early retirement plan. Since then I have done two "One more years" and might do one more next year. I just turned 46, am FI but suddenly high income has caused me to move the goal post a few more times. Ugh... great topic and discussion, I always appreciate the good advice and strategy. I really think this next year will be my last.

[@gchow6009]

We ease into full retirement by going part time for a year. In the meantime we look for volunteer work at church and non profit organizations that can use our skills.

[@spinnetti]

I struggle with this... I guess being goal driven for my whole life, its natural to have a goal... I have nothing to retire "to" either, so may as well keep going. The more I make, the less need I have for status items - I could care less about flying first class. I fly as cheap as possible, because its just a few hours. Why waste money on something that isn't an experience?

[@michaelkastning8150]

I'm guilty of the goal post relocation exercise. It's super hard to take the leap, no matter how many times the math says its ok. Great video guys!

[@FIRE_DrNinjaTurtle]

I almost stayed for the summer bonus at a college, but I quit and I am so happy. I went down from 4 colleges to 3 colleges and I am OK

[@mymusicalsons]

We're in this mindset. Glad to have this video to help us decide.

[@Aortadetroit]

Right there. Right now! Wanting a middle class retirement looks SO expensive right now. Thinking 200k income after taxes.

[@donaldlee6760]

I worked for Continental Airlines. I have flown many, many times in first class. I enjoyed paying $50 to fly first class international because the seats recline almost flat so that I can sleep, but domestic first class seemed wasteful to me even though it only cost $20. My only regret was that I didn't pay the few hundreds of dollars to fly on the Concorde because you ended up sitting next to politicians, movie stars, and other interesting people. I'm no longer an airline employee and I would not pay for first class unless it was a small extra cost.

[@robertkelly6189]

Rule of 55 kicks in on Jan 1, 2025. If I'm still working in 2026 please save me!

[@timhaerr4327]

Double Trouble, not..... maybe 'DOUBLE keep me out of TROUBLE'. Maybe Double down on Retirement. Thanks for your podcasts, lots of great information and thought starters.

[@jdial68]

I haven’t said the one more month, one more year thoughts yet.. up until this last year with watching your videos and working with the academy I didn’t think I would ever be able to retire because of the you have to have so much, or you have to do this information.. The academy and your videos allowed my wife and I to see a potential to actual retire earlier than planned.. as we get closer the picture gets clearer obviously..

[@edhcb9359]

In the spring my wife told me if I didn’t win another President’s Club trip at the end of this year that I could quit my job and retire. So I phoned it in the last six months. I threw in the towel. No extra hours of work every week, and no stress at all. It’s been nice. Here we are at the end of the year and despite all that it looks like I am going to win the trip and it happens at the end of April. 😂 Here’s to another six months of work!

[@GeraldMiller-g4c]

Yes, I have worked another year.

[@copernicus00]

I'm 52 with 525k in my 401k. I looking at 10 more years to retirement, and it feels so far away.

[@bridgetgruich]

I don’t need to replace my (current) income. I need to cover my expenses.

[@matttijan4048]

"Getting to the ROOT of Retirement" podcast

[@apuyallupguy]

I've picked April fools day, 2025 as my retirement date. I won't be fooling!

[@markwelch439]

Yeah I'm working 1 more year (until 62) to maximize my gov pension.

[@timduffin5600]

How about "Ready for EARLY Retirement" Colab?

[@Aortadetroit]

I really appreciate you guys. If you were fee based, I'd probably hire you in a second. We all know the gig. For some people it's probably worth it, who know nothing about finance but otherwise fee basedis just a loser.over time.

[@davidireland2943]

Seen too many greedy people die for “one one year”. Get serious. No one cares or will remember you at all.

[@JimPanzee66]

Please get rid of this joker!