My wife and I, as young professionals, were pretty careful with our budget. Yet, we didn’t really give much thought to money or our financial future. Every year, I found that my bank account had more funds than the last, but I was uncertain about what to do with it. Honestly, society doesn’t do a great job of preparing us for better financial outcomes. Investing and planning for retirement weren’t on our radar, so we thought, “Maybe I’ll just build a million-dollar dream home.”
Then, at 39, I stumbled upon Mr. Moneybeard and realized there were other options. Instead of focusing on that dream home, we shifted our attention towards saving and investing as much as we could to achieve financial independence more quickly.
We hit our financial independence goal in just six years (as Dr. Jim Dahle suggests, no high-income professional is really more than a decade away from it). We kept working for various reasons, certainly not to retire immediately. Our aim was simply to enjoy life as much as we could. We’ve decided to wrap things up in Spring 2024, aiming for a complete transition by Spring 2025. Since I had work commitments and my wife had some teaching plans, we opted to hold off for another year before fully committing. So there was one year between my retirement decision and its actualization.
One more year and why it wasn’t great
Many folks advocate for “one more year” in their financial independence plans. That extra year of work can really boost your savings and give your finances a bit of a buffer. It also shortens the time frame you’re dependent on your investments. With the “fire doctor” Fritz announcing his retirement, we both agreed to hang on for another year, content with that choice.
Some argue that “one more year” can become a cycle that keeps you stuck in the job longer. Maybe it’s financial insecurity. Or perhaps you’re concerned about boredom in retirement. But that wasn’t really our situation. Our finances had been good for years, and our identity wasn’t tied to our jobs. We both had plenty of interests outside of work we looked forward to exploring. I had even done a short practice run of retirement, and it went quite well. We weren’t afraid to take the plunge.
So we committed to another year, and then reality hit. Honestly, it was a bit rough. I generally enjoy my job and look forward to Mondays. But during that year, when Sunday afternoon rolled around, I often found myself saying to my wife, “I just want to hang out with you and the cats!” I struggled to feel motivated at work and found myself less engaged overall. Why was my “one more year” experience different from those who found theirs successful? A few possibilities come to mind.
For one, maybe those who had a more fulfilling year genuinely disliked their jobs. For them, going to work every day felt like just another obligation. I’ve always looked forward to my job—until I decided to retire and started feeling that stagnation.
Another factor could be that my reasoning wasn’t compelling enough. I didn’t need that extra year of income for retirement. Additional work didn’t change my emotional connection to my retirement savings. Sure, we aimed to help colleagues and teach students, but maybe that wasn’t enough motivation. I often thought, “Maybe I just want to relax and not work anymore,” and my counter thought about needing to support my co-workers didn’t fully motivate me. I knew they would manage without me quite well.
Also, since we had already reached financial independence, we could have chosen “one more year” for even two more years if we wanted. We had both enjoyed our jobs so we didn’t seriously consider retiring before now. But then it sunk in—would I prefer working or spending my time doing what I wanted, like hanging out with my wife or visiting friends? Once I set my retirement date, the weeks dragged on. I just wanted to move on already!
Countdown to retirement
About six months before my planned retirement, we figured we’d start a countdown. I cleared out work-related responsibilities that I wouldn’t have to deal with anymore, like scheduling procedures or managing logistical tasks for my wife. This helped me stay focused and more optimistic about the future without the burdens of work.
Initially, we planned to give notice in November 2024 for a March 2025 exit. But we’ve now pushed that retirement to July 2025. Still, I met with my department head in November and informed him of my decision. For a week after that, I panicked. Did we make the right call? Could I change my mind? After a few weeks, I settled down as the department circulated the announcement, and it felt final.
Eventually, I ceased worrying and focused on wrapping up remaining projects. We shifted our attention to completing work tasks, and with retirement in sight, my Sunday dread disappeared.
Conclusion
Some individuals think that “one more year” will give them the reassurance they need. Others find themselves caught in a “one more year” pattern because they can’t visualize a life without working. During our “one more year,” we eagerly awaited its conclusion and never felt that we reached a point of action. If I could do it again, I might choose not to set a specific date or simply retire when I felt ready. When contemplating retirement, one might ask: Would an extra year provide the comfort needed, or is it better to simply retire when the time feels right?
Have you ever found yourself in a “one more year” situation? Why did you keep working? Was it all worth it? Would you do it again?
