Working One More Year "itis?"

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Summit111
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Working One More Year "itis?"

Post by Summit111 »

Fellow Bogleheads,

I met with my manager yesterday and announced my retirement as of June 1, 2014. Being that I'm a 38 year employee with specific engineering responsibilities, I wanted to give the company enough time to have my replacement in place by the time I left. I'm leaving on good terms.

He asked me to remain on staff an additional (6) months until the end of the year to assist with completion of a large project with the promise of not having to deal with the corporate politics. A number of "Boomer era" engineers are retiring also. Just this project, and an easy remaining year at full salary, vacation accrual, and bonus. Being a loyal employee, I agreed.

This got me to thinking....How much is enough? My original retirement goal was last year...now I'm extending it. Finances aren't an issue. My personal life outside of work is very full. How do you determine when, "Enough is Enough."

Summit
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cheese_breath
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Re: Working One More Year "itis?"

Post by cheese_breath »

Given finances aren't the issue I can think of a few ways...

Do you dislike the job so much you can't wait to leave? (That was me)
Even if you like the job, would you rather be doing something else?
Does your spouse say "It's enough Summit"? :wink:
The surest way to know the future is when it becomes the past.
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VictoriaF
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Re: Working One More Year "itis?"

Post by VictoriaF »

Something similar is happening to me. I have delayed my retirement from April 2013 to December 2013, and now I am waiting additional 5-6 months. I am aware of the "one-more-year-itis." To avoid this disease I am planning an event that will force my hand. I want to move to a specific apartment building that rarely has vacancies. Starting with 1 May, as soon as an apartment opens up, I will move there while I am still working and getting a paycheck. The resulting long commute will create a significant burden for me to retire soon afterwards.

Victoria
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Mitchell777
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Re: Working One More Year "itis?"

Post by Mitchell777 »

I look at it as follows. Were they really fair and good to you over those years? Did you give them 100% in exchange? If yes to both you do not owe them any more than the very significant notice you've given them. You have no way of knowing how many good years you have left. If you do stay, you deserve compensation over and above your normal salary. I know money is not the issue but if you're staying anyway you should get it. Also, if you should be lucky enough to have a defined benefit pension plan, make sure you are not working those extra months when you could be collecting pension, or you will, in effect, be working for very little money (salary - pension you could be getting) unless those extra months add enough to your pension calculation.
leonard
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Re: Working One More Year "itis?"

Post by leonard »

Become an independent contractor. Then, charge a very high bill rate to complete the project. Make it a high enough rate you would want to do it.

And, by the way, mark out a significant "vacation" about 1 month before the end of the project. This will force the issue if they need to backfill your project work - rather than have you in a crunch to do a bunch of stuff right at your end date.
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Rich in Michigan
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Re: Working One More Year "itis?"

Post by Rich in Michigan »

I knew it was time when I wished I was doing other things than my job. I loved my job, I loved the people that I managed, I loved my colleagues.

But I loved what I would be doing instead more. I always knew that one day I would wake up and say "the time has come". In my case it took about a year instead of waking up one day, but you get the idea.

Unless you hate your job...and some people do...knowing when to pull the trigger is not cut and dried. I have a former colleague going through that decision process right now.

You mention having a full life outside of work...do you have enough time currently to enjoy it? If not, then you have more money than time and getting more of that time may be what helps you make your decision.

Here is what I always told people and only partly in jest; everybody says to not retire too soon because you could have 30 years in retirement. Well, even if you are blessed with 30 more years of life, it is unlikely to be 30 GOOD years. While some may get 30 good years, the rest of us are likely to get 15 good years, another 10 so-so years, and 5 truly horrible years :)

Why not get a start on those 15 good ones?
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HomerJ
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Re: Working One More Year "itis?"

Post by HomerJ »

Working next summer, when you could have been relaxing in the sun on June 2nd, is going to be tough.

How many summers do you have left? Are you sure you want to give up 1 of 15 summers? or even 1 of 25 summers? (and who knows, it could be 1 of 5)
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jimmyq
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Re: Working One More Year "itis?"

Post by jimmyq »

And you may also want to consider the likelihood that the project gets delayed, and then at the end of the year your manager pleads with you to stay yet another 6 months. Make sure you have an exit strategy. A 6 months notice is already very generous; I'd recommend working beyond your original date only if you really enjoy what you're doing.
Chadnudj
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Re: Working One More Year "itis?"

Post by Chadnudj »

Summit111 wrote:Fellow Bogleheads,

I met with my manager yesterday and announced my retirement as of June 1, 2014. Being that I'm a 38 year employee with specific engineering responsibilities, I wanted to give the company enough time to have my replacement in place by the time I left. I'm leaving on good terms.

He asked me to remain on staff an additional (6) months until the end of the year to assist with completion of a large project with the promise of not having to deal with the corporate politics. A number of "Boomer era" engineers are retiring also. Just this project, and an easy remaining year at full salary, vacation accrual, and bonus. Being a loyal employee, I agreed.

This got me to thinking....How much is enough? My original retirement goal was last year...now I'm extending it. Finances aren't an issue. My personal life outside of work is very full. How do you determine when, "Enough is Enough."

Summit
I think this is a good move for you. You get 6 months extra cushion to your finances, and your boss (and the company) ends up appreciating you all the more for finishing the project. Hell, this could set you up to be a part-time consultant or something for your old firm whenever they need a hand.

As a friend once wisely told me, never burn a bridge - you don't know where you're going, and you may need to go back and cross it again.
gkaplan
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Re: Working One More Year "itis?"

Post by gkaplan »

This adds nothing to this thread, but I am retiring today.
Gordon
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VictoriaF
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Re: Working One More Year "itis?"

Post by VictoriaF »

gkaplan wrote:This adds nothing to this thread, but I am retiring today.
C O N G R A T U L A T I O N S ! ! !

Victoria
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VictoriaF
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Re: Working One More Year "itis?"

Post by VictoriaF »

Chadnudj wrote:
Summit111 wrote:Fellow Bogleheads,

I met with my manager yesterday and announced my retirement as of June 1, 2014. Being that I'm a 38 year employee with specific engineering responsibilities, I wanted to give the company enough time to have my replacement in place by the time I left. I'm leaving on good terms...
I think this is a good move for you. You get 6 months extra cushion to your finances (and you're still starting retirement CRAZY early)...
It's not clear if the OP is 38 years old or he worked for the company for 38 years. In the latter case, it's not CRAZY early.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)
hicabob
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Re: Working One More Year "itis?"

Post by hicabob »

gkaplan wrote:This adds nothing to this thread, but I am retiring today.
Congratulations! :sharebeer
ajcp
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Re: Working One More Year "itis?"

Post by ajcp »

VictoriaF wrote:
Chadnudj wrote:
Summit111 wrote:Fellow Bogleheads,

I met with my manager yesterday and announced my retirement as of June 1, 2014. Being that I'm a 38 year employee with specific engineering responsibilities, I wanted to give the company enough time to have my replacement in place by the time I left. I'm leaving on good terms...
I think this is a good move for you. You get 6 months extra cushion to your finances (and you're still starting retirement CRAZY early)...
It's not clear if the OP is 38 years old or he worked for the company for 38 years. In the latter case, it's not CRAZY early.

Victoria
I thought it was clearly the latter.
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Ged
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Re: Working One More Year "itis?"

Post by Ged »

It's great to have these choices, that's for sure. Lots of people don't get to choose.

About 3 months ago I quit from my job to begin retirement, mostly due to turmoil at my old employer. People I was working with gave up on the CEO and were leaving to go elsewhere. People I respected and enjoyed working with.

Now they are reassembling at another company. I have been invited. However I am also enjoying retirement.

My thinking is that you have to decide what is most important to you. A little more money wouldn't hurt, but really it's just material. A good job is very fulfilling. So is time with your family.

It isn't a simple thing.
J295
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Re: Working One More Year "itis?"

Post by J295 »

First, congratulations on being in a position to have choices.

Depending on a variety of factors, I could see different people going either way on this, and each being a good fit. In my particular case, I decided to transition to part time to be available to assist in the transition for the benefit of the organization and to further projects I had started. I personally place a high value on loyalty and finishing what I start (or at least leaving it in good hands), and that was a material motivating factor for me. It has worked out quite well for all involved.

Whichever way you go, good luck!
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Re: Working One More Year "itis?"

Post by LadyGeek »

gkaplan wrote:This adds nothing to this thread, but I am retiring today.
Let me add something. Congratulations! :beer

While I'm at it:
VictoriaF wrote:Something similar is happening to me. I have delayed my retirement from April 2013 to December 2013, and now I am waiting additional 5-6 months. I am aware of the "one-more-year-itis." To avoid this disease I am planning an event that will force my hand. I want to move to a specific apartment building that rarely has vacancies. Starting with 1 May, as soon as an apartment opens up, I will move there while I am still working and getting a paycheck. The resulting long commute will create a significant burden for me to retire soon afterwards.

Victoria
Can you arrange for telecommuting? :)
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cheese_breath
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Re: Working One More Year "itis?"

Post by cheese_breath »

gkaplan wrote:This adds nothing to this thread, but I am retiring today.
Congratulations from cheesy too.

Where's the party? We'll all be there. :sharebeer
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VictoriaF
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Re: Working One More Year "itis?"

Post by VictoriaF »

LadyGeek wrote:While I'm at it:
VictoriaF wrote:Something similar is happening to me. I have delayed my retirement from April 2013 to December 2013, and now I am waiting additional 5-6 months. I am aware of the "one-more-year-itis." To avoid this disease I am planning an event that will force my hand. I want to move to a specific apartment building that rarely has vacancies. Starting with 1 May, as soon as an apartment opens up, I will move there while I am still working and getting a paycheck. The resulting long commute will create a significant burden for me to retire soon afterwards.

Victoria
Can you arrange for telecommuting? :)
We can telecommute one day a week. I'll definitely take advantage of it, but even the remaining days will be very taxing. I haven't done a long commute in ages(*); and in the past three years I've been walking to work.

Victoria

(*) My longest commute was from Joliet to the South Side of Chicago. I still shiver when I think of it.
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Rob54keep
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Re: Working One More Year "itis?"

Post by Rob54keep »

It always seems like another milestone is on the horizon for me. Bonus this March, will turn 60 in May, more restricted bonus for March 2015 and 2016!!
I really enjoy my job but the commute is too much. Enough....my wife's health will force the issue for me this by March. But wait....I now teach online classes from home as a retirement side-kick! Choices are a very nice thing :beer
Barefootgirl
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Re: Working One More Year "itis?"

Post by Barefootgirl »

I imagine that when I am one year away, I'll have trouble remaining focused on work- the same way I do now when I get close to a vacation. In some ways, I am still childlike LOL.

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Re: Working One More Year "itis?"

Post by dgdevil »

Summit111 wrote:
I met with my manager yesterday and announced my retirement as of June 1, 2014.
This + another 6 months in the trenches = early contender for Man of the Year. I hope there's some major bonus $$ headed your way.
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Watty
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Re: Working One More Year "itis?"

Post by Watty »

Congratulations.

There have been a number of articles written about an upcoming wave of people that will be retiring from technology fields soon since they have delayed retirement while the stock market was down. It even has its own buzzword “silver tsunami” and if you Google that you will find a lot of information with people speculating on this.

At many companies this has been accompanied buy a lot of layoffs of younger employees and fewer entry level employees which has left a gap in people that are ready to move up.

I work in IT and there is an additional factor in IT because the IT field really ramped up in the 1970’s and 1980’s and the people that started in IT then will be getting near retirement age soon. This will be a change since up until now it has been extremely rare at the companies that I have worked at to have IT people retire. Many of the older works may not be the most cutting technical edge people but there are a lot of IT managers and technical people with deep company and field knowledge that will be reaching retirement age soon.
555
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Re: Working One More Year "itis?"

Post by 555 »

gkaplan wrote:This adds nothing to this thread, but I am retiring today.
This is known as "not-one-more-day-itis".

(You could start an "I am retiring today" thread.)
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Re: Working One More Year "itis?"

Post by VictoriaF »

555 wrote:
gkaplan wrote:This adds nothing to this thread, but I am retiring today.
This is known as "not-one-more-day-itis".

(You could start an "I am retiring today" thread.)
This is a great suggestion! Gordon can start an "I am retiring today" thread, and the rest of us will keep it alive by posting on the day when our time comes.

Victoria
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Summit111
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Re: Working One More Year "itis?"

Post by Summit111 »

Fellow Bogleheads,

OK, OK...I'm 60 and have been there since I finished college. My one and only job...my kids can't relate nor can the millinials who work with me! Mrs. Summit retired 3 years ago and teaches at the medical school twice a week to keep in touch with her colleagues.

I have plenty of vacation time and have every Friday off...when I injured my knee in November, it gave me pause to think about financial vs physical health and not waiting too late for retirement...

I'm thinking another (6) months will be OK, but that's it...line in the sand!

Summit
“Got my mind on my money, and my money on my mind!” Snoop Dog
gkaplan
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Re: Working One More Year "itis?"

Post by gkaplan »

VictoriaF wrote:
555 wrote:
gkaplan wrote:This adds nothing to this thread, but I am retiring today.
This is known as "not-one-more-day-itis".

(You could start an "I am retiring today" thread.)
This is a great suggestion! Gordon can start an "I am retiring today" thread, and the rest of us will keep it alive by posting on the day when our time comes.

Victoria
It would have to be, "I retired today."
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Re: Working One More Year "itis?"

Post by baw703916 »

gkaplan wrote:It would have to be, "I retired today."
Congratulations!
Most of my posts assume no behavioral errors.
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obgyn65
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Re: Working One More Year "itis?"

Post by obgyn65 »

Yes I suffer from one more "yearitis" because I was planning to FIRE last year and here we are. Still working in 2014.
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tadamsmar
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Re: Working One More Year "itis?"

Post by tadamsmar »

No doubt a disease of competent sorts, something Bogleheads are prone to.
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zzcooper123
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Re: Working One More Year "itis?"

Post by zzcooper123 »

I am in the same boat, so this conversation is especially timely for me.
The idea of full retirement is too daunting.
Offer to take a one year sabbatical.

Read: "Reboot Your Life: Energize Your Career and Life by Taking a Break"
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Re: Working One More Year "itis?"

Post by carolinaman »

Congratulations and best wishes on your upcoming retirement.

I could have taken a full retirement pension at age 63 and was financially able to retire. However, work was going really well and I liked my job and colleagues, so I stayed another 3 years, retiring at age 66. I could have worked longer but I wanted to retire while I was young enough and healthy enough to do some of the things on my bucket list. Also, I wanted to be able to spend more time with my spouse. If people wait too long to retire, they may find their health or other factors prevent them from enjoying the retirement they envisioned.
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Re: Working One More Year "itis?"

Post by Billionaire »

A former co-worker gave our boss several months notice on his retirement. He was "rewarded" with a lower bonus and a lower salary increase. Our mutual boss told me that. When my time comes, it will be two weeks notice. If they want me to stay on longer, they can pay me consultant wages.
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Re: Working One More Year "itis?"

Post by VictoriaF »

tadamsmar wrote:No doubt a disease of competent sorts, something Bogleheads are prone to.
But, hopefully, not contagious and with a decent survival rate.

Victoria
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Carl53
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Re: Working One More Year "itis?"

Post by Carl53 »

I was not particularly happy the last year or two with my former employer, having had my management position eliminated and myself and former small technical staff being assigned under a group operating out of another site of so called expertise. This made my decision a lot easier. I also had developed a spreadsheet that evaluated my defined benefit pension. I came to realize that I was at an age that the present value or amount of money the company needed to set aside for my pension was virtually not increasing (but not decreasing yet) the longer I stayed. That kind of gnawed at me that while my bonus had gone up quite a bit however I now expected that if my raises henceforth would be around the level of inflation or so, that effectively the nominal date of my demise was working very much in my company's favor the longer I worked regarding the pension.

I also, reflected on a coworker that was my age and had hired in the same year I did. He had announced he would be retiring around my birthday. A few months later, but still several months before retiring he had a massive stroke. I came to the realization that I ought to do as I had planned when I was young, and retire by 55. I thought about my spouse's history with RA and how I had been blessed financially and decided that we would be comfortable with my plan and that another million dollars would not be worth it.

One of my best employees is now manager of the group, albeit he had to relocate to the other site. He has brought me back as an occasional consultant. I find much amusement, that under his leadership, design flaws initiated by the so called experts that my group originally pointed out and management swept under the rug along with myself, have been largely corrected. Unfortunately for the company, they may have waited too long and it is looking like it will prove fatal to the company. I hope not, but I was able to levelize both of my pensions from them such that I expect to obtain about 50% of the retirement day PW of the pensions by the time I'm 62 and that the PBGC would cover most of the remainder should it become necessary.
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Re: Working One More Year "itis?"

Post by cherijoh »

Summit111 wrote:Fellow Bogleheads,

OK, OK...I'm 60 and have been there since I finished college. My one and only job...my kids can't relate nor can the millinials who work with me! Mrs. Summit retired 3 years ago and teaches at the medical school twice a week to keep in touch with her colleagues.

I have plenty of vacation time and have every Friday off...when I injured my knee in November, it gave me pause to think about financial vs physical health and not waiting too late for retirement...

I'm thinking another (6) months will be OK, but that's it...line in the sand!

Summit
About 10 years ago, we found out that my company was relocating out of state. Most employees were offered the choice of relocating or taking a separation package (based on years of service) to stay until a future date decided on by the company. (The other option would have been to quit but lose the separation package). The date kept slipping to the point that I ended up working 9 more months. Despite the long notice, the company did not do a good job with succession planning. My replacement only started a few weeks before I left. It was very stressful trying to train my replacement and tie up loose ends at the same time.

Since you indicated that there was a wave of retiring boomers, this is something you should keep your eyes on. Projects do get delayed so I would suggest asking your manager about their succession plans. Are they staffing up or back filling from internal transfers? Will you be expected to train your replacement? If it seems they are dragging their feet, remind your manager that you ARE leaving at the end of the year and don't let them guilt you into staying any longer.
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Re: Working One More Year "itis?"

Post by IlliniDave »

Summit111 wrote:Fellow Bogleheads,

I met with my manager yesterday and announced my retirement as of June 1, 2014. Being that I'm a 38 year employee with specific engineering responsibilities, I wanted to give the company enough time to have my replacement in place by the time I left. I'm leaving on good terms.

He asked me to remain on staff an additional (6) months until the end of the year to assist with completion of a large project with the promise of not having to deal with the corporate politics. A number of "Boomer era" engineers are retiring also. Just this project, and an easy remaining year at full salary, vacation accrual, and bonus. Being a loyal employee, I agreed.

This got me to thinking....How much is enough? My original retirement goal was last year...now I'm extending it. Finances aren't an issue. My personal life outside of work is very full. How do you determine when, "Enough is Enough."

Summit
I didn't read all the other responses, so maybe this has been said. You are apparently at the point now where working for wages is completely optional.So, if you want to keep working, work. When you want to stop, stop. Agreeing to delay as you presented the story was something you wanted to do. It's enough when you decide it's enough. There's nothing wrong with continuing at your profession beyond a time you picked in the past to stop so long as you're okay doing it. In your case it's probably an internal decision rather than an array of objective criteria that you can check off.

This is sort of like the oversaving "problem" where people who are happy living a low consumption lifestyle are told they should behave differently. Within reasonable limits we all sometimes need to be our own internal compass on these personal questions.
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Re: Working One More Year "itis?"

Post by basspond »

Whatever you do leave on your terms. Too many variables that can come up between now and then that could leave a biter end to your career. Retire in six months and if they really need your services for completing the project you have more leverage to end your career on your terms. Congratulations and good luck.
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Watty
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Re: Working One More Year "itis?"

Post by Watty »

Billionaire wrote:A former co-worker gave our boss several months notice on his retirement. He was "rewarded" with a lower bonus and a lower salary increase. Our mutual boss told me that. When my time comes, it will be two weeks notice. If they want me to stay on longer, they can pay me consultant wages.

I have seen people give extended notice thinking that it would help out the company only to be told that two weeks would be plenty and that their ending date would be in two weeks.
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Re: Working One More Year "itis?"

Post by BolderBoy »

Ged wrote:My thinking is that you have to decide what is most important to you. A little more money wouldn't hurt, but really it's just material. A good job is very fulfilling. So is time with your family.

It isn't a simple thing.
I'll second that. 2+ years ago I was planning to leave and never look back. But I like my workmates and taking care of patients. My life has always been one of inconsistency (being "on-call" most of one's life causes that). So for me, working out a deal where I'm sort of "on-call"...if they can reach me (which is most of the - but NOT all of the - time) works out well for everyone concerned; I'm not tied to a pager or a phone. And I'm out of the politics and get to ride in on a white horse, save the day, and leave again.

It isn't about the money - though I don't do it for free, either.

At some point it will end - my skills will erode and I'll simply get too tired. Then I'll have to quit...
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wilpat
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Re: Working One More Year "itis?"

Post by wilpat »

I retired (the first time) in 1992 at age 52. I didn't like it, so I went back to work for 8 years and retired again. Still didn't like it so I went back to work for 2 more years. Still didn't like it so I went to a retirement job (Home Depot) for 10 years. Then I retired for good (for health reasons), but I still don't like it!

One of my ex-wives said that work was my vocation and my avocation!
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Re: Working One More Year "itis?"

Post by Fallible »

Summit111 wrote:...How much is enough? My original retirement goal was last year...now I'm extending it. Finances aren't an issue. My personal life outside of work is very full. How do you determine when, "Enough is Enough."
Summit
I never thought of it as an "itis" but I stayed several months beyond my target retirement date out of guilt, because I had begun work on a big project and was asked to stay to complete it. At the time, it made sense to me that I should feel obligated to finish what I'd started. I'm a finish-what-I-start type anyway, but usually because I love what I'm doing and this was no longer the case. I wish I could say I stayed to finish it, but I was already so "retired" in my heart and mind that I stayed only a few more months, got just the basic work done and ready to turn over to others, and was gone, ever so happily to this day, 13 years later. So I guess knowing when "enough is enough" is not so much something to be deliberately and objectively "determined" as it is just "feeling" when it's time to start your new life. :D

P.S. And gkaplan, CONGRATULATIONS and now I hope we'll see lots more of your great book reviews! :beer
"Yes, investing is simple. But it is not easy, for it requires discipline, patience, steadfastness, and that most uncommon of all gifts, common sense." ~Jack Bogle
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BolderBoy
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Re: Working One More Year "itis?"

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wilpat wrote:I retired (the first time) in 1992 at age 52. I didn't like it, so I went back to work for 8 years and retired again. Still didn't like it so I went back to work for 2 more years. Still didn't like it so I went to a retirement job (Home Depot) for 10 years. Then I retired for good (for health reasons), but I still don't like it!

One of my ex-wives said that work was my vocation and my avocation!
This will probably be me. Retired the first time at 47 and was going nuts after 8 months. Went back to working *2* full-time jobs and did that continuously for the next 12 years, then one FT job, now as described above.

Working for me is [mostly] fun.
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