The struggle of extending your career by just one more year is more common than you might think—and it can sometimes be more challenging than expected. Many professionals face the dilemma of delaying retirement, hoping that an extra year will significantly boost their savings and provide extra peace of mind. But here's where it gets controversial: is that additional year truly beneficial, or can it sometimes bring unexpected discomfort?
As a young physician couple, my wife and I led relatively frugal lives. However, we didn’t actively think much about our financial goals or what we wanted our money to achieve for us. Each year, our bank accounts grew a little, but we had no clear direction on what to do with that extra money. Society often fails to prepare us for this reality—where wealth seemingly accumulates naturally—leaving many to wonder: what comes next?
Neither of us knew much about investing or how to plan for retirement. Our default idea was to use our savings to build a luxurious, dream home, imagining that would be our perfect future. But everything changed at age 39 when I discovered Mr. Money Mustache and learned about the possibility of financial independence—an entirely different approach centered around saving and investing aggressively to retire early and live on your terms.
Six years later, we achieved our financial independence (FI), a milestone that Dr. Jim Dahle has pointed out is reachable for professionals within a decade because our high incomes can accelerate the journey. However, we continued working—not out of necessity, but because we enjoyed what we did and aimed to create a fulfilling life in retirement. Our plan was to retire in the spring of 2025, but we decided to delay this by a year, initially due to our scheduling commitments and personal reasons.
We dubbed this period our 'One More Year,' thinking it would be just a temporary extension. Yet, reflecting on this experience, we found that the extra year wasn’t entirely smooth sailing—surprisingly, it came with some emotional and motivational struggles. While I genuinely enjoyed my work and looked forward to Mondays, during that year, I often found myself wishing I were instead spending time with my wife and our cats, feeling less inclined to work.
And this is the part most people miss: the differences in individual experiences during 'One More Year' can vary dramatically. Some experts, like Physician on Fire and Fritz from The Retirement Manifesto, support doing one extra year, as it can significantly increase your retirement savings and provide a financial cushion. Others regard 'One More Year' as a syndrome—a mindset where delaying retirement becomes more about avoiding change than necessity. But for us, the unfulfilled motivation wasn’t about financial worry. Our numbers had held steady for years. Our identity wasn’t tied to our jobs, and we had multiple other passions and pursuits planned for retirement.
The real challenge was psychological. Once we decided to retire, every week seemed to drag, and the anticipation heightened the desire to just get it over with. We started to think about all the work-related tasks we wouldn’t have to tackle anymore—like scheduling or clinic responsibilities—and that helped us stay focused and motivated. When we formally put in our retirement notices, a wave of uncertainty followed. I questioned whether we had made the right choice, but over time, those worries faded, and I found peace with our decision.
So, what does this teach us? For some, 'One More Year' is an essential safety net, providing confidence that their finances are secure enough for a comfortable retirement. For others, it becomes a mental barrier, making it hard to fully embrace the idea of leaving their careers behind. Our experience highlights that everyone’s journey—and even their reasons—are different.
If you’re contemplating whether to extend your work a little longer or to leap into retirement sooner, consider a few questions: Will that extra year genuinely bring you closer to your goals? Or are you holding on because of fear, uncertainty, or doubt? Sometimes, the best decision is to act when your financial and emotional readiness align, rather than waiting for the perfect moment that might never come.
Interested in personalizing your retirement planning? Check out Boldin—a tool designed to help you develop a tailored plan and stay on track toward the retirement lifestyle you envision. It’s much more than just a calculator; it’s a roadmap to your dream life.
Have you experienced 'One More Year'? Why did you choose to keep working, and was it worth it? Would you make the same decision again? Share your stories and insights below—your experience might help others make their best move.
