{"id":4281,"date":"2023-02-21T15:40:38","date_gmt":"2023-02-21T10:10:38","guid":{"rendered":"https:\/\/dushyantnomics.com\/?p=4281"},"modified":"2023-07-20T09:23:41","modified_gmt":"2023-07-20T03:53:41","slug":"one-more-year-syndrome","status":"publish","type":"post","link":"https:\/\/dushyantnomics.com\/one-more-year-syndrome\/","title":{"rendered":"How to Handle One More Year Syndrome"},"content":{"rendered":"\n
Are you wondering if that anxiety deep down is the one more year syndrome?<\/p>\n\n\n\n
Let us find out.<\/p>\n\n\n\n
The day you waited for years has arrived.<\/p>\n\n\n\n
You have planned your journey to early retirement<\/a> well. You have ticked all the boxes.<\/p>\n\n\n\n The t\u2019s have been crossed and the i\u2019s have been dotted.<\/p>\n\n\n\n You have achieved financial independence as per your calculation and are all set to retire early.<\/p>\n\n\n\n But something feels amiss.<\/p>\n\n\n\n You just cannot get yourself to pull the trigger on your current job and say goodbye.<\/p>\n\n\n\n You are doubting if you are ready to do this.<\/p>\n\n\n\n What if I just continued for one more year in my current job to be sure I am not making a mistake?<\/p>\n\n\n\n Sounds familiar?<\/p>\n\n\n\n You have just been hit by the One More Year Syndrome.<\/p>\n\n\n\n One More Year Syndrome is the urge to continue in your job for another year even though you have achieved financial independence.<\/p>\n\n\n\n At its root lies fear.<\/p>\n\n\n\n It is the fear of not having enough money to retire early. It is the fear of anticipated regret about pulling the trigger too soon.<\/p>\n\n\n\n Add to that, the fear of the being unable to make a smooth transition to a life filled with meaningful work.<\/p>\n\n\n\n One More Year Syndrome makes you believe that another year in your current role will help you overcome all these fears.<\/p>\n\n\n\n When you have lived the corporate life for a decade or two it starts to define you. You know how things work and how to navigate the maze of daily life.<\/p>\n\n\n\n Even if you do not enjoy it that much, it still gives a structure to your daily life.<\/p>\n\n\n\n Early retirement is about giving up this set and familiar routine for a completely unique way of life.<\/p>\n\n\n\n At its core, one more year syndrome is a paradox.<\/p>\n\n\n\n One More Year Syndrome is a mental paradox. It is a paradox that you will experience in other areas of your life as well.<\/p>\n\n\n\n It is not only limited to your feelings about the transition to early retirement.<\/p>\n\n\n\n Let us take another example.<\/p>\n\n\n\n You are the proud owner of a nice bottle of wine. <\/p>\n\n\n\n The longer you keep the bottle unopened, the better the wine will taste when you finally drink it.<\/p>\n\n\n\n So instead of drinking the wine right now you let it sit for another year. <\/p>\n\n\n\n As the next year rolls in, the options facing you are still the same.<\/p>\n\n\n\n Drink the wine now or wait till it tastes even better the following year?<\/p>\n\n\n\n Therefore, you delay your consumption of this wine as much as possible. <\/p>\n\n\n\n The years go by, and the wine keeps getting better and better while remaining unopened.<\/p>\n\n\n\n Then one day you are diagnosed with a new health condition. <\/p>\n\n\n\n This new health condition means that even a single drop of wine will be fatal for you.<\/p>\n\n\n\n You now realise that you will never be able to enjoy that bottle of wine. Even though that wine is now the best tasting that it has ever been.<\/p>\n\n\n\n The one more year syndrome has proven to be your undoing. <\/p>\n\n\n\n In philosophical literature this has also been studied as the paradox of the philanthropist<\/a>.<\/p>\n\n\n\n So how do you handle such a paradox and get over the one more year syndrome?<\/p>\n\n\n\n To make a smooth transition to your post-retirement life, it is important to handle this concern effectively.<\/p>\n\n\n\n Otherwise, you risk an extended period of indecision leaving you paralysed when it comes to making the next move.<\/p>\n\n\n\n Here are some tips to cope with the one more year syndrome:<\/p>\n\n\n\n Start with acknowledging the feeling. <\/p>\n\n\n\n It is normal to get the one more year syndrome. Everyone who gets to this stage will get this feeling in some form.<\/p>\n\n\n\n Some find it easier to deal with, while some others less so.<\/p>\n\n\n\n There is no denying the fact that having a bigger retirement corpus is always going to be financially sturdier than a smaller one.<\/p>\n\n\n\n Also, your colleagues who continue in their paid employment will end up with a higher net worth compared to you. <\/p>\n\n\n\n You may never be able to catch up with them if you decide to retire early.<\/p>\n\n\n\n Just recognising that you will have to face this condition is the first step to coping with it.<\/p>\n\n\n\n It will allow you to prepare for it much before you have achieved financial independence.<\/p>\n\n\n\nWhat is One More Year Syndrome<\/strong><\/h2>\n\n\n\n
The Paradox of the One More Year Syndrome<\/strong><\/h3>\n\n\n\n
Coping with the One More Year Syndrome<\/strong><\/h3>\n\n\n\n
Acknowledge The Paradox<\/strong><\/h3>\n\n\n\n
Recognise the Opportunity Cost<\/strong><\/h3>\n\n\n\n