I’m thinking of working one more year before retiring but I’m not sure if that’s excessive

I have a family member who recently turned 60 and has probably been thinking about retirement since he turned 50. He had a very successful career and never had kids — just one failed marriage that ended on a fairly amicable note. And since his ex-wife remarried shortly after their divorce, he wasn’t burdened with alimony payments for too long.

All told, if I had to guess, this family member of mine is easily sitting on a few million dollars in savings. He also has a modest home that’s been paid off for years and no major expenses.

If he wanted to retire, he could probably do so without financial worries — despite being a touch young for it. Yet every time we’ve had this discussion in the past, his response has been the same: “I think I’m going to give it one more year.”

It’s a topic this Reddit poster brings up as well. Like my family member, they have a high-paying role and know that if they walk away from it, they won’t be able to get it back.

But they’re wondering how to break out of the “one more year” mentality. And I’d give them the same advice I gave my family member recently.

When enough is enough

The last time I saw this family member of mine was at his 60th birthday dinner — a party he threw for himself at a nice restaurant because he can comfortably afford to.

My gift to him was a bottle of bourbon — and a note that said “this is your retirement ticket — GO.”

We had a long talk about my gift a few days later — not the bourbon, but the note. And I think I finally got through to him.

What I told him was simple. “Do the math on your savings, and if you can make it work, just cut the cord. If you don’t do it now, before you know it, you’ll be 70, convincing yourself that it still pays to work one more year.”

I think I finally got through to him. He hasn’t resigned from his job yet, but he did have a discussion with his employer about cutting down to part-time work.

If they allow it, he’ll aim to do that for six months before retiring fully. He likes the idea of transitioning into retirement, and I think it’s a healthy way to go about things.

If I knew the poster, I would tell them the same thing. It’s easy to push yourself to work one more year. It’s hard to leave a career behind. But if you can afford it, and you feel that you’re done mentally, then you have to just take that leap.

Run the numbers to make your choice

I wouldn’t tell someone who’s short on retirement savings to not work the extra year. But if you can afford to retire and it’s something you actively want, you shouldn’t let fear get in your way.

If you’re in a similar boat to my family member as well as the poster above, think about what you want your retirement to look like and put a number on it. And if you need help, consult a financial advisor.

If you run the numbers and see that you can pull off your dream retirement without working one more year, allow yourself that privilege.

Good health is never promised, so if you have it now, use it to your advantage. Learn to sail. Travel. Play tennis. Do whatever it is with your time that will make you happy.

You could always push for another year of work. But you don’t want one more year to turn into 10. And if you force yourself to keep working, that’s the risk you run.

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