So, you’ve reached your retirement savings target, but you’re still afraid to pull the trigger on ending your career. If you feel a compulsion to keep working even once you’ve reached your financial goals — perhaps in a job you’re no longer passionate about — you may be suffering from “just one more year” syndrome.

There’s no rule that says you have to stop working at a certain age. If you love your job and care about your work, then you may want to keep working in your golden years. But if you’re ready for retirement, this internal struggle can cause a lot of anxiety and indecision.

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The danger isn’t that you’ll work one more year, but that it will turn into another year, and then another. So, what’s the cure? It may come down to taking your emotions out of the decision and doing some cold, hard math.

The conundrum

Let’s say a healthy 60-year-old woman has hit her $1.5 million retirement savings target and is ready to quit her high-paying but extremely stressful job in health care. But she’s still hesitating — after all, it’s a lucrative profession, and one more year of work means one more year of retirement savings.

Plus, she can’t claim Medicare until 65, and if she takes her Social Security benefit at age 62, she’d have to take a reduced benefit. Her spouse, 65, is already retired and has a pension, but they’re both hesitant about leaving money on the table — and anxious about making the shift from saving for their nest egg to withdrawing from it.

But if they have enough money to retire, then their biggest issue is probably more of a psychological one.

“The hardest financial skill is getting the goalpost to stop moving,” as Morgan Housel summed it up in his book, “The Psychology of Money.”

In other words, if you don’t have a firm target for retirement, then that target will keep moving. Deciding what will be ‘enough’ for a fulfilling retirement may require a major shift in mindset.

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Crunching your retirement numbers

Start by looking at the facts instead of listening to your emotions. Do the modeling, either on your own or with the help of a financial planner. In general, using the 4% rule, a $1.5 million portfolio should offer about $60,000 a year before taxes for 30 years — but that will also depend on your investment returns.

This 60-year-old woman also has other considerations. Will she be getting a pension? Does she have private health insurance or another option to bridge the gap until she can claim Medicare at 65? If the couple owns their home, has an emergency fund and doesn’t have any other major debts, that puts them in a much better position — and this should be factored into their modeling.

Even if the math shows it would be beneficial for her to work another year, she’ll also have to consider whether it’s actually worth it — especially if she dreads going into work and it’s taking a mental and physical toll on her health. If the couple is worried about leaving money on the table, perhaps they could trim their spending instead — do they really need to renovate the kitchen or buy a new car? Or maybe she could get a part-time job, leaving her high-stress job behind.

For those suffering from “just one more year” syndrome, working another year might help to bring in some extra cash. But it probably isn’t going to solve the underlying issue — especially if you feel that you’ll never truly have enough for retirement. Basing a decision on the numbers rather than emotion could help to ease the anxiety and help you finally enjoy the fruits of your labor.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.