I'm 60, healthy and have hit my $1.5M retirement savings target — but am suffering from 'just one more year' syndrome. Should I call time on my high-paying but stressful job or stick it out?

You're hesitant to make a change even though you've achieved your financial goals, and you're feeling compelled to keep working, even in a job that no longer sparks your enthusiasm, you might be struggling with the phenomenon known as "just one more year" syndrome.

There's no obligation to stop working at a certain age. If you enjoy your job and are committed to your work, you may want to continue doing so even in your later years. However, if you're ready to retire, this internal conflict can cause significant anxiety and uncertainty.

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The risk isn't that you'll put in one more year of effort, but that it could become just another year that slips by, year after year. So, what's the solution? It might boil down to taking an objective approach, using cold, hard numbers to inform your decision.

The conundrum

Imagine a 60-year-old woman who has reached the $1.5 million retirement milestone and wants to leave her high-paying yet very demanding job in the healthcare field. She's reluctant to make the move, considering it would mean one more year of contributing to her retirement savings.

Her 65-year-old spouse is already retired and receives a pension, but they are both hesitant to stop contributing to their nest egg and also concerned about switching from saving to using their savings.

For those who have sufficient financial resources to live comfortably in retirement, another challenge may be more an emotional or psychological hurdle to navigate.

A person's biggest financial challenge lies in keeping their target in sight and having it remain stationary, rather than constantly shifting," as Morgan Housse puts it in his book, "The Psychology of Money.

To put it another way, if you've yet to set a clear goal for retirement, that goal will keep changing. Figuring out what you'll find satisfying in retirement might entail a considerable change in how you think.

The cost of living in the United States is still getting totally unaffordable.

Crunching your retirement numbers

A $1.5 million portfolio might yield around $60,000 per year in pre-tax income for 30 years, but this amount depends on the returns you receive from your investments.

This should be taken into account when building their models — so they're in a more advantageous position.

Even if the numbers suggest that she would gain from continuing to work another year, she'll also need to weigh the value in it for her - especially considering how much she dislikes going to work and how it's affecting her physical and mental well-being. If the couple is concerned about potentially leaving behind money, they could look for other ways to cut expenses - are they really set on renovating the kitchen or buying a new car? Alternatively, she might consider taking a part-time job, freeing herself from the stress of her demanding job.

For those stuck in the mindset of "just one more year," holding off retirement for twelve months more might provide a financial boost. However, it may not address the deeper reason behind the delay - especially for those feeling they'll never earn enough to live comfortably in retirement. Making decisions based on facts rather than emotions could help alleviate anxiety and allow individuals to start enjoying their hard-earned retirement savings.