Do you work part time in retirement?

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Julieta
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Do you work part time in retirement?

Post by Julieta »

If you are working part time, share what you do, the advantages and disadvantages of working, the tax treatment of your paycheck, and when you started working. I'm a teacher and a few years to retirement and I'd like to substitute teach. I'm hoping to set it up as a small business and looking to gain ideas around possible tax benefits of mileage, home office expenses and education classes I might need to stay current.
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Spirit Rider
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Re: Do you work part time in retirement?

Post by Spirit Rider »

I don't have an answer for the first part, but the second part of your goal may be a challenge. The IRS has fairly extensive guidelines in determining whether you should be paid as an independent contractor vs. an employee.

I would think that a substitute teacher is highly constrained by the school district. You have to teach when and where the district requires. You daily schedule is tied to the school day. You will be delivering the services at school district locations. You will have to follow the curriculum and the direction of your supervision. You will be required to follow a detailed set of policy and procedures. You will be paid for each period of work.

All of these fall on the side of you being an employee not an independent contractor. See IRS Tax Topic 762.
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bengal22
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Re: Do you work part time in retirement?

Post by bengal22 »

I currently work part time at minimum range at a golf course. First job I have had where I want to go into work when I am not scheduled and just play around(a round). Job may impact my ACA subsidies by a few dollars.
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Julieta
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Re: Do you work part time in retirement?

Post by Julieta »

What are your subsidies? I am not familiar with that term.
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Re: Do you work part time in retirement?

Post by jfn111 »

I went and got my Real Estate license after retirement. The extra money is nice but it had more to do with wanting something to do. Since I'm treated as an independent contractor I do write off mileage, cell phone, continuing education classes, printer cartridges, paper, etc..
I decided not to write off a home office. The additional deductions would be minimal compared with the increased audit risk.
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Re: Do you work part time in retirement?

Post by abuss368 »

The idea does interest me at retirement.
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Re: Do you work part time in retirement?

Post by Rodc »

My father "retired" from a federal government job at age 57, then worked a series of part-time jobs until he hit upon part-time teaching at the local community college (geography). He then taught until health issues started to crop up at age 79. He really enjoyed it and I think it was good for him emotionally to have something useful to do and as an outlet for meeting and talking with people. The pay was rather modest, but even modest pay is valuable as a boost to a modest pension and SS.

I know several retired teacher who sub or tutor and it works well for them.

Best of luck.
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Re: Do you work part time in retirement?

Post by dickenjb »

I retired at 55 with no intention of working.

Two years later a good friend approached me and asked me to consider consulting for a company whose products her firm distributed. I set up an LLC and did some consulting for that company. I decided I enjoyed it, took a few other consulting jobs that fell into my lap through LinkedIn. Did nothing to promote my business.

Last year I signed up with a firm who approached me out of the blue. They act as a broker and hook me up with firms who need access to my specific knowledge base. Every few weeks I spend an hour on the phone with a client, I get paid $200 an hour. It is kind of fun, some of the clients are chemical companies who have technical questions, a lot of them are Private Equity or Hedge Funds looking to invest in a chemical business. My 29 years of experience in chemicals allows me to help them evaluate investments.

Last year at BH12 I spent an hour on the phone with a hedge fund client who was evaluating an investment in a publicly traded firm. As I am a firm believer in the EMH (Efficient Market Hypothesis), I found it ironic that as I was attending a conference of like minded individuals, I effectively paid for my participation in said conference by helping a client who believed it was possible to generate alpha by picking individual stocks.

As I said, I do nothing to market myself or solicit business and just take what comes my way. Income is highly variable, between $2K and $7K a year. It does allow you to set up a Solo 401(k) and shelter about 100% of that from Federal Income tax, but you do pay SE tax at 15.3%.
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Re: Do you work part time in retirement?

Post by Ron »

If I was working (regardless of pay/hours), I would not be retired; I would have just changed jobs :oops: .

Nope; I retired seven years ago and haven't had a moment when I desired to do any type of paid "employment", TYVM.

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Re: Do you work part time in retirement?

Post by nbseer »

I retired 2 months ago at age 62 after working almost 40 years in a very high-stress occupation. Before retiring I thought about teaching a college course, etc, but so far, have been happy going to the gym, bowling with my 89 year old father (who usually kicks my butt), planning on trips with my wife, etc. Maybe I'll get bored eventually, but with winter almost over, looking forward to lots of bike riding.. and not dealing with commuting to any type of job.
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siamond
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Re: Do you work part time in retirement?

Post by siamond »

I am not retired yet. I do plan to work part-time, with a primary goal of personal enjoyment, and add'l income only being a side effect. For sure, I'll spend some time acting as fishing guide for kids (I already do some volunteering in this respect every now and then and thoroughly enjoy it). I know I shouldn't do too much of it to keep it enjoyable though. Beyond that, we'll see where serendipity brings me, some form of teaching being a definite possibility... I'm looking forward to the journey to the unknown. Makes me feel younger already!

And I am too curious about the experience of the folks who early retired.
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Re: Do you work part time in retirement?

Post by SnapShots »

First, I want to say DH and I loved our work years but retirement is better and we would not consider going back.

Having said that, retirement is a huge adjustment and it takes a few years to settle in. One day your working and the next day you're not. My biggest loss was the daily contact with working friends and associates. Although, we get together from time to time, as time goes by, we no longer have much in common. OTOH .... you make new retiree friends.

After retirement DH, continued serving on two professional boards, which meet monthly. While this has kept him connected to peers and both of us connected to the community, the downside is it places limitations on extended travel. Something we argue or wrestle with continually. Should he quite to travel? Or, should we adjust travel around these important boards?

While I've always been involve in the community, I no longer belong to anything because I cannot or do not want to commit to even a limited schedule.

We no longer have the fire-in-our-bellies to work or start a business and are fortunate in that we don't have to work during retirement.

I have a friend who started a business with her husband after he retired. They probably need the extra income to make his retirement work, but are having a great time and feel they can quite when it's no longer fun.

A job, new business or important board work right after retirement is sometimes a very good transition ... from working full time to stopping.

I think, full time travel would be great ... but DH still has not come around to that idea. :annoyed
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Rob54keep
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Re: Do you work part time in retirement?

Post by Rob54keep »

I do. As an adjunct professor in a subject that I really enjoy. Great work... not so much on the pay but that is not the reason I do it.
I enjoy the interaction with the students and keeping my mind current & relevant to the subject matter. What a blessing! :happy
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bengal22
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Re: Do you work part time in retirement?

Post by bengal22 »

Julieta wrote:What are your subsidies? I am not familiar with that term.
ACA(health care) provides subsidies based on your income when you get insurance through the federal health care program. Being retired makes it easier to keep your income low enough to receive them
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GeauxBR
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Re: Do you work part time in retirement?

Post by GeauxBR »

I'm an owner/operator of a small pest/termite company. If my son does not want the business when i retire (he's 2, so thats a long way off) i plan to sell it outright and keep enough work to maybe do a route a couple mornings a week. Just to keep busy, and to keep some cash coming in.


That's the plan, anyway.
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Re: Do you work part time in retirement?

Post by livesoft »

Where does one draw the line between working part-time in retirement and working part-time and not being retired?
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Re: Do you work part time in retirement?

Post by Ron »

livesoft wrote:Where does one draw the line between working part-time in retirement and working part-time and not being retired?
There is no "line"; working part-time is working part-time :mrgreen: .

For me, if I have to perform a function and do it on any kind of schedule (even making my own hours) for pay, it's still "work" :thumbsdown

I'm not saying you should give up a paycheck. Call it semi-retirement if you must. Just don't say it's retirement http://en.wikipedia.org/wiki/Retirement
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Re: Do you work part time in retirement?

Post by eschaef »

Are you speaking of being a substitute in a public school system? If so, substitutes are part-time employees of the school district. I don't know exactly how it works in private settings, but I can't imagine it is not something along the same lines. If you would like to set up a small business, something like tutoring may be a better fit.
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Re: Do you work part time in retirement?

Post by carolc »

I work part time but it's volunteer work. Very satisfying.

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Re: Do you work part time in retirement?

Post by Rodc »

livesoft wrote:Where does one draw the line between working part-time in retirement and working part-time and not being retired?
When you have a significant non-work income stream (ie you mostly work because you enjoy it, not because you need the money)

(still not a perfect definition, but best I could do in 30 seconds)

FWIW: I think semi-retired is a better term.
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Re: Do you work part time in retirement?

Post by ddunca1944 »

I retired from a mega corp at age 55. I had a pension, but it was about 1/2 my salary. So I worked part time for a number of years. I did substitute teach. I loved the flexibility. I figured out that I only needed to work 10 days a month to supplement my pension, so each month I accepted assignements until I had my 10 days in and the took the rest of the month off.

I liked working part time. There were no issues with office politics, trying to advance. Once I reached 62, I kept working part time because I enjoyed it (by then I was dispatching for an eldercare agency). When DH retired, he wanted me to completely retire so we could travel.

It was a nice way to transition to full time retirement... :D
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Re: Do you work part time in retirement?

Post by Julieta »

What is dispatching for an eldercare agency?
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Re: Do you work part time in retirement?

Post by Julieta »

I've thought about tutoring, too.

I'd like to start SS at 70 and have read many articles recommending part time work to supplement the pension and 4% withdrawl rate from assets if one leaves full time work at 65. I think 10 days a month would be fine for subbing.
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Re: Do you work part time in retirement?

Post by placeholder »

I think if you retire from a full time job with a significant DB pension then paying work at less than full time is "part time during retirement".
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daytona084
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Re: Do you work part time in retirement?

Post by daytona084 »

Retired 3 years ago at age 58. I thought I might like to do some low-stress part time work. But once retired, the idea of any kind of work (except volunteer work) is not appealing at all.
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Re: Do you work part time in retirement?

Post by Magruder »

I work part-time loading a lift and checking tickets at a ski area. Mostly weekends, when it is too crowded to enjoy skiing anyway. Earn ski privileges for me and the grand-kids as a bonus!
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Re: Do you work part time in retirement?

Post by tennisplyr »

Retired for3 years and do not work part time. I've thought about it but like my free time. Done a few things for pay, like Election Day coverage, focus groups, etc. Also, done some volunteer work and will probably do more.
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Re: Do you work part time in retirement?

Post by scrabbler1 »

I worked part-time for 7 years before I retired in late 2008 at age 45. I do not work any more. My money works for me instead of me working for my money. :)
mikeast
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Re: Do you work part time in retirement?

Post by mikeast »

Part time at a big box retailer. No weekends, no nights. Spend most of my 4-5 hour work day giving people DIY advice for their home improvement projects. I make enough earned income to
allow my wife and I to continue to max out ROTH contributions but that s about it.
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Re: Do you work part time in retirement?

Post by ddunca1944 »

Julieta wrote:What is dispatching for an eldercare agency?

I worked for an eldercare agency that sent caregivers to client's homes. At the end of each day, the phones were transferred to me and if a caregiver called in sick, I'd find someone to take their place, Or if a caregiver was on duty and something happened I'd advise them and contact the family. My "tour" ended at 8:00am when the office was staffed. So I worked from home. Sometimes there were no calls and sometimes I'd be awakened at 2;00am.....
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Re: Do you work part time in retirement?

Post by carolinaman »

I thought about some form of consulting or employment but then I realized I had been there and done that. No regrets after 3 plus years of retirement.
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Re: Do you work part time in retirement?

Post by wacobay »

Julieta wrote:If you are working part time, share what you do, the advantages and disadvantages of working, the tax treatment of your paycheck, and when you started working. I'm a teacher and a few years to retirement and I'd like to substitute teach. I'm hoping to set it up as a small business and looking to gain ideas around possible tax benefits of mileage, home office expenses and education classes I might need to stay current.

Julieta, I too am a retired teacher. I have been substitute teaching for the past three years and I find the job much less stressful than regular teaching; there are no papers to grade, no faculty metings, no parent conferences, and no ards, so at the end of the day I just wave "adios" pick up my book and head home. I actually sub two or three days a week. Why? Well the extra money helps offset the fact that we have no COLA with our teacher annuity in Texas , the social aspect and it gives my wife a break. :happy I do though only sub at the school I retired from, which is very near my house. Good luck in your retirement.
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Re: Do you work part time in retirement?

Post by joe8d »

I retired 10 years ago due to company closure.I've been working P/T at my local public library for the last 8 years.I enjoy working with the public and It's been the only thing I look forward to doing.
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Re: Do you work part time in retirement?

Post by cfs »

My goal is to retire in a couple of months, planning to:

(1) take care of my long distance running training.
(2) Travel with my wife.
(3) Troops to Teachers part-time work.

Thanks for reading.
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Re: Do you work part time in retirement?

Post by Loon11 »

starting parttime this week from full time. Want to tiptoe into retirement, don't think I can handle the huge change from working since age 17 to not going in somewhere. So about 20-24 hrs a week. wont' take out SS or my Fed Pension for a couple of years when I reach FRA 66. Not sure how this will be, but this is a Monday and I didn't work today! It's a good test of how life will be on less money.
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Re: Do you work part time in retirement?

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Re: Do you work part time in retirement?

Post by donall »

eschaef wrote:Are you speaking of being a substitute in a public school system? If so, substitutes are part-time employees of the school district. I don't know exactly how it works in private settings, but I can't imagine it is not something along the same lines. If you would like to set up a small business, something like tutoring may be a better fit.
+1 Tutoring pays a lot more per hour and you can run it as a small business. You can also be an educational consultant for curriculum, staff development, etc.
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Re: Do you work part time in retirement?

Post by ofcmetz »

So there is working and then there is retired. What about making the three definitions working because you have too, working because you want to, and not working? The financially independent working would be another definition for it. I plan on doing this in my mid 40's after I "retire" from this job.
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Re: Do you work part time in retirement?

Post by Julieta »

For those of you substitute teaching, do you have any thoughts on the idea of educational consulting or tutoring as a small business? I guess I'm not ready to retire if I'm entertaining more work? I like my job but want to be able to take a few months to go south in the winter and stay close to home when the weather is bad. Winter can be a bear up north.
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Re: Do you work part time in retirement?

Post by trasmuss »

I retired almost two years ago at 62. After taking the summer off I got a part time job in a City building. I get a lot of exercise setting up meeting rooms, cleaning tables and windows, etc. Part janitor, part building security, part customer service/public contact. It is quite a change from my desk job. I've lost 20 pounds since retirement and enjoy the exercise. Each month my boss asks employees for their availability the next month; so I can take trips if I want.

I have been doing this for about 16 months and plan to continue it indefinitely for now. I would encourage people to look beyond what they are used to doing and find something that they enjoy if they decide to work part time. I'm not doing it for the money (low wage job) and the money I made last year went to a Roth IRA. I like the physical exercise. I worked 22 hours a week over the winter and will now work 11 hours a week (two days at 5 1/2 hours each) over the summer.
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Re: Do you work part time in retirement?

Post by frugaltype »

joe8d wrote:I retired 10 years ago due to company closure.I've been working P/T at my local public library for the last 8 years.I enjoy working with the public and It's been the only thing I look forward to doing.
I would love to do this, and the local library really needs my IT knowledge, but it is not even possible to volunteer with no pay at the library, due to the contract the town has with the union. (It isn't possible to work for pay, either, since there is no money to hire additional people. So the library is short-staffed, a solution is there, but it can't be implemented.)
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Re: Do you work part time in retirement?

Post by TomatoTomahto »

Julieta wrote:For those of you substitute teaching, do you have any thoughts on the idea of educational consulting or tutoring as a small business? I guess I'm not ready to retire if I'm entertaining more work? I like my job but want to be able to take a few months to go south in the winter and stay close to home when the weather is bad. Winter can be a bear up north.
I don't know about Minnesota, but here in NJ, tutoring is a big business, especially SAT and ACT tutoring.
I get the FI part but not the RE part of FIRE.
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Re: Do you work part time in retirement?

Post by The Wizard »

I have no plan to work for additional income in retirement; it would be taxed at 25%+5% to start with, on top of my annuity income.
But I'm going to tear down my old 8' x 30' woodshed/storage shed and rebuild it properly starting in a month. That would cost several thousand to hire out, so I'll retain that capital...
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Julieta
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Re: Do you work part time in retirement?

Post by Julieta »

Tomato, do you tutor for these sessions and if yes, what is your experience?
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Re: Do you work part time in retirement?

Post by TomatoTomahto »

Julieta wrote:Tomato, do you tutor for these sessions and if yes, what is your experience?
No, Julieta, but my son was doing the SAT fandango recently, and I spoke with a number of parents about tutoring. Some of the hourly rates are more than you'd pay a high end attorney.

My son just needed some help with the essay portion (e.g., strongly stated thesis, "sounding factual" more important than being 100% accurate, lengthy essays usually score higher, etc.), so we hired someone local for a couple of hours at $70/hour. I know people who have spent 5-digit amounts on the college application business (and I don't use the term "business" ironically).
I get the FI part but not the RE part of FIRE.
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Re: Do you work part time in retirement?

Post by TomatoTomahto »

Julieta wrote:Tomato, do you tutor for these sessions and if yes, what is your experience?
No, Julieta, but my son was doing the SAT fandango recently, and I spoke with a number of parents about tutoring. Some of the hourly rates are more than you'd pay a high end attorney.

My son just needed some help with the essay portion (e.g., strongly stated thesis, "sounding factual" more important than being 100% accurate, lengthy essays usually score higher, etc.), so we hired someone local for a couple of hours at $70/hour. I know people who have spent 5-digit amounts on the college application business (and I don't use the term "business" ironically).
I get the FI part but not the RE part of FIRE.
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Re: Do you work part time in retirement?

Post by Calm Man »

The greatest thing is to be "old" with experience in an area where you have specialized skills. Companies love you as you can get paid hourly or daily (and they know they can stop at any time), they don't have to "develop" or train you, and they don't have to pay any benefits. I have found that I charge increasing amounts and nobody blinks. I donate the after tax now to charity so I have no compunction charging the high rates. If they don't want to pay it, so be it. So I feel retired even though I am not. I do still hate flying anywhere and unfortunately have to take 4 flights next week.
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Re: Do you work part time in retirement?

Post by joe8d »

I have been doing this for about 16 months and plan to continue it indefinitely for now. I would encourage people to look beyond what they are used to doing and find something that they enjoy if they decide to work part time. I'm not doing it for the money (low wage job) and the money I made last year went to a Roth IRA. I like the physical exercise. I worked 22 hours a week over the winter and will now work 11 hours a week (two days at 5 1/2 hours each) over the summer.
Exactly.
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Wildebeest
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Re: Do you work part time in retirement?

Post by Wildebeest »

ofcmetz wrote:So there is working and then there is retired. What about making the three definitions working because you have too, working because you want to, and not working? The financially independent working would be another definition for it. I plan on doing this in my mid 40's after I "retire" from this job.


I think Officer Metz is correct. And I initially thought having fun/rewarding jobs, which are paid ( playing around with tools, on golf courts, paid volunteer-like work to cover costs) after retirement and call it financially independent work or rewarding jobs.
With people who fell on hard time and retired and have to go back to work to call it, but can not or do not have to work full time semi- retired.
However definitions get even harder with the Calm man being in my mind fully retired, and may be the fifth definition would be philanthropic semi-retirement.

FWIW.
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frugaltype
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Re: Do you work part time in retirement?

Post by frugaltype »

Wildebeest wrote: With people who fell on hard time and retired and have to go back to work to call it, but can not or do not have to work full time semi- retired.
I call someone who could be retired but chooses to work some of the time, semi-retired. It says nothing about their financial status to me.
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