Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 12-14-2014, 11:22 AM   #21
Thinks s/he gets paid by the post
Katsmeow's Avatar
 
Join Date: Jul 2009
Posts: 3,400
4 1/2 years ago I faced a similar situation. I went in to retire and was asked to stay on part-time.

I ended up agreeing to do it on the stipulation that I was paid an hourly rate. The problem with a set amount - 50% for 40% of work is what happens if you are asked to do something that takes more time. I felt that by being paid hourly I would at least get paid if asked to do extra.

I made it clear what work I was willing to do and what I wasn't. Basically I got rid of any of the parts of my job that I really didn't like.

I started out working about 12 hours a week - going into the office once a week (I did not want to physically go in more than that). After awhile I eventually started going in twice a week and upped the amount of total time.

Finally, about a year and a half ago I went in to completely resign as we had moved and the twice a week drive was just too much time in the car. At that point I was asked to continue doing some work entirely from home. Since that time I've worked entirely from home and reduced my total time down to a few hours a month.

At this point, I'm basically doing it just to help out and since it is only a few hours a month from home it is not onerous or unpleasant at all If it was unpleasant at all I would stop it at any time.
__________________

__________________
Katsmeow is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-14-2014, 03:48 PM   #22
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 1,588
Lot of good advice provided. I agree the key is to have a written understanding of expectations and specifics on time working vs time not working. A 6 month trial is a good way to test the new rules. If it becomes too much work and hours for not enough compensation, then you just fully retire. The beauty of your situation is that you are in the driver's seat here: employer needs you, but you do not really need the employment.
__________________

__________________
After Monday & Tuesday even the calendar says, W-T-F...

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/16 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is online now   Reply With Quote
Old 12-14-2014, 07:51 PM   #23
Recycles dryer sheets
 
Join Date: Jan 2014
Location: Austin
Posts: 496
I had somewhat of a similar situation last summer. I ER'd at the end of May but they wanted me to stay on part time. The agreement was basically "no more than 400 hours a year or 8 hours per week" in return for a salary that was equivalent to 25% of my former full time comp.

Problem was, while it was supposedly the equivalent of one day a week, in reality it presented itself as an hour or two a day which impaired my ability to fully realize and transition to the benefits of being ER'd.

Three months later after they had satisfied themselves they'd be okay without me, they eliminated the position. I felt like all it did was contribute to a state of limbo the entire time.

I wouldn't do it again.


Sent from my iPad using Early Retirement Forum
__________________
ER'd 6/1/2014 @ age 53. AA=70/30, WR=3%
Looking4Ward is offline   Reply With Quote
Old 12-14-2014, 07:59 PM   #24
Thinks s/he gets paid by the post
heeyy_joe's Avatar
 
Join Date: Nov 2012
Location: Madeira Beach Fl
Posts: 1,403
In a word: retire.
__________________
_______________________________________________
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
heeyy_joe is offline   Reply With Quote
Old 12-14-2014, 08:21 PM   #25
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,475
This seems like a common story. I was all set to retire in September. About 10 days, before my last day, I was approached to fill in my present position. I'm theoretically working part time, at the hospital and on call nearby. 7 days/ month is my contract and everything over is extra. I'm working 15 days/month making more than I ever did before. That will be tripled the holiday week. But the actual amount of work is usually just a few hours/day.

I like what I'm doing but it really interferes with the rest of my life. Still, being off 2 weeks per month is much better for me.

January 1st I'm going to independent contractor status, at twice my current hourly rate. I may fill in a couple of days a month, and I'm doing some training as well.

I'm glad for the opportunity to ease into retirement.


Sent from my iPhone using Early Retirement Forum
__________________
EastWest Gal is offline   Reply With Quote
Old 12-14-2014, 09:02 PM   #26
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: E. Wash
Posts: 1,060
As alluded to by East West Gal--Independent contractor status is the way to go. Write an engagement agreement and set an hourly rate the covers your current wage rate plus an additional 50% to cover the cost of being self employed including healthcare. Generally speaking "corporate burden" is 30-35% of wages paid. In addition to being paid for ALL your time, you will also have the ability to set up a 401K self employed plan and shelter up to 25% of your earnings plus matching $ from your employer (self but this may require operating as a LLC). Make the duration of the agreement a set number (6?) months which auto renew subject to written mutual agreement of both parties. IMHO, self employment gives you far more options and better control of being paid for your time.
Nwsteve
__________________
nwsteve is offline   Reply With Quote
Old 12-15-2014, 09:23 AM   #27
Recycles dryer sheets
 
Join Date: Aug 2014
Posts: 430
Is there daily work to be done, or do they want you around to tap into you brain occasionally? I have a deal where I am self-employed. There is a guaranteed 30 hr per month, prepaid on a monthly basis. Expenses and anything over 30 hrs in that month is billed. Seldom do I even meet 30 hrs. It is up to them to assign me things to do, not me to find them.




"50% pay for 33% w**k?" as an employee might be acceptable, (maybe) As a contract worker, it is not enough to cover your expenses. Keep in mind how that added $ might effect any ACA subsidies.
__________________
CRLLS is online now   Reply With Quote
Old 12-15-2014, 04:33 PM   #28
Recycles dryer sheets
Taxman59's Avatar
 
Join Date: Sep 2014
Posts: 485
Update: Over the weekend, I talked with friends who have been (or are in the midst) of this. The general consensus is the same as the advice here . . . split between retire and don't look back or take the part time but keep a tight control on the hours. My DW is coming down on the side of walk away and let's get our new life started.
I spoke with my boss, and she has privately met with some of the other people who will be in on any decision from the company's view, and they are leaning on having a set day (or days) per week with both sides being flexible so I will be available for a big project, but still can take a week off if I need to. I replied that the exception would be a regular day in the office and I would be available by phone. If there is a big project, I can come in for a week or so, otherwise, phone calls and email would be expected.
As to the pay rate, I think a rate at 2X my current salary as a contract hire with a set # of hours (about 600 per year). The total pay would be set with the checks due monthly (regardless of the hours worked in a given month, though over the year, the hours would be capped).
Overall, I think that the details will torpedo any deal for longer than a few months, too many people here are control freaks and would see my flexibility as undermining their authority. I expect that they will come back on Thursday with more details of what they want.
__________________
Taxman59 is offline   Reply With Quote
Old 12-15-2014, 04:54 PM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
It seems that you very, very much want to continue working, at least on a part time basis. That being the case, you should negotiate the best deal you can and continue to pull the plow based on the final terms of your contract.


I'd retire. But in your situation, I didn't want to keep working.


It's a personal thing driven by individual desires on how to spend life's precious hours. Do what's right for you.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 12-15-2014, 05:34 PM   #30
Thinks s/he gets paid by the post
 
Join Date: Jan 2011
Posts: 1,210
I gave my notice and my company asked me to stay on in a part-time capacity. This wasn't a total surprise as I had posted about this [at-the-time] possibility here.
Anyway, I ended up agreeing to 2 days/week on Tuesdays and Fridays, w*rking from home. It's worked out great for me.
If you could finagle a similar tele-commuting position, it could be worth consideration.
__________________
mystang52 is offline   Reply With Quote
Old 12-15-2014, 05:55 PM   #31
Recycles dryer sheets
Taxman59's Avatar
 
Join Date: Sep 2014
Posts: 485
You bet:
I do want to do some w**k, but only on my terms, and not necessarily with my current employer. I want there to be goodwill when I leave, but I do plan on leaving (some want me to retire only after they do!). I figure that if I am clear of the acceptable terms, if they won't meet them, it is on them. If they do, then I "win" and get to do only those parts of my job that I like, and get paid some of what I was underpaid for the past 3+ years.

My wife is now on the side of "screw them, quit now! Over the weekend, she was saying I would be bored so take the part time offer! I am sitting with the fence firmly up my b*tt, I can go either way, but only on my terms!


Sent from my iPad using Early Retirement Forum
__________________
Taxman59 is offline   Reply With Quote
Old 12-15-2014, 06:06 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,638
The key for me would be to define exactly what you would be required to do.
Could you do that in 2 days a week? Really?
If so, it's an idea worth exploring.
If not, think about it.
If you're not sure, get more clarity.
__________________
braumeister is online now   Reply With Quote
Old 12-15-2014, 06:07 PM   #33
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,475
Quote:
Originally Posted by Taxman59 View Post
You bet:
I do want to do some w**k, but only on my terms, and not necessarily with my current employer. I want there to be goodwill when I leave, but I do plan on leaving (some want me to retire only after they do!). I figure that if I am clear of the acceptable terms, if they won't meet them, it is on them. If they do, then I "win" and get to do only those parts of my job that I like, and get paid some of what I was underpaid for the past 3+ years.

My wife is now on the side of "screw them, quit now! Over the weekend, she was saying I would be bored so take the part time offer! I am sitting with the fence firmly up my b*tt, I can go either way, but only on my terms!


Sent from my iPad using Early Retirement Forum
It sounds like both of you are on the fence. At least you are both on the same page. It seems like it would be worth a try, anyway. If you try it and don't like it, you call it quits and retire. If you like it, the extra cash will be handy. I got offered double my current rate, so I'm taking it. I probably will be needed only 2 days per month, which will be perfect.
__________________
EastWest Gal is offline   Reply With Quote
Old 12-15-2014, 06:14 PM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by Taxman59 View Post
You bet:
I do want to do some w**k, but only on my terms, and not necessarily with my current employer. I want there to be goodwill when I leave, but I do plan on leaving (some want me to retire only after they do!). I figure that if I am clear of the acceptable terms, if they won't meet them, it is on them. If they do, then I "win" and get to do only those parts of my job that I like, and get paid some of what I was underpaid for the past 3+ years.

My wife is now on the side of "screw them, quit now! Over the weekend, she was saying I would be bored so take the part time offer! I am sitting with the fence firmly up my b*tt, I can go either way, but only on my terms!


Sent from my iPad using Early Retirement Forum
That clarifies your original question a bit, at least for me. Given that you gave your employer a retirement date but you'd actually rather keep working part time under terms you consider favorable, go for it! I can't give you advise about that as when I reached FIRE, I was done and ready to start an entirely new direction in life. Part time didn't appeal to me. I have several friends, however, who have continued part time, or started new part time endeavors, and that course of action seems to be working out very well for them.

I will say that the safe thing for you to do would be to negotiate the best deal you can and try it for a few months. If you're disappointed with it then, you can always quit.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 12-18-2014, 11:31 PM   #35
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,753
You could go with a with pay by the hour, so if the work bleeds over the "allotted time" you just make more $$$.
That way if they start emailing you at home (and it takes more than 10 min) you charge for it.
I do some consulting for favorite old client, I handle the free time issue by bunching the time into blocks, it has allowed us to take a last minute trip deal which was fun.
I'll answer email for free if its a quick 5 min thing, but if it becomes back and forth to nail down issues, or log in somewhere to check stuff out, then I bill the time for that.
Otherwise you end up working for free.
__________________
Sunset is offline   Reply With Quote
Old 12-19-2014, 07:46 AM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,501
Quote:
Originally Posted by Taxman59 View Post
......I spoke with my boss, and she has privately met with some of the other people who will be in on any decision from the company's view, and they are leaning on having a set day (or days) per week with both sides being flexible so I will be available for a big project, but still can take a week off if I need to. I replied that the exception would be a regular day in the office and I would be available by phone. If there is a big project, I can come in for a week or so, otherwise, phone calls and email would be expected.
As to the pay rate, I think a rate at 2X my current salary as a contract hire with a set # of hours (about 600 per year). The total pay would be set with the checks due monthly (regardless of the hours worked in a given month, though over the year, the hours would be capped).
Overall, I think that the details will torpedo any deal for longer than a few months, too many people here are control freaks and would see my flexibility as undermining their authority. I expect that they will come back on Thursday with more details of what they want.
FWIW, my arrangement was a 50% of pay for 50% of FTE hours (but I was still eligible for all FTE benefit programs but at x%). So if at my level an FTE was expected to have 1400 chargeable hours a year then I was expected to provide 700 chargeable hours a year. If my actual chargeable hours was significantly different from that then we would make a mid-course adjustment of my pay so the $ lined up reasonably with the hours by the end of the year.

I monitored my hours and periodically reported to my boss as to how things looked on a YTD basis. In reality all I needed to do was look at my realization % was ~70%. I was generally reasonably within range of the target so we never had to make any adjustments other than when a special client project came up and I increased my time for about 6 months and then mid-way through the project we adjusted the % of pay to catch up with the hours I was putting in.

It worked out well for us, but my management was quite flexible - about as far from control freaks as you could get.
__________________

__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
One Million in Retirement Funds, Can I go Part time now? Partimewannabe Young Dreamers 50 12-12-2013 09:27 PM
Full time to part time...to no time! WestcoastRN Hi, I am... 13 11-17-2013 02:02 PM
Last part-time gig now history Rich_by_the_Bay Life after FIRE 36 01-19-2011 08:48 PM
They should be careful what they wish for.. Brat Other topics 2 01-01-2006 03:24 PM
Where ERF Members WANT to Live (Full/Part time) Danny Other topics 21 11-26-2005 06:20 PM

 

 
All times are GMT -6. The time now is 04:57 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.