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Semi-retired 2 years ago and loving it!
Old 06-17-2014, 01:41 PM   #1
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Semi-retired 2 years ago and loving it!

My hubby & I retired 2 years ago at ages 53 & 58. As we expected within 6 months we missed working but not the 9-5 gig. We both started our own consulting business doing what we had always done plus I also took on something new. We work about 15 hours/week and it has been the best of both worlds for us. WE are more frugal then most we know but also live on more $ then many at the Mr. MM website. Someone there suggested that this website might be a good match for older folks with a pension & a higher desired standard of living. I have been checking it out & like what I see.
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Old 06-17-2014, 02:29 PM   #2
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Congratulations! Sounds like you're really in a great spot with a little part-time work on your own terms. Very nice!
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Old 06-17-2014, 10:17 PM   #3
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Welcome aboard, Teacher Terry. Sounds like you'll fit right in.

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Old 06-18-2014, 07:41 AM   #4
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Hi Teacher Terry; You remind me of myself in that I have a business that I devote 15 hours or so a week to and I work from home. The business also enables me to fund a solo 401K and shelter significant income. Have you looked into this vehicle? I am over 55, so I can contribute up to $56,500 this year. If your DH is also a consultant he could do the same and between the two of you you could shelter over $100K a year.

Regarding the part time work, it has been marvelous to have a great deal of leisure time and flexibility but still a small chunk of purposeful productive time. The perfect glide path to eventual full retirement.
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Old 06-18-2014, 07:59 AM   #5
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Welcome to ERF! I am a follower of the board for some time, am in the process of retiring right no. I think you'll finda wide variety of fine folks and much good discussion and information here. Enjoy.
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Old 06-18-2014, 08:03 AM   #6
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Quote:
Originally Posted by Golden sunsets View Post
I am over 55, so I can contribute up to $56,500 this year.
I think you're overdoing the 5's...

Quote:
For 2013 and 2014, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:
  • $5,500 ($6,500 if you’re age 50 or older), or
  • your taxable compensation for the year.
Retirement Topics - IRA Contribution Limits
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Retired in 2005 at age 58, no pension
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Old 06-18-2014, 08:45 AM   #7
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Originally Posted by REWahoo View Post
I think you're overdoing the 5's...

Retirement Topics - IRA Contribution Limits
Oops I was wrong, the max for 2014 is $57,000 for a solo 401K. Last year it was $56,500. This includes the individual contribution limit of $17,500 plus $5,500 catch up plus a profit sharing component of 25% of income up to a max contribution for 2014 of $57,000 (in other words an additional $34,000).
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Old 06-18-2014, 08:52 AM   #8
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Originally Posted by Golden sunsets View Post
Oops I was wrong, the max for 2014 is $57,000 for a solo 401K. Last year it was $56,500. This includes the individual contribution limit of $17,500 plus $5,500 catch up plus a profit sharing component of 25% of income up to a max contribution for 2014 up to $57,000 (in other words an additional $34,000).
For verification, the IRS website: One-Participant 401(k) Plans
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Old 06-18-2014, 03:02 PM   #9
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Welcome to the Forum. Congratulations on your ER and having the best of both worlds
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Old 06-18-2014, 03:18 PM   #10
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Welcome to the forum. Sounds like you have the best of both worlds!
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Old 06-19-2014, 03:55 PM   #11
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Welcome T.T. I too am a fan of the Mr. Money M. website but...it seems to be more devoted to a younger to middle age group who are learning how to do with less and save more. This site leans much more to people who are close to or in early retirement. Both sites have a lot to offer, just different points of view.

For great investment discussions I can also recommend the folks over at Bogleheads Investing Advice and Info Lot of smart people there who are very helpful.

Welcome aboard!
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Old 06-19-2014, 06:27 PM   #12
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i agree that MM has a much younger crowd & are more frugal then I desire to be. When I was young & poor we had only 1 car-I would not want to be in that position now or bike everywhere. Also the older folks keep warning the younger ones that health insurance is going to be an issue as they age as far as cost, etc but most don't want to believe it. Anyways, I do enjoy that site too but think that this forum will be a better match to where I am in life.
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Old 06-20-2014, 06:38 PM   #13
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So, what are these 15-hour-a week businesses? I'm 6 months into retirement and starting to get *bored* but can't bear the thought of having to be somewhere at a specific time.
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Old 06-21-2014, 01:00 PM   #14
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My hubby is an engineer & I teach online college courses and also do consulting for injured workers.
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