Passive Earned Income

[Semiretired2008]

I want to pull the plug and just retire, but I want to keep contributions to my Roth going for at least a few more years - currently almost 56...

Currently I have been Semi Retired since 2008 (easy to guess by my user name) and have been doing part time work that is diminishing unless I want to step back to full time, which I do not. It is getting where I spend more time looking for part time work in my career than working and making an income from it (I can usually fill my 401k and Roth maximums each year), but the effort to find it is requiring a lot of effort - so I am thinking of just pulling the plug and either changing my semi career or just retiring.

That brings me to my post - generating passive earned income (generating earned income using less energy) - at least enough to cover my Roth contributions. I have thought about building an RV Park, a Flea Market, doing Consignment Sales through existing shops, Teaching Undergraduate classes (I have two Masters Degrees and could teach one or two semesters a year), Blogging my Technical Side (kind of like blogging) or offering teaching my Technical Side on the road (this might take to much effort also)... I do Day Trading one or two days a week for extra income and could do that more, but getting that to count as earned income just does not seem to be easy. There are other possibilities also.

What I am looking for is insight from anyone else that is doing similar things or ideas that may be better... Or is adding to my Roth as important as I think it is...

 

[Animorph]

No Roth conversion possibility?

 

[Semiretired2008]

No Roth conversion possibility?

I would not be able to do these till next year (made to much this year) and are we sure they will still be available and if so for how long?

 

[Hamlet]

Amway baby!!!

 

[ksr]

I teach a knitting class or two each week. It's something I enjoy, and very different from the technical work I did full-time. The money I make enables me to make Roth IRA contributions; when the work stops at some point, I will switch to doing Roth conversions each year.

 

[BigE]

I thought you could contribute to a ROTH and convert the same year if so desired. For example, one could be almost completely retired and do some part time work and earn 5k, put it all in a ROTH and convert other nonROTH monies the same year (I mean, 5k earned income plus the tax on the conversion would be small, right?)

 

[Animorph]

I thought you could contribute to a ROTH and convert the same year if so desired. For example, one could be almost completely retired and do some part time work and earn 5k, put it all in a ROTH and convert other nonROTH monies the same year (I mean, 5k earned income plus the tax on the conversion would be small, right?)

Sure can. You can also contribute to an traditional IRA and convert it to a Roth in the same year (a back door Roth for example).