"Unemployed" or "Retired" Status

[steelyman]

Maybe one could say they are now "relaxed"?

[Milton]

Quote:

Originally Posted by traineeinvestor [I]f you ever decide to go back to work, putting the gap down to retirement rather than unemployed looks better on your CV.

Is the above based on anything, or does it merely reflect a subjective guess about what an employer might prefer?

Quote:

Originally Posted by glippy "'Unemployed' has a negative connotation." To my ear "employed" has a negative connotation. I don't really understand why people take so much pride in being someone else's servant. In my mind, if I became 'employed' it would mean I had failed as an investor, rather than that I had succeeded at getting a wage.

Well said!

[Kabekew]

I use "investor" as my occupation.

[rescueme]

Quote:

Originally Posted by mickeyd Didn't know that they were still making calls. Glad that the DNC list still works...

It does not eliminate all calls:

1. If I register my number on the National Do Not Call Registry, will it stop all telemarketing calls?
   
   No. Placing your number on the National Do Not Call Registry will stop most telemarketing calls, but not all. Because of limitations in the jurisdiction of the FTC and FCC, calls from or on behalf of political organizations, charities, and telephone surveyors would still be permitted, as would calls from companies with which you have an existing business relationship, or those to whom you’ve provided express agreement in writing to receive their calls. However, if you ask a company with which you have an existing business relationship to place your number on its own do-not-call list, it must honor your request. You should keep a record of the date you make the request.

From: Q&A: The National Do Not Call Registry

[KingB]

When we went to the hospital today (see "what did I do today"), the registration lady ask our working status and I said the DW and I are "long term unemployed". During the questioning regarding the insurance, my DW blurted "I just retired 4/1/11 so we are covered this month". The lady immediately corrected the entry. I asked her if there is a difference between "retired" and "unemployed". She said "No, as far as I am concerned, but on our system, these are different entries ".

[ko1967]

So I could care less what word I or others use. I'm more concerned about what to put on my income tax form. I'm not retired in that I'm not of retirement age and cannot collect Social Security nor take distributions from my IRAs. My income comes from investing but I don't want the IRS suddenly wanting to tax my investment income with Social Security and Medicare taxes because they think that is "my job".

Appreciate any thoughts or guidance.

[jim584672]

If you put down "professional investor" the IRS will start looking at you as a business, then you would owe Social Security taxes, yikes.

[Lakewood90712]

Quote:

Originally Posted by ko1967 So I could care less what word I or others use. I'm more concerned about what to put on my income tax form. I'm not retired in that I'm not of retirement age and cannot collect Social Security nor take distributions from my IRAs. My income comes from investing but I don't want the IRS suddenly wanting to tax my investment income with Social Security and Medicare taxes because they think that is "my job". Appreciate any thoughts or guidance.

I wouldn't worry about either title. You are not a target.

The things like a bartender claiming deductions for employment related travel, car lease expenses, things like that. And only after a return was flagged for examination.

Claiming employment expenses when retired could give them indigestion too.

Boat expenses deduction would be expected for someone who makes a living fishing, but not for a Teacher.

I just thought of something , Fishing Instructor ? ( note to self: advertise Fishing lessons, and deduct the new bass boat payment )

I think I'l drop a note to Nords . Maybe he can find some new deductions if he uses " Surfing Instructor ' as occupation.

[W2R]

"retired"
"unemployed"
"not employed"
"intentionally not employed"
"investor"

....

When I retired, like you I was not old enough to take SS either, although I did have a tiny pension. Anyway, I put down "Retired Oceanographer" since my previous return had said "Oceanographer". I didn't get any questions or trouble.

[pb4uski]

Quote:

Originally Posted by ko1967 So I could care less what word I or others use. I'm more concerned about what to put on my income tax form. I'm not retired in that I'm not of retirement age and cannot collect Social Security nor take distributions from my IRAs. My income comes from investing but I don't want the IRS suddenly wanting to tax my investment income with Social Security and Medicare taxes because they think that is "my job". Appreciate any thoughts or guidance.

You don't need to be of retirement age or collecting SS or a pension or taking distributions from your IRA in order to be retired. Even if you put down professional investor then nature of the income is what determines whether SS and medicare taxes apply, not what you put down as your occupation.Since the nature of your income is from you own personal investments the nature of that income drives how it is taxed. You would only owe SS taxes if you had a sole proprietorship that collected fees from managing investments.

I like WR2's solution.... Retired (Whatever you did before).

[pb4uski]

Quote:

Originally Posted by Lakewood90712 ....I just thought of something , Fishing Instructor ? ( note to self: advertise Fishing lessons, and deduct the new bass boat payment ) I think I'l drop a note to Nords . Maybe he can find some new deductions if he uses " Surfing Instructor ' as occupation.

Can you spell "hobby loss"?

[Rothman]

Quote:

Originally Posted by pb4uski Can you spell "hobby loss"?

Well a lot of start-ups are pretty close, no real business model to suggest money will ever be made


Sent from my iPad using Early Retirement Forum

[Throwdownmyaceinthehole]

Drummer

https://m.youtube.com/watch?v=guUS3_h2Ybc

[Kabekew]

Quote:

Originally Posted by jim584672 If you put down "professional investor" the IRS will start looking at you as a business, then you would owe Social Security taxes, yikes.

No, SS and Medicare taxes are only computed from what you report on schedule C (profit/loss from a business). If you're investing your own money, you wouldn't put that on schedule C, it would go under normal capital gains and losses in your schedule D. So no, the IRS won't come after you for SS taxes just because you scribbled in "professional investor" as your occupation!

[mickeyd]

When asked to list my occupational duties I use this~ Manage passive investment funds for an independent South Texas family.

[brewer12345]

"Chronic masturbator"

[CaliforniaMan]

Quote:

Originally Posted by brewer12345 "Chronic masturbator"

Finally, a way to beat the market.

Psychologist Identifies “Golden Hour� for Best Financial Performance

[audreyh1]

Quote:

Originally Posted by ko1967 So I could care less what word I or others use. I'm more concerned about what to put on my income tax form. I'm not retired in that I'm not of retirement age and cannot collect Social Security nor take distributions from my IRAs. My income comes from investing but I don't want the IRS suddenly wanting to tax my investment income with Social Security and Medicare taxes because they think that is "my job". Appreciate any thoughts or guidance.

We put retired.

On a recent jury survey I had to put "unemployed" because they did not give retired as an option. So that's the fallback.

[freebird5825]

Quote:

Originally Posted by CaliforniaMan Finally, a way to beat the market. Psychologist Identifies “Golden Hour� for Best Financial Performance

Pun intended ?

[ggbutcher]

"Retired" was a hard word to use at the tender age of 40 when I 'retired' from the Air Force. Subsequent employment/unemployment cured me of that tension, although I've carried a gov't issued photo ID acceptable to TSA that sez - Retired.