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Old 03-24-2016, 05:30 PM   #21
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The 3 month duration makes it a good trial.
I've found that even with high hourly rates, the self employment taxes just don't make PT consulting that attractive. The additional $ just don't move the needle and I look to incur additional discretionary business expenses to minimize the tax hit. Sure it covers the health insurance, a new computer, phones etc but not sure it is really worth the aggravation of having a client/customer and time constraints.


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Old 03-28-2016, 01:01 PM   #22
Full time employment: Posting here.
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DH retired from Megacorp in 2008, and in 2009 some suppliers of Megacorp approached him to be their representative. He works about 3-4 hours a day, and it gets him in the building daily to see all the folks he used to work with. It keeps him in the loop for happy hours and Christmas parties. On the downside, they obviously placed a tracking chip in him, because when we leave town for a vacation, all hell breaks loose. Long weekends seem to be all we can squeeze in, but we're OK with it. The $$ is good, and we use it for extras on the house so it's just how we want it when we do retire. We both plan to hang it up in June 2018 and that will be here before we know it.

Sounds like a good gig for you, and 3 months ain't nuthin... Enjoy the $$$$!!!
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1 year into retirement and going to try a part time consulting gig
Old 03-29-2016, 12:18 PM   #23
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1 year into retirement and going to try a part time consulting gig

Quote:
Originally Posted by Sunset View Post
I do this, worked about 7 weeks last year, as independent contractor ( 1099 ).

You should look into Vanguard solo-401K if you don't already know about it, as you can contribute to an IRA or ROTH in the 401K (plus of course an outside regular ROTH). Max contributions are approx $54,000

You would need to get this set up before the end of the year, but contributions could be as late as April 2017 for 2016 tax year.

I was looking at this last night, max contribution for over 50 crowd is $59k. My husband might have consulting work. Who knows how long but the pay is good. If he works full time he could be making half a million. But I think realistically it might be less than $100k. People called him for this work, as in he is not seeking it, but he's glad to help because it keeps his brain active and no commute as the job he retired from.
The best part is they said they work with us with our travel, unless he has to appear in court.

I was wondering if it's a good idea to form an S-Corp and whether he should hire me to do paperwork such as booking travel, do taxes, etc.. so I can contribute to solo-401k as well.


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Old 03-29-2016, 05:34 PM   #24
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I retired at age 55, I took a year and did some travel and other stuff - I got a request to do a 3 month gig in Dubai. (I worked international most of my career) that led to a 2 year contract, then another 2 years SE Asia, and now my 3rd, 2 year contact. After the initial shock of going back to work, it has turned into a great rewarding experience, great holidays, good locations and great staff and NO POLITICS since you are there just to train there staff - I am now getting past the age of getting work VISA's so my run is coming to the end - my advise do it, there is No downside
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Old 03-31-2016, 05:25 PM   #25
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Quote:
Originally Posted by Sunset View Post
I do this, worked about 7 weeks last year, as independent contractor ( 1099 ).

You should look into Vanguard solo-401K if you don't already know about it, as you can contribute to an IRA or ROTH in the 401K (plus of course an outside regular ROTH). Max contributions are approx $54,000

You would need to get this set up before the end of the year, but contributions could be as late as April 2017 for 2016 tax year.


I am curious. Since we are currently in a lower tax bracket (15%) than we will be when RMD's hit, should we setup a solo ROTH 401K vs a traditional? With FICA, RMDs, ACA subsidies, tax brackets - things seem a lot more complex than when I was working.
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