Who is working PT in retirement

[RAE]

I'd planned on looking for part-time work after retiring. But after doing some volunteer work I quickly discovered I no longer wanted anything to do with any endeavor where my time wasn't entirely my own.

I do a little volunteer work in retirement, but it is entirely on my terms. I have zero desire to work (for money) for anyone in retirement, because that would be completely different. If I get tired of the volunteer work, I just inform them that I've had enough for a while, and I'm gone. Also, they appreciate the help I provide, but I don't really have to meet any performance standards (other than my own). Plus, I don't want to sign up for anything that has a regular schedule (where I have to be somewhere on a certain day/time). If I wake up in the morning and the weather is nice, I want the flexibility to go fishing (or whatever).......and not have to show up for work!

 

[flyingaway]

Ron Paul retired as a doctor and become a senator. Now he wants to do the president job.

 

[harley]

Ron Paul retired as a doctor and become a senator. Now he wants to do the president job.

That would be Rand, Ron's son. He still works as an ophthalmologist, although I think that's volunteer work now. Ron is semi-ER from being a Doctor and a congressman. All he does now is run a think tank and a homeschool online curriculum. Not my idea of retired.

 

[papadad111]

I plan to do some part time work or own a small business.

Upper 40s just a month into FIRE, I can already see that the industrious and naturally curious side of me will need more frequent interaction with people and a stronger sense of purpose - or at least an activity that can be tracked and measured by profits. It's not about job titles for me but I gotta "DO" something.

What ever it is, it will be fun and mostly on my terms - I have a few plans in mind - and what worries me is that they are all pretty random. No common thread or theme but all have elements of what I enjoyed during the last 25+ years of work. This is all really stupid because I am FIREd. Some keep saying why bother. I have tons of home improvement work to do also ... Why not do that first and then see where this all goes....

Few if any of these are related to career 1.0 which was managing/leading a functional area in a megacorp. But the skills learned there I assume can be applied elsewhere --

I started up my own personal financial blog site on the second day of retirement. Everyone seems to be blogging now days - I'm Still in the "getting it going" phase and thinking about the specific angles that I want to take. I would like to monetize it eventually.

I want to pursue a teaching certificate within the next 3 years to allow for a second career option -giving back to my community by way of education.

I would like to own a small business - something that can be part time and maybe create a few jobs. Thinking coin op vending business, coin op car wash, self storage, or similar. Lower overhead and ability to not be there 24x7.

I like to cook - and would like to own and run a food cart or truck - seasonal mostly. Summer months.

I like to travel in the summer and could see myself going to state fairs and other events like car shows and rally's and selling /vending - maybe food or maybe some novel As-Seen-on-TV product. At least that would cover cost of traveling . Someone on here a while ago mentioned a beef jerky business selling at beer festivals. I would be all over that !!!

I am interested in home solar technology and thought about a franchise business installing home solar panels and systems.

Some good advice given to me was to give myself 6 months to decompress, along with a pending relocation and settle the family down before diving into encore career / life 2.0 and to Look before I leap. Each of these ideas need research and a solid biz plan with financials, operations and marketing plans well defined.

I just can't sit still... Finding it is Not at all my nature. But 2.0 / encore work MUST be something I am totally passionate about or it will feel too much like work.... The thought of clocking in somewhere is low stress but may not be enough brain exercise for me.

Any advice for me ? Aside from slowing down to really assess each of these ideas ? Any recommendation for finding mentorship to getting into a small business - eg rotary club? I know no one in my new location yet and it's a relatively small town. I really respect older people's knowledge and wisdom. Maybe if they are FIREd and bored they would be willing to coach me a bit ? I dunno. Maybe it's just the concussion shock of FIRE hitting me in the head.

....

 

[BTravlin]

Next month DW and I will be retired two years now. Prior to retirement, I had my own sales company but no employees or office. Once I retired, I switched to repping for another company and kept six of my best accounts. These are long time customers who are easy to deal with, pay their bills on time and hardly ever file any claims. I probably work about 5 hours a week on average. I enjoy it since it keeps me active mentally and the extra income helps pay for our diving habit. I'll toss it aside when it becomes tedious.

Good luck in finding something that's the right fit for you.

 

[aja8888]

I plan to do some part time work or own a small business.


Any advice for me ? ........... I really respect older people's knowledge and wisdom.

....

From very close and older person's personal experience (me), stay away from cash/equipment businesses such as soda/food vending machines and laundromats.

Throw in car washes also as start up costs are very high.

Try to leverage off your previous work skills and experience/knowledge if you can for a part time gig or a small business.

 

[TallTim]

Try to leverage off your previous work skills and experience/knowledge if you can for a part time gig or a small business.

+1 to this. Low capital intensity and time flexibility are key.

We are FI, but not yet RE ... likely sometime in '15 or certainly by Jan '16 and our plans are for DW to continue her hobby business doing public speaking, but probably with more flexibility for her as I will now be around to help out with the homefront and DD/DS needs ... its very hard for her to book gigs now when my schedule remains somewhat unpredictable, incl intl travel.

I will also pursue my trading strategies developed over the past 3-5 years more fully .. and helped/backstopped by the cash/pile in after-tax accts. I will also be open to part-time projects in my professional area (corp law)

We don't need to from a $ point of view, but we are thinking we will be able to fund taxes plus current expense out of these two steams and only dip into principal for larger items (cars, college tuition, major medical, etc) for at least the first 5-7 yrs of RE ... since we will somewhat limited by DD and DS school schedules for the next 2 yrs or so, we may as well make use of the time to make some $$ with limited time invested.

 

[LinCella]

I thought I wouldn't want a PT job unless I could do it on my terms. Just want some extra walking around money. Asked about some work at my old job and was rejected! Guess when I left as a manager I ruffled some feathers.

For now, if I could work from home - doing what I have no idea - I would consider it. Even though I'm not doing much anything in retirement - I would rather not have a set schedule. Hate the idea of HAVING to be somewhere.

 

[Teacher Terry]

WE did nothing for the first 6 months to decompress except buying & renovating a house & moving. Then we started to think career. We both work from home mainly & set our own schedule when we need to see clients.

 

[AnIntentionalRoad]

Last year I did about 10 days of paid consulting. This year I'll probably do about 20. That's 100% YoY growth!

I might do more in coming years if I get bored but will cross that bridge then.

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[martyb]

In the last couple of months, I've made around $700 tax free money doing a few "mystery shopping" gigs for several companies. One of my daughters does it and after she kept bugging me, I finally decided to give it a whirl. There are quite a few companies that are contracted by retailers to have independent contractors do this stuff for them, and as long as you don't earn more than $600 annually from any one company, no taxes owed. If you exceed the $600, you get a 1099. I don't mind the shopping part, the online reports are a slight hassle. I mainly tried it out of curiosity. I get job offers every day by email, and delete most of them. I only do it when I feel like it. Some of the restaurant shops are reimbursement only. Wife & I recently had steak dinners at Texas Roadhouse. The bill with tip was around $42, and i was paid $45, so essentially just a free meal for us. Since it was a reimbursement, it's not considered income so doesn't count towards a 1099. This is really just kind of a hobby, that happens to pay a little. If I get tired of playing, I'll stop. For now it's kind if fun.

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[RE2Boys]

In the last couple of months, I've made around $700 tax free money doing a few "mystery shopping" gigs for several companies. One of my daughters does it and after she kept bugging me, I finally decided to give it a whirl. There are quite a few companies that are contracted by retailers to have independent contractors do this stuff for them, and as long as you don't earn more than $600 annually from any one company, no taxes owed. If you exceed the $600, you get a 1099. I don't mind the shopping part, the online reports are a slight hassle. I mainly tried it out of curiosity. I get job offers every day by email, and delete most of them. I only do it when I feel like it. Some of the restaurant shops are reimbursement only. Wife & I recently had steak dinners at Texas Roadhouse. The bill with tip was around $42, and i was paid $45, so essentially just a free meal for us. Since it was a reimbursement, it's not considered income so doesn't count towards a 1099. This is really just kind of a hobby, that happens to pay a little. If I get tired of playing, I'll stop. For now it's kind if fun.

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I've been working part time since I first retired 15 years ago, but fortunately it has been largely on my terms. Only work Jan-April, I call my own hours but I'm mindful that I need to be a contributor at work, and they are aware that I really don't need to be there so it's kept on a win-win basis. No BS, I can leave in the middle of the day to take one of the boys to soccer practice if I wish. But I also put in 50+ hour weeks when it's crunch time. Do income taxes.

Which is why the above quote, ALL income is required to be reported on your income tax returns, whether you receive a 1099 or other documentation. The company is required to report payments to the IRS if over $600 in a year (file a 1099MISC) but you are required to report everything.

 

[doneat54]

Not retired yet (Feb 2017) but I have given this some thought often. I know that I will absolutely not go back to corporate America. And unless there is some catastrophe, I am poised to not HAVE to work.

But I have a million hobbies and interests and being "bored" is the last thing I worry about. I have a hobby restoring a driving old German cars and in 2003 started a web business make parts that were unavailable. I had a partner, but he has faded, and I have actually scaled back some of the small stuff and only do the best paying stuff. I also wheel and deal old parts, buying, restoring and reselling them.

My thought is that I would be motivated to work for "gravy" money. Out-of-budget money that could be spent for travel, etc. My wife and I love to travel and dine out. We will budget for that in our finances to some degree. But my hobby money has always been "off the books" and I love that I don't have to do it. I definitely don't want to have to do it. But I could be motivated to set up an "escape" fund and contribute toward that when I am not buying $450 horn buttons, $800 air filters and $1200 turn signals.

 

[LinCella]

I was hoping to get some on-call work with my previous job, maybe 5-10 hours a week. I e-mailed three days ago and have not received one word. Guess they didn't like me as much as I thought they did!

 

[REWahoo]

I was hoping to get some on-call work with my previous job, maybe 5-10 hours a week. I e-mailed three days ago and have not received one word. Guess they didn't like me as much as I thought they did!

Maybe. Or it could be having you there knowing you don't really need to be is too painful for them.

 

[Ronstar]

I'm still a consultant to my former company, where I retired 13 months ago. I've worked about 30 hours in these 13 months. I should only have about 20 hours left and should wrap up the gig this year. I would consider doing some other work if it was exciting, but nothing has presented itself yet.

 

[Dreamer]

I have been working a part-time job, 3 days per week, for the last 5 years. I will have earned enough for my 40th quarter for social security purposes on 5/8/15 and will stop working 5/15/15. I am looking forward to not having a schedule again.

 

[NC 57]

I received a surprise call from a professor at a local university asking me if I would be interested in teaching a half semester course at the business school from March to early May. I thought it might be an interesting change, as well as a new challenge, so I agreed to teach two sessions.

I completely underestimated the time required for preparation, grading assignments and tests, as well as holding office hours. My standards are high, so I poured tremendous time and effort into the development of materials, lectures and assignments on a crunch timetable. Due to my late hire date, two weeks before classes started, and my inexperience teaching in the classroom, it has been a struggle to stay a couple of sessions ahead of the class. I can see how teaching the course a second time would be much easier and less time consuming.

I'm appalled at the low work ethic and poor communications skills of the seniors I'm teaching. The school is a prestigious private university with an undergraduate business program ranked in the top 10 nationally. Standards in terms of the amount and quality of work expected of students seem much lower than I remember from my days at a state university 40 years ago. I've received feedback from administrators I'm too demanding.

My observation is most of the foreign students seem to be in class to learn the material. They are always prepared for class and work hard on the assignments. The American students are focused on earning an "A" with as little effort as possible. I'd say half of them come to class without reading the materials. Most of the American students seem to be from affluent middle class families and have yet to experience real challenge and adversity in their lives.

The experience has not been fulfilling and since I don't need the income I won't continue in the fall. I suspect most of my students are in for a rude awakening in another month when they start working for a company and quickly realize they are no longer the center of the universe. Incredibly 95% of the class has jobs as the business school's graduates are in high demand. Of course I may be wrong. Perhaps corporations are less demanding today and willing to lower standards to accommodate the expectations of this generation.

I'm looking forward to completing the grading of final exams and returning to retirement.




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[AnIntentionalRoad]

I've taught a business class at my alma mater off and on for the past 5 years. My first semester teaching mirrors your experience to a tee (mine is also an expensive private university). I was also appalled at the low lovely of writing ability of some of the minority students in my class. BTW most of my students were either seniors or graduate students in either engineering or business.

After I saw a few different classes I realized that that first cohort was a bit of a fluke. Each term do get 1 or 2 students where I wonder how they got accepted to the school and another 2 or 3 that are pretty laxy, but in general I think my students put in reasonable efforts.

I received a surprise call from a professor at a local university asking me if I would be interested in teaching a half semester course at the business school from March to early May. I thought it might be an interesting change, as well as a new challenge, so I agreed to teach two sessions.

I completely underestimated the time required for preparation, grading assignments and tests, as well as holding office hours. My standards are high, so I poured tremendous time and effort into the development of materials, lectures and assignments on a crunch timetable. Due to my late hire date, two weeks before classes started, and my inexperience teaching in the classroom, it has been a struggle to stay a couple of sessions ahead of the class. I can see how teaching the course a second time would be much easier and less time consuming.

I'm appalled at the low work ethic and poor communications skills of the seniors I'm teaching. The school is a prestigious private university with an undergraduate business program ranked in the top 10 nationally. Standards in terms of the amount and quality of work expected of students seem much lower than I remember from my days at a state university 40 years ago. I've received feedback from administrators I'm too demanding.

My observation is most of the foreign students seem to be in class to learn the material. They are always prepared for class and work hard on the assignments. The American students are focused on earning an "A" with as little effort as possible. I'd say half of them come to class without reading the materials. Most of the American students seem to be from affluent middle class families and have yet to experience real challenge and adversity in their lives.

The experience has not been fulfilling and since I don't need the income I won't continue in the fall. I suspect most of my students are in for a rude awakening in another month when they start working for a company and quickly realize they are no longer the center of the universe. Incredibly 95% of the class has jobs as the business school's graduates are in high demand. Of course I may be wrong. Perhaps corporations are less demanding today and willing to lower standards to accommodate the expectations of this generation.

I'm looking forward to completing the grading of final exams and returning to retirement.




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[calmloki]

We have had most of our income from rentals for decades - went to being snowbirds back in 2010, so we are not on site for 6 or so months/year. When near the rentals I am more employed with them, but we have a manager who handles most of it year round. We still do much of the book work, which keeps us in touch with what is going on and I get called enough for suggestions on repairs or tenant issues that I feel of use. Getting tired of the rentals - don't want to tenant hassle and don't want to manage them but have definite feelings on how everything should be done - but keep them pretty much to myself because I don't want to micro-manage and am aware there are lots of ways to do things.

We did some volunteer work for a national antique oriental carpet group and have worked at a nationally ranked #1 art fair for a number of years. In both cases we were very capable and zipped up to second tier management levels, but I just didn't get an appropriate amount of joy vs. work. - If we were going to work that hard I wanted to see some cash, and we didn't need the cash, so why were we working so hard? Over and over I've taken something I enjoy and worked it and then found that working it killed the joy and reason I was interested to begin with.

Lending money to house flippers has been entertaining and has kept us peripherally in the real estate game, and maybe that is the point - we don't really need the money for our modest lifestyle, but staying relevant IS something we need, and the profit is a good measure of our relevance.

 

[ohyes]

In August, there was a vm on house phone from Adult Ed Director in our school district, asking me to call them about a part-time job. DH was saying, NO, NO, Do NOT call.

He was flabbergasted when I acted interested. He scared me enough, that when I went in to meet with her, I was very adamant about needing time off for four trips/yr. (exaggerating how many trips we take). Though, this year, I did take off for four trips. (YAY)


It is two days a week and they "let" me off for travel whenever I put in for the days. It is not as much fun as my former life as a school librarian, but is rewarding in its own way. It is in a lab for folks working on computer skills for a job, or a better job.


I just signed up for next year. DH was calmer this time.


Bonus: DH feels guilty on my working days and does all sorts of amazing things around the house -- all the laundry, vacuuming, mopping, etc. So far, it has worked out well. ; )


If I could not easily take off whenever I want, it would not be a good fit.

 

[Mulligan]

Ohyes, your comment about being a school librarian reminded me of a recent conversation with a good friend who is a school administrator. He has a school librarian who is in her 42nd year and will not retire. Pension is capped at 40 years which is actually 115% of salary because retirement contributions are not deducted from pension. She is actually losing money working all school year. If she did the job for free she would make more money, yet she is not going to quit!


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[AnIntentionalRoad]

Ohyes, your comment about being a school librarian reminded me of a recent conversation with a good friend who is a school administrator. He has a school librarian who is in her 42nd year and will not retire. Pension is capped at 40 years which is actually 115% of salary because retirement contributions are not deducted from pension. She is actually losing money working all school year. If she did the job for free she would make more money, yet she is not going to quit!


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Having a job you love is a blessing too few have enjoyed for any length of time, let alone 42 years! Good for her.

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[ohyes]

Ohyes, your comment about being a school librarian reminded me of a recent conversation with a good friend who is a school administrator. He has a school librarian who is in her 42nd year and will not retire. Pension is capped at 40 years which is actually 115% of salary because retirement contributions are not deducted from pension. She is actually losing money working all school year. If she did the job for free she would make more money, yet she is not going to quit!


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That made me smile. During the last week of my employment, an administrator commented that it was so cool i was retiring while still on top of my game. But, I knew better. I had been trying to fake the job passion for a couple years.

After 42 years, i can see the school making my life so miserable, I'd have to leave. Our state newspaper did a feature story on long time teachers. Amazing - 44, 46, years.......and they all were portrayed as so excited/passionate/effective, even.

 

[Walt34]

She is actually losing money working all school year. If she did the job for free she would make more money, yet she is not going to quit!

Some folks are just not cut out to be ER people....

I worked with a couple of guys like that. They could have retired and had a higher income than if they'd stayed working but persisted on anyway. Made no sense to me but I supposed it made them happy.