Semi-Retirement!!

[Hopeful]

Some may have read a thread I posted about my DW cutting her hours at work to part-time. http://www.early-retirement.org/forums/f28/looking-for-advice-on-our-situation-86803.html

Well she got approval from her employer!! Now we are both part-time. I guess I am going to say we are semi-retired now. That has a good ring to it.

We are going to help fund this change by reducing our 403b to the employer match level. Still plan to max out our Roth and HSA. After years of saving more than 25% of our salaries, this is going to feel weird.

Plan is to give this 5 years, and then evaluate possible full ER. But that, like all things, may change to sooner or later. Who knows.

 

[flyingaway]

Some may have read a thread I posted about my DW cutting her hours at work to part-time. http://www.early-retirement.org/forums/f28/looking-for-advice-on-our-situation-86803.html

Well she got approval from her employer!! Now we are both part-time. I guess I am going to say we are semi-retired now. That has a good ring to it.

We are going to help fund this change by reducing our 403b to the employer match level. Still plan to max out our Roth and HSA. After years of saving more than 25% of our salaries, this is going to feel weird.

Plan is to give this 5 years, and then evaluate possible full ER. But that, like all things, may change to sooner or later. Who knows.

Congratulations. I was going to say something, but after reading your original post, I think you are in a very good situation now.

 

[jollystomper]

Congrats! I have a meeting scheduled with my management in a couple of weeks and will see how amenable they are for something similar.

 

[Hopeful]

Congrats! I have a meeting scheduled with my management in a couple of weeks and will see how amenable they are for something similar.

Thanks. I will keep my fingers crossed for you. To be honest I think I was more worried than DW was that they wouldn't let her reduce hours.

 

[CaliKid]

I am semi-retired too. Down to 40 hours a week. Woooo whooooo! A step in the right direction at least.

 

[Red Badger]

Agree with flyingaway that you could exit (completely) right now and be fine. A health scare with my DW convinced me to pull the plug earlier this year. If staying part time gives y'all that balance of time together and some income still coming in, then GO FOR IT!

The most valuable thing your portfolio can provide is the freedom to spend time together.

Best wishes going forward.

 

[Midpack]

Congrats, I'll admit I'm jealous. Part-time wasn't an option for me, I would have jumped at the chance. And part-time for both of you could be ideal. Best of luck!

 

[Hopeful]

Thank you everyone for the well wishes. I am hoping it does give us more time together, and more time for DW to pursue her hobbies. I wish there was a way that we could coordinate our schedules, but unfortunately neither one of us have a set schedule.

I think we will sleep better, doing the part-time thing until we decide we have had enough.

 

[38Chevy454]

I went part-time for about 1 year before retiring. It was a good way to taper down and to have some extra time. Like your plan, I just cut back the amount I was saving, did not really change any of my take-home amount. So quality of life was the same, but better since i had more time.

Now that you both have part-time status, enjoy the time and doing things when you used to be working.

 

[Teacher Terry]

I have been working p.t. from home the past 5 years and don't ever envision quitting unless my mind goes) Great news for both of you!

 

[Koogie]

Congrats to you both !

I've been semi-RE for two years as of next month and it has been pretty great. Lots more time with DW (who is pretty much fully ER) and quite a bit more vacation. Going to ride it as long as it lasts...

 

[Carpediem]

I went part-time for about 1 year before retiring. It was a good way to taper down and to have some extra time.

I've been semi-RE for two years as of next month and it has been pretty great. Lots more time with DW (who is pretty much fully ER) and quite a bit more vacation. Going to ride it as long as it lasts...

@Hopeful, @38Chevy454, @Koogie... Not trying to hijack the thread but how many hours did each of you reduce down to? Started thinking today about doing something similar. I'm thinking in the 30-32 hour range, which is still considered 'full-time' by mega-corp for benefit purposes. Anything less than 30 is part-time. Might be a good strategy for riding out the healthcare coverage gap to Medicare.

 

[neihn]

Congrats. I too am taking a transition to retirement program at my mega corp, working 3 days per week until June 30th 2018.

 

[Hopeful]

@Hopeful, @38Chevy454, @Koogie... Not trying to hijack the thread but how many hours did each of you reduce down to? Started thinking today about doing something similar. I'm thinking in the 30-32 hour range, which is still considered 'full-time' by mega-corp for benefit purposes. Anything less than 30 is part-time. Might be a good strategy for riding out the healthcare coverage gap to Medicare.

DW went down to 0.6 or 24 hours a week. I am currently 0.5 or 20 hours a week, but also have some call time each week. For both of us, anything less than 0.9 or 36 hours per week is considered part time for benefits. If you could be 30 and still full time, that sounds like a good deal.

 

[ER Eddie]

Good for you. I'm doing the same -- cutting back to part-time (25 hours) next week. It will cut the work days by 40% and double the amount of free days.

My plan is to see how it feels, and then decide whether I want to continue PT, take a gap year, or go full retirement.

 

[Koogie]

@Hopeful, @38Chevy454, @Koogie... Not trying to hijack the thread but how many hours did each of you reduce down to? Started thinking today about doing something similar. I'm thinking in the 30-32 hour range, which is still considered 'full-time' by mega-corp for benefit purposes. Anything less than 30 is part-time. Might be a good strategy for riding out the healthcare coverage gap to Medicare.

My situation is a little different in that I own my own company. We reduced the workload by embracing the Pareto principle and "firing" most of our smaller customers by raising our rates to them.

Anyway, I usually work 3 days a week, about 43 weeks a year. My partner does the same.

 

[RobLJ]

Like Teacher Terry, I've been working about 1/2 time teaching online for the last two years and was renewed for another two years. It feels like retirement to me; hours are completely flexible with the exception of scheduled online conferences (I also call it semiretired). I think it's a great way to stick your toe in the RE water and has prevented me from drawing from the 403b.

I'm trying to convince DW to retire completely; she's four years younger and working FT, since I can cover her healthcare on mine for a reasonable charge.

 

[Teacher Terry]

Rob, I teach 1 class each semester and it does not feel like work at all. I have taught on cruises, in Europe, etc. They book me for a year worth of classes at a time. In the beginning they would ask every semester if I would teach the next. Finally, when I said they would have to pull it from my cold, dead hands is when they stopped asking. I also told them if I ever wanted to quit I would give them a year notice. I love teaching, I make good $ and it keeps my mind occupied. I don't envision ever quitting.

 

[brucethebroker]

I w*ork 3 hours or so each day on my hobby job. Does not feel like work, and I enjoy the activity. Can shut it down when we travel. Been at it for 4 years, and feel like I am in the groove. And, provides "mad money" without worrying about spending it.

DW retired completely 4 years ago. She likes not working, but does get a little bored once in awhile.

 

[target2019]

My official status is FT working. It doesn't feel like it, though. I've been working more frequently at home for various reasons. So, 40 means 40, sorta. I have an extra 1-1/2 hours of free time each day I work from home.

 

[38Chevy454]

@Hopeful, @38Chevy454, @Koogie... Not trying to hijack the thread but how many hours did each of you reduce down to? Started thinking today about doing something similar. I'm thinking in the 30-32 hour range, which is still considered 'full-time' by mega-corp for benefit purposes. Anything less than 30 is part-time. Might be a good strategy for riding out the healthcare coverage gap to Medicare.

I switched to 60% (3 days/week) which at my last megacorp job allowed to keep all the same benefits. Even paid the same co-pays as I had when full time. Did this for about 10 months. Once I was close to retiring I upped to 80% (4 days/week) just to help out the headcount shortage and to accumulate a little more cash to help pay for the moving I was planning after retirement. Kind of a last end sprint push for about 3 months. I really liked the part time 60% as it gave me 4 day weekends every weekend. It was a nice way to kind of wind down toward retirement, although I think I could have handled going cold turkey just fine