"Unemployed" or "Retired" Status

[Meadbh]

As one who is still w*rking, my gestalt is that retired has a positive meaning (usually meaning a voluntary decision) whereas unemployed suggests that a person might have been downsized, or made redundant (horrible term!). I hope that when I do retire, I will be confident enough to say so. After all, being FIRE is an achievement one can be proud of!

 

[KingB]

As one who is still w*rking, my gestalt is that retired has a positive meaning (usually meaning a voluntary decision) whereas unemployed suggests that a person might have been downsized, or made redundant (horrible term!). I hope that when I do retire, I will be confident enough to say so. After all, being FIRE is an achievement one can be proud of!

I don't see anything negative about being downsized or RIF. Sometimes, this happens because of the economy and has nothing to do with the persons performance or abilities.

Sometimes, it is a matter of luck. There was one time that a project in the magacorp was cancelled and everybody working in that project got RIF. Now, many of these people are better than the ones that were left. It just so happened that the people left were not working on that project (me included).

Who are lucky? The ones left left or the ones that got RIF? Sometimes, it is better to be RIF as you get a lot of benefits as previously mentioned here. I, personally would prefer to be RIF than retire voluntarily. But, I want to go out.

 

[Beryl]

I don't see anything negative about being downsized or RIF. Sometimes, this happens because of the economy and has nothing to do with the persons performance or abilities.

Couldn't agree more. I laid off high-performing employees so that the work could be delivered by less capable workers in low cost countries.

 

[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.

 

[brewer12345]

How long did it take u to set up the solo 401k? Was there any cost involved?

I set this up with Fidelity 4 or 5 years ago. It was (and I think still is) free to set up and they actually held my hand whenever I had dumb questions. We have never paid a fee and it looks just like a brokerage account. It was pretty easily initially and now my effort involves filling out a 1 page form when I send in our annual contribution.

I would have gone with Schwab for this since we dod everything else with them, but they wanted fees, etc. Fido has made it easy and free.

 

[samclem]

How long did it take u to set up the solo 401k? Was there any cost involved?

Like Brewer, my solo401K is with Fido. It was relatively simple to set up and to run and I've been happy with the service. Since Vanguard now offers them, I might go with them if I were starting today just because all my other accounts are with VGD.
It's easy and I've saved a lot in taxes with the solo 401K, much more than I could have saved with a SEP.

 

[fisherman]

Unemployed works great when the telemarketers call even after we have been on the list or a charity we do not plan to give to calls.

 

[Stevewc]

Unemployed works great when the telemarketers call even after we have been on the list or a charity we do not plan to give to calls.

If it is a casual conversation, I pick and choose whether or not I'm unemployed or retired based on what I want this particular person to know about my business.
If I'm negotiating a deal/price on something I want to buy at a better price, I poor mouth them to no end. Unemployed
I've never even told my neighbors I'm retired. Basically non of their business in my opinion. I always worked weird shifts so they don't know if I'm working nights, weekends or days, 1st, 2nd or 3rd shifts.
Steve
PS. I also use the unemployed on the telemarketers.

 

[mickeyd]

PS. I also use the unemployed on the telemarketers.

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

 

[Stevewc]

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

Seems the list doesn't cut everybody out.
I still get calls from my phone company, cable company & some beggar city & county, donation folks.
Steve

 

[marko]

I tell people that I'm a trust fund baby. (even thought I'm not!) Has a nice, and credible ring here in the Boston area.

 

[BunsGettingFirm]

A family friend blurted out "unemployed" and grabbed for the lunch check. I let her grab the bill, but at singles functions such as salsa socials, I use the words real estate investor.

 

[travelover]

I tell people that I'm a trust fund baby. (even thought I'm not!) Has a nice, and credible ring here in the Boston area.

I like it. "Kept man" has a nice ring, too.

 

[haha]

There are 3 or 4 of these genuine articles in my building. Nice way to live. They all seem to be unassuming and perhaps somewhat passive and withdrawn people.

Ha

 

[mickeyd]

Seems the list doesn't cut everybody out.
I still get calls from my phone company, cable company & some beggar city & county, donation folks.
Steve

Yea Steve, I guess that I still get a few of those too. But, after their first sentence, I hit them with ~ "take me off your list forever" and hang up.

 

[steelyman]

Maybe one could say they are now "relaxed"?

 

[Milton]

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?

"'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]

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]

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]

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).