"Unemployed" or "Retired" Status

[pb4uski]

....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]

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


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[Throwdownmyaceinthehole]

Drummer

 

[Kabekew]

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]

"Chronic masturbator"

Finally, a way to beat the market.

Psychologist Identifies “Golden Hour” for Best Financial Performance

 

[audreyh1]

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]

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.

 

[Nords]

A broker mistyped my employment status as "unemployed" instead of "retired" on a 401K to IRA roll-over application form. It was a dumb mistake because the same institution manages my company's pension which I now receive. Maybe it is because I'm younger than normal retirement age.

I voluntarily retired after almost 30 years at the same company and being listed "unemployed" sounds like I'm a "slacker" somehow. I have no plans to obtain employment again.

She suggested that I corrected it on the form and initial both of our copies but I'm wondering if I need to follow-up to make sure the correction was made permanent in my files. I don't want to make more out of this than necessary.

It'd be interesting to read a "four years later..." update.

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

Nah, you'd actually have to earn some income. "Chairman of the Longboard" is an unpaid position.

I enjoy teaching people how to surf because it makes me a better surfer...

 

[Zaphod42]

Best Réponse for Emplument Status?

I am balancing my funds post my recent departure from Mega Corp. One of the questions for a new account is Employment Status. Is there any rhyme or reason for the selection of Retired, Self-Employed, or Not-Employed (specific to a new financial institution creation)?

 

[pb4uski]

I don't think so, unless you are looking to borrow... they just have a field that they need to fill in.

 

[Bamaman]

I was unemployed as long as I was received 50 weeks unemployment compensation. Then, I was considered retired.

 

[Shanky]

I also the think the unemployed moniker is better & is still accurate. The fact that I do not ever want to be employed again is not relevant. As far as negative connotations and what do others think, I freed myself from those concerns well before I became "Unemployed". If anyone is judging me, I could care less.

 

[btdt22]

I always check the unemployed block, although I'm 70 and have no need for additional income. The point being, I am unemployed by choice, and I'm not tired nor am I looking for a job

 

[FireFool]

Reading through this post a lot of people are indifferent to employment titles, as generally am I. I wanted to share though that when asked for employment status when quoting auto insurance selecting unemployed will generally get you worse rates than selecting retired.

 

[Milton]

If anyone is judging me, I [-]could[/-] couldn't care less.

Fixed (not that you care!).

 

[Zaphod42]

Thanks to all. My interest is the upside/downside of the declared employment-status (loans, insurance, IRS, ...). It sounds like for the instance of a new financial account, the entry is immaterial (I lean towards "Unemployed").

 

[candrew]

The Dude Abides

The Big Lebowski:
Are you employed, sir?

The Dude:
Employed?

The Big Lebowski:
You don't go out looking for a job dressed like that? On a weekday?

The Dude:
Is this a... what day is this?

The Big Lebowski:
Well, I do work sir, so if you don't mind...

The Dude:
I do mind, the Dude minds. This will not stand, ya know, this aggression will not stand, man.

 

[RobbieB]

I'm retired.

 

[scrabbler1]

I'm retired and like answering questions that way. I never answered "unemployed."

 

[kgtest]

My DW and I just retired and we announced to our family and friends that we are now unemployed.

I talked to our car insurance agents to change our usage status of our cars and told them we are unemployed.

I really don't think it matters.

Unemployed to me means you are employable but currently are not...vs retired means...you've ceased to continue.

 

[Zaphod42]

What does the Employment-Status mean to banks, brokerage firms, loan offices, the government? How can/will they use/misuse the data? I'm looking at the known or potential effect(s). How I feel is immaterial - I am well past that point.

 

[Totoro]

It can be a flag for several things, including risk assessment in insurance, potential profitability, sweetheart deals on credit cards, healthcare, which account manager (if any) they assign, priority treatment when stuff goes wrong (lost cards), etc ..

I just write down investment manager, for a small family office when pressed. Perception does wonders sometimes It keeps the vultures at bay (we can manage your money!) while communicating a sense of achievement. Just don't make it a professional money manager for others or they start badgering you for all sorts of forms (compliance isn't a joke at banks).