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Old 05-11-2008, 06:07 PM
 
Location: New Jersey/Florida
5,438 posts, read 10,521,726 times
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Thanks for all the answers and to a great bunch of folks. Each and every answer seemed correct to me. I guess I'm just getting the jitters and I'm unsure if full retirement without working would do the trick. My wife has to work another 5 years so out of respect to her I have to do my fair share. So I guess the transition to part time work for some spending money for a couple of years would be my route to take. I wonder if anyone else has this bit of uncertainty in them but it feels like my first day of school. The bad guys don't scare me but the prospect of leaving a job that I had my whole life scares me. Thanks JM
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Old 05-11-2008, 08:30 PM
 
4,628 posts, read 9,274,320 times
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Quote:
Originally Posted by nancy thereader View Post
Wouldn't working part-time impair my Social Security benefits ? I guess that I am looking for a way to turn down the job offer from my Principal. The amount that they offer per diem is quite high for a minimum of work and I feel like an ungrateful fool for refusing it, but as I feel now (with thirty days until I leave) , I just do NOT want to do it.

Are you staying in New York? I don't know what your tax situation is there, but you'd better check it out before you even consider part-time work. In Oregon, our state tax is nearly 10%. Our pensions are taxed not only federally, but state taxed as well. Will you be receiving your SS, as well as your retirement pension?

I learned the hard way. I worked part-time this past year, and for the first time in my life, I owed federal and state tax! It didn't break the bank, but it was some kind of shocker! I am not near SS age yet, but that will get taxed, too, as I understand.

My accountant told me that I will owe taxes (at the monetary rate I was working for), unless I worked full-time. I'm certainly no expert here, but please check into what you'll end up owing if you do go ahead and work.

Why not give yourself a break? Someone else said take a few months off, and then see how you feel. No rush...don't be pressured into an answer. This is something I had to "work" myself into, too.

Work will always be there, but you might as well enjoy your life while the opportunity presents itself!

P.S.: Thanks for being a teacher!
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Old 05-11-2008, 08:38 PM
 
Location: Forests of Maine
30,682 posts, read 49,449,101 times
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Quote:
Originally Posted by SeeBee View Post
Are you staying in New York? I don't know what your tax situation is there, but you'd better check it out before you even consider part-time work. In Oregon, our state tax is nearly 10%. Our pensions are taxed not only federally, but state taxed as well. Will you be receiving your SS, as well as your retirement pension?

I learned the hard way. I worked part-time this past year, and for the first time in my life, I owed federal and state tax! It didn't break the bank, but it was some kind of shocker! I am not near SS age yet, but that will get taxed, too, as I understand.
Ouch, paying taxes on your retirement income would be horrible.

Do whatever it takes to avoid doing that.
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Old 05-11-2008, 09:02 PM
 
4,628 posts, read 9,274,320 times
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Originally Posted by forest beekeeper View Post
Ouch, paying taxes on your retirement income would be horrible.

Do whatever it takes to avoid doing that.
Thanks! A lot of people I used to work with who are now retired live in another state. I'm looking.....
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Old 05-11-2008, 09:08 PM
 
Location: Forests of Maine
30,682 posts, read 49,449,101 times
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Quote:
Originally Posted by SeeBee View Post
Thanks! A lot of people I used to work with who are now retired live in another state. I'm looking.....
I would not wish to pay Federal or state income taxes on my pension.
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Old 05-12-2008, 06:40 AM
 
Location: DC Area, for now
3,517 posts, read 12,051,697 times
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We have a guy here who retired last year but after a short break, came back part time with a lot of flexibility as to his hours. His wife is still working too. He said mostly, he just wanted to cut back on the time spent working until his wife retires.

My brother retired several years ago, and loved it. He started a little volunteer work. The place asked him to come to work part-time for a paycheck. He kept refusing and his boss kept badgering him. So, thinking to shut him up, he told the guy he would only work for him if he had complete say over the hours and when he worked and could take off on no notice for weeks at a time. The guy said ok, so he's ended up working part time and the deal was good. So far, he's still enjoying it and they say they have more money now than ever.

Nancy, I think you have your answer when you say you do NOT want to. If in a year or a few months, you change your mind, I bet the offer would still be there.

The answer has to be a personal one. Some people don't do well without a job to take up their time and define them. Others do great with the freedom. What's right for one person wouldn't be right for another.
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Old 05-12-2008, 10:42 AM
 
1,861 posts, read 3,024,591 times
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Well, obviously, there's also nothing wrong with working because you HAVE to in "retirement". Hopefully, it would be part-time, and perhaps something different than what you've been doing, or a phasing-out retirement from your current work.

Why would it ONLY be ok if you don't HAVE to? It's also OK if you do have to - in fact, obviously, it's necessary for some.
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Old 05-12-2008, 12:25 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,582 posts, read 39,952,759 times
Reputation: 23707
Working in retirement is fine and millions do it by choice or necessity, the OP just was wondering if they would be considered 'retired' status if working PT in retirement. (answer, "It depends who's asking" )

I've worked fulltime with "retired" folks for over 40 yrs, some do it for fun, others necessity. No crime, just enjoy what you are doing and get on with it or change. (wherever it takes you). No-one is keeping score here.

Enjoy your retirement. Some of my favorite co-workers were in their 'post-retirement' jobs, they were great workers and fun to be around, added much joy and 'dimension' to my career.
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Old 05-12-2008, 12:54 PM
 
Location: Lakeland, Florida
6,972 posts, read 12,487,957 times
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I work part time and have a monthly retirement check, but I retired very young and had a full time job to go to immediately which abruptly ended with Sep. 11, 2001, The Airlines. I had to face reality immediately since I was barely 50 at the time, and had to supplement the pension and seek part time work. I have been working 3 days a week since then and do just fine. So I consider myself to be a part time working retiree, but not when Im old enough for Social Security, the jobs end then.
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Old 05-12-2008, 01:34 PM
 
4,628 posts, read 9,274,320 times
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Quote:
Originally Posted by forest beekeeper View Post
I would not wish to pay Federal or state income taxes on my pension.
Couldn't agree with you more, believe me. I'm none too happy about it; no one should have to pay taxes on retirement and/or SS. But until I relocate, I'm stuck with it.

My mom worked her whole life, and when she reached her late 70's, she continued to volunteer. She simply loved the idea of getting up and having a "mission", helping people, painting, flower garden, etc...some folks have that kind of energy, and love the whole idea of going to work.

I'm in agreement with everyone's ideas here. If I want anything 'fancy', oh, like health insurance, or taking 'mini' vacations, I'll still have to continue working. And it's OK - I am thankful that I am able to 'pick and choose' where I want to work and what I want to do. I count that alone as pretty darned fortunate. That, and that I can even afford health insurance.

So, I think I'll check out the Maine forum. I like the way New Englanders think!!!
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