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I will probably need to work part time for awhile after retirement but am not interested
in starting a new career and will have health care. Wondering if I want a "real" job.
Wondering about if I take SS early about the 14,400 earnings cap.
Wondering about working for cash. Low pay I'm sure, but no taxes.
Anyone do this?
Not only illegal, but it seems like a poor idea. If you need additional money for your retirement, you are likely to be much better off with you postpone retirement for a short period of time. That way you will be earning the rate you were able to achieve with your career.
yep , so many quit good jobs with good pay and end up with low pay , poor benefits and instead of what they think is less stress they are now low man on the totem pole and under a microscope with a grunt supervisor watching everything they do.
the other thing is if there are any doubts as to whether you can afford to retire keep in mind it is a lot easier working longer at 62 then it is working and finding a job at 80.
headed to the zoo today jrk, with my little grand son. it is days like this that make the whole retirement thing golden.
I think the best way to do that is start a little service business of some type. With the legitimate tax deductions and start up costs you can earn your "cash" needed and most likely face no tax consequences.
Just curious. Is there any minimum amount you can earn before you need to declare it on your tax forms? For example, if I 'barter' the use of a friends cabin for the weekend in exchange for cleaning up the 'garden' would someone need to declare that. Or if someone buys you a dinner for watching their cat? And what if you do something for less than minimum wage?
"Bartering is an exchange of property or services. You must include in your income, at the time received, the fair market value of property or services you receive in bartering. If you exchange services with another person and you both have agreed ahead of time on the value of the services, that value will be accepted as fair market value unless the value can be shown to be otherwise." The IRS does not limit based on the amount.
The truth is millions of people work in this country and get paid in various ways.
Finances and how you get paid should be a private matter. I can't even imagine how much of the economy is under the table.
(There are estimates and articles on it. I just don't know the number/percentage.) Clearly on a public forum I'm not recommending it. But some how MILLIONS of people manage to do it.
As for "barter" ...... I'd imagine only stupid people...who'd boast about it have even a slight chance of getting caught.
WHO would even know if you mow a lawn, because someone tutored your kid...or whatever.
For example, I read about some guy in Jersey, I think, who allegedly made money on a sports betting pool. It was just friends then coworkers...even that was not noticed. And then it got so big he advertised it or promoted it...or something. HIS OWN stupidity is what apparently got him caught. Thank goodness for stupid criminals I guess. Why would you bring attention to the fact that you're doing something illegal? Stupid. Like a guy on the automotive forum who allegedly posted HIS OWN dash cam video of him passing out while driving....now supposedly his insurance company took away his safe driver discount. IDIOT. HE posted it online. No one would have ever known if HE Hadn't posted HIS OWN video. Or the person who allegedly robbed a bank wearing a sports jersey with his own name on it. DUMB. Just. dumb.
You'd be surprised what you can get away with in life...if you just keep your mouth shut. That's just the truth of the matter.
Only the OP can decide whether to retire earlier or when planned and work part-time, however it's done...or just work longer and not have to work part-time in retirement. Who knows if the person will even have that option.
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