Retiring and continuing to work part time (pensions, supplement, emotionally)

[blakesq]

I have 13 years to go until I am eligible for full retirement. I think with SS and my solo 401k, we should be able to afford it. How is it to continue working part time as a solo attorney, especially if you don’t have to work—do you enjoy work now? I would love to hear how retired attorneys who work part or half time — think of their life in retirement? How does it compare to working when you HAD to work? Thanks.

[rocafeller05]

Not retired nor an attorney. But in my opinion you’re either retired or your not. Retired to me is no work at all. Even part time is still working.

[SunGrins]

I retired early and got through my year-long to-do list in three months so I got bored and found a part-time planner job in my local city planning office. No benefits, just pocket money, but I enjoyed it more than the last few years of my career. My hours were flexible and it was largely outside work. I did that for seven years. My wife did the same thing at the Public Library but it was a little less flexible with work hours.

[davebarnes]

Start off slowly and then taper off.

[MTSilvertip]

When I retired I bought a small ranch.

I say I bought myself a job.

But I love it and while it is a lot of work, it isn't a job. My job for 28 years was nothing but a steady diet of stress for a paycheck.

Yes I did work in business law, but not an attorney. Still I had worked myself into a position where I was an expert and a resource utilized by attorneys.

I much prefer my crops and livestock to the work I used to do. There's an old saying, find a job you love and you'll never work another day.
I found that job.

[brightdoglover]

I think if you don't have to work for money but continue part time anyway, that could be called a retirement job.

I am not a lawyer but I did transfer my working RN license from Massachusetts to Colorado three months after retirement. I considered myself retired because I filed for Soc. Sec. (a year earlier than full ate) and put in for my pension. When I finally got settled in CO and got my license transferred, it was because a new little service had opened 25 miles away and I would have maybe liked to put in a shift a week, back in my "own" environment of mental health, and possibly offer some expertise after 37 years of doing it.

However, I wanted to have an informational interview to find out what they were doing there, whether it was safe regarding legal and safe practice, what the regulation are in Colorado, etc. They wouldn't give an informational interview without me having my CO license in hand, so I let it go and then when I went for the transfer, there were multiple bureaucratic snafus, paperwork required, criminal check got lost, on and on.

I finally got the license the week before the shutdown. I do think the Board was then into facilitating healthcare workers for the coming problems to come. But then, I didn't want to go into a healthcare setting of any kind, being of medium risk from age and weight, so I didn't pursue it further. I doubt I will even if things change for the better in the public health situation. I am still retired!

[StealthRabbit]

Heck yes... it is fine and even desired to do some gigs after 'pulling-the-plug'. Work(?) takes on a completely different meaning and priority when it is 'optional'. Do that ASAP, as 'work' may become a joy!

I considered 'retired' if you are no longer required to have a J-O-B / wage income to meet financial needs.

Can happen at age 16 for some (write some apps / start a company while you are in Jr High)
Age 66 for others (Gov / 9-5 workers)
age 96 for a few... (might ENJOY working, or have never saved for retirement (not a priority for many +/-) Grandpa was still farming FT at age 93. He had taked (<1 week total vacation since he was age 14 and followed a harvest crew through 6 states to send money home for his family) He got paid in a 'team of horses', he started farming that fall (age 15)

For those still forced to be in the trenches (for various reasons)... Consider reading and heeding "Die Broke" (Quit your job (emotionally), just don't tell your boss (until you find something better). Or Not at all, if you can hang around and do what is REQUIRED" without busting tail / upsetting your path, and keep the gravy train feeding you.

Work was always priority # 6 - 10 for me, tho I always held 3 jobs due to being a factory grunt (low wages + night shift for main job. other jobs during the day / weekends + farming). Work (Labor for pay) was almost always a JOY, I had great and creative jobs (and no stinking cry-baby-day-shifters). Work certainly was a breeze compared to Dairy Farm Boarding School. !!!

Retire early, retire often (too much fun to retire just once) My 3rd 'retirement' was at age 49. No pension, no HC, getting by just fine. Hoping to live until age 65 +/-.

[skimbro000]

I retired from teaching last May, as did my husband. I am consulting part time with the school district in the new town we live in. I work about 1.5 days on average a week. I actually love it. I have plenty of flexibility. I chose the hours and days I want to work. If something comes up, I change my schedule. My husband, on the other hand, loves not working at all. He stays very busy building his model railroad layout, playing golf, working in the yard, home projects etc.

[galaxyhi]

Blakesq,

I don't know how many attorneys are on here at C-D, working or retired.
I used to work for an Attorney.

Due to multiple health issues,( and having just had my 22nd invasive surgery), at age 40 I was early medically retired, and I collect SSDI.
President Bush signed into law that disabled collectors of SSDI COULD work part time, up to a capped gross income limit (currently at about $1200/m). This was to allow them to work to boost their SSDI payments and ultimately boost their SS check when the become SS retirement age. It was also to allow them to "still be able to contribute to society" (paraphrased,)

I DID work for an attorney part time who ran a Legal Journal publishing business for a niche in law court cases. When paper books finally fell out of favor, and electronic case history was so much available, he retired in 2010 from that publisher business and began to again practice law. My job there was finished.

The reason I took the job was for several reasons:
1) as someone noted above, all those around the house "projects I'll get to sometime when I have time to do it" get done rather quickly when you have 24/7 time availability.
2)daily household chores,when all else is done, really only takes a breeze of time when done on a daily basis. They go real QUICKLY.
3) it gets BORING to have nothing much to do!
4) with really only miniscule increases, if they come, it really doesn't boost your SS checks. It's taken 20 years for my SSDI check to double, both from working credits added, and with "normal" annual increases ( if they come), and I'd say costs of daily living here have about tripled, so think of your SS more in terms of 10-15-20 years out. In the early teens here we went 3 years with out an increase....but my Supplemental health insurance to Medicare jumped 25% per year at that time. It jumped every year lately.

And remember my doubled SSDI was also due to working part-time during 15 of those 20 years.

Ultimately, we can tell you our stories, but here are things you need to think about to make YOUR decision:
1) financially can you afford it? ( I couldn't really, but had no choice in applying)
2) what will you do with all that free time?
3) will you or do you get bored easily?
4) is there a hobby you can launch into on a broader scale? (Mine was resurrecting my child hood fun of model trains. But eventually it got too costly and here's that word again...I got bored with it)

The attorney I worked for ( I compiled cases, edited them for publication in our Journals, sorted and filled shipment orders, and ran most of the office work.. so he was free to write and teach his knowledge of his niche) has been working the last 10 years as an advisor, then associate, and has been a partner in a prestigious law firm. He retired from one law to another.
Could you do the same? Part time?

What about teaching a law course or two at your local college/s?

What about using your legal practice knowledge part time by working for your local Legal Aid? To help those who can't afford a good Attorney on their own?

Working part time would be a great compromise. It would still keep your skills sharp, but also give you more free time.

But we don't know your financial situation, or your current job related stress level, or your "wants and desires... perhaps for "something different" either.

The ultimate decision tests on your shoulders.

Best of luck sorting it out...

[smt1111]

I'm not an attorney but I can give you my experience as a professional who retired before SS age from full time employment. After retiring, I took 6 months off and was doing fine on just my 401K. I wasn't old enough to take SS yet. I was able to live on a very modest income from my 401K probably because I live more frugally than most retirees (but that's a different topic).

I never really got bored because I have a lot of hobbies and interests but after the first 6 months went by, I decided to pick up a temporary job for 4 months. I think it was a psychological reaction to pulling money out of my 401K and not putting anything into it, and realizing that I didn't want to start SS at 62 and that I wanted to travel and I couldn't afford to do that on just the 401K.

Working a temp job injected some additional money into my income that year which gave me a psychological boost. After the temp job finished, I took a full year off from working. At that point, someone offered me a part time job with flexible hours, an offer that was too good to refuse. I've been doing this job for a year now and I love it. I love having professional work that helps my financial picture yet doesn't require full time involvement. I'm holding off taking SS as long as I can. The extra income afforded me to take a 3 week trip to Europe and I'm planning 2 more 3-week trips. As I already said, I'm able to live on just my 401K IF I WANT TO, but it wouldn't allow me to take 3 week trips to Europe too often. I'm not a "rich" retiree like many of the retirees on C-D who have 2 incomes and pensions and whatnot and travel constantly. So, having a part time job gives me that extra cushion.