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Retirement Curve Ball

BrianGSDTexoma

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Friday suppose to be my last day. The guy in charge of Engineering wants me to work for him 3 days a week but would be contract labor. I really like this guy and might consider it but won't work with the ACA. Almost 2 months into my ACA and if go over $25,000 income for the year have to pay back the tax credit. Think just go with my original plan and retire?
 

DanMcG

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And if ya make over 18k they're hold back SS checks till ya pay it back.
 

Winterrider

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That would be a tough call. Do you have enough hobbies/projects to occupy your time if retire completely. That is where I am lacking somewhat is trying to find something to do when not hunting/fishing.
Can only sweep my shop so many times :emoji_relaxed:
 

SmokinVOLfan

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I would work just enough to keep you under the threshold of having to pay back Grandpa Joe. Get you a little spending money in your pocket and help occupy some of your time while you transition to full time retirement.
 

sandyut

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I would call it and leave. I too was asked to stay on as per diem. But I told my boss I wanted to make a clean break and not work for this company in any capacity.

Run for the door and don't look back. The original plan is good. stick with it.
 

smokeymose

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If you can get by without the extra $ don't take any chances. This stuff changes constantly and
is complicated.
If you really want to retire, do it.
 

BrianGSDTexoma

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Yeah think I am done. I told him would think about it for $50 hour and he did not say no but it's time to take a break!
 

Colin1230

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I saw that curve ball also. At sixty years old I had worked for the same company for forty years. It wasn't that I didn't like my job, it was just time. HR wanted me to postpone or hire back but we couldn't come to an agreement. Leaving was an absolute blessing. If you do not need the money then by all means retire. If you are married you will not lack for anything to do, she will keep you busy. Best wishes to you regardless of your choice.
 

BrianGSDTexoma

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I saw that curve ball also. At sixty years old I had worked for the same company for forty years. It wasn't that I didn't like my job, it was just time. HR wanted me to postpone or hire back but we couldn't come to an agreement. Leaving was an absolute blessing. If you do not need the money then by all means retire. If you are married you will not lack for anything to do, she will keep you busy. Best wishes to you regardless of your choice.
Never married or kids. I plan on hanging out at the dog park trying to find someone who loves dogs and has an IRA!
 
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SmokinGame

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Wish you the best, Brian!

I am planning to retire at end of this year, just shy of my 66th birthday. I probably will find a PT job just to partially cover the cost of my hobbies. Got to have a hunting trip every now and then.
 

MJB05615

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If finances are not an issue, go with your gut Brian. Very happy for you, I'm sure you can't wait for your retirement, to begin the next chapter of your life.
 

BrianGSDTexoma

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Going to try to be more like Jeff and learn to do more Keto dishes since I will have time to prepare food. His food looks so darn good. So hard to give up carbs but the way he makes it look might not be bad.
 
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JC in GB

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The lack of non-employer sponsored health care is the only thing keeping me in the job market right now.

I want to start my own business but can't afford to because of our current health care system and health care costs. Really sucks.

JC :emoji_cat:
 

mrq

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Congratulations Brian. If you don't need the money, I'd pass. That said, an extra $24K less taxes would buy a nice introduction to retirement road trip. There are sites with dog approved hotels. Our dog got a bath at Petco while we went to the one place we wanted to go that wouldn't take him.
 
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Inscrutable

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Among the common retirement regrets/mistakes:
1. Retiring too early
2. Retiring too late

The only certainty is that time becomes our most valuable resource. Do what you love while you can.
 

thirdeye

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Friday suppose to be my last day. The guy in charge of Engineering wants me to work for him 3 days a week but would be contract labor. I really like this guy and might consider it but won't work with the ACA. Almost 2 months into my ACA and if go over $25,000 income for the year have to pay back the tax credit. Think just go with my original plan and retire?
Is the $25K you mentioned in addition to some other income? The ACA maximum income cap is something like $68K for a family of two and it's based on your AGI (or MAGI).
 

mrq

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part B: Brian, a lot of the rules have changed since I contracted. At the time, a contractor you can put a good chunk of change in a SEP-IRA (self employment). I don't know what dollars they count, but this could be away to bring it down. Ask an accountant.
 

Chasdev

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I knew a gentleman who worked as a heavy machinist (was on the aircraft carrier Enterprise in WWII,(and boy did have some combat stories), who spent years towards the end of his career making plans for visiting every fishing spot in America he had been dreaming about.
Time came and off he went, did not hear from him for almost two years then one day presto, he was back working at the same machine shop doing masterwork with metal again.
I asked him what happened and he said he did everything he ever dreamed about, took two years and now he was bored to death and needed something to keep him occupied.
(one of his war stories was changing out a main propeller shaft while under attack by kamakazi planes, running with the other shaft/s at full RPM)
He's gone now but he was a special guy.
 

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