Surviving On Part Time Income Before Retirement.

[P7M13]

The thread is about working part time prior to retirement. Minimizing monthly expenses would be a major part of making that feasible.

I know, so the conundrum of "give up three weeks paid vacation" vs. "47 hrs per month to sit on my arse" makes no sense in the context of the thread.
You won't be 'retiring' any earlier, and will likely not gain any additional free days per month either.
If you have any skills, there are places hiring where you work compressed shifts, three or four twelves per week. Good money, excellent benefits, and three or four days off per week

 

[arakboss]

I know, so the conundrum of "give up three weeks paid vacation" vs. "47 hrs per month to sit on my arse" makes no sense in the context of the thread.
You won't be 'retiring' any earlier, and will likely not gain any additional free days per month either.
If you have any skills, there are places hiring where you work compressed shifts, three or four twelves per week. Good money, excellent benefits, and three or four days off per week

Compressing hours will be key to making going part time worthwhile. My goal is to free up full weeks or two at a time to spend at my cabin property. A full time job that requires me to be there every week won't do that. I could work full time during crappy weather months and compress part time hours in nicer weather months to achieve my goal.

Edit: I am currently working 240 plus hours a month, so long days are still doable for me at this age.

 

[CLT65]

I worked that compressed shift for years when I was younger. It was nice to have all the time off, and there was always plenty of overtime available, because any time anyone on another shift was off, they needed coverage.

The worst part, for me, was night shift from 7pm to 7am. I grew to really hate that, especially after we started having kids. I was always tired, never got enough sleep.

I really like my hours nowadays. I work four tens and get lots of time off. I generally don't get much OT, but there are times when I practically live here for a week or two at a time.

Long, long hours are a common American workplace thing, and a lot of guys are very proud of the long hours they work, like it's a badge of manhood or something. Over the years I've changed my opinion about that, and have come to appreciate the European perspective a bit more. Why work yourself to death? Why not enjoy life a bit, especially when you're younger?

 

[arakboss]

I worked that compressed shift for years when I was younger. It was nice to have all the time off, and there was always plenty of overtime available, because any time anyone on another shift was off, they needed coverage.

The worst part, for me, was night shift from 7pm to 7am. I grew to really hate that, especially after we started having kids. I was always tired, never got enough sleep.

I really like my hours nowadays. I work four tens and get lots of time off. I generally don't get much OT, but there are times when I practically live here for a week or two at a time.

Long, long hours are a common American workplace thing, and a lot of guys are very proud of the long hours they work, like it's a badge of manhood or something. Over the years I've changed my opinion about that, and have come to appreciate the European perspective a bit more. Why work yourself to death? Why not enjoy life a bit, especially when you're younger?

I am not getting any younger, health is only going downhill from here. I won't be able to buy back my youth and vigor, no matter how much money I save up.

Fully retiring at any age, is no longer an option for me. I would like to enjoy more cabin time while I am able bodied. If I have to become more frugal and sacrifice income to make it happen, it will be worth it.

 

[CamoDeafie]

Reduce the amount of debt as much as possible; condense as much of the discretionary spending as possible; eliminate as much bills as possible... then exercise budget muscle in your skull to make the amount remaining work for you. I don't have CC debt at the moment, no CC at all. Also have pretty much eliminated a lot of things that aren't necessary.

Biggest monthly bills in order of size;
Rent-620-Rural Housing Assistance for low income families (rent amount will go up for COLA next year)
T-Mobile (phones and internet)-almost done paying off some phones and devices, about 240
Electric-variable due to seasons, between 65 and 110
Insurance for van, paid off van purchase
Patreon-really small amount; 26
Membership fee for another forum-17
Health insurance-9
2 Streaming services, used to be 4 or 5, combined is about 20

After that, it's all food for the family and fuel,as well as business expenses if any.

This is all on SS Disability for both wife and I. I supplement with part time gig with my brother, and also with my sewing gig which should start up again after the move

 

[The Heretic]

Has anybody else done this before retirement? Did you regret it?

I thought about it and I would have done it about the time DTNA laid me off. A colleague had cut his hours back from 40 to ~32 so he could keep all his benefits, then he just quit and joined his wife in her business (she made more than he did, and between the two of them they made something a quarter $M per year, and had an investment property to rent in Sunriver).

But I hit FRA the year I got laid off, and between SS benes and UI benes I did okay until late 2021. Now with SS income only, I am starting to have to dip into my IRAs a little - which is not good because the IRAs have not grown in the last three years. Up and down a lot - but overall close to where they were.

 

[nwslopoke]

The lowest I can get my monthly expenses to, in today's dollars, is about $1400 (not including child support). With a minimum wage job, I would need to work around 126hrs a month to bring home $1400. Full time employment would be around 173hrs a month. I would lose 120hrs a year of PTO time by working part time.

Would it be worth it to the live on the edge of financial collapse so I could have an extra 47hrs of leisure time? Maybe.

For sure the best way to battle that is to up your wages. I don't know what you are basing minimum wage as. I regular see unskilled labor posted from $15-22hr. That is just an example. Roughly $2400 - 3500 mo full time. Not optimal but not horrible for unskilled. The problem is skilled labor isn't a lot more. My wife is in that situation but doesn't want to change careers.

The irony is, in a financial collapse, her skills are more desirable than mine. I'm basically a button pusher. She is in the medical field.

 

[CamoDeafie]

For sure the best way to battle that is to up your wages. I don't know what you are basing minimum wage as. I regular see unskilled labor posted from $15-22hr. That is just an example. Roughly $2400 - 3500 mo full time. Not optimal but not horrible for unskilled. The problem is skilled labor isn't a lot more. My wife is in that situation but doesn't want to change careers.

The irony is, in a financial collapse, her skills are more desirable than mine. I'm basically a button pusher. She is in the medical field.

Minimum wage as far as I know is now 14something a hour in Oregon, with certain cities being allowed to post higher minimum wages? Last I remember about the 15/hr hoopla in Portland, it was 10 a hour in Oregon with Portland going to 15 a hour

 

[arakboss]

For sure the best way to battle that is to up your wages. I don't know what you are basing minimum wage as. I regular see unskilled labor posted from $15-22hr. That is just an example. Roughly $2400 - 3500 mo full time. Not optimal but not horrible for unskilled. The problem is skilled labor isn't a lot more. My wife is in that situation but doesn't want to change careers.

The irony is, in a financial collapse, her skills are more desirable than mine. I'm basically a button pusher. She is in the medical field.

I am figuring $15 an hour. Potential employers will have to deal with me being gone a week or two each month for 6 months out of the year. That will make employment harder to find. I have until 2025 to refine the idea. Child support ends in early 2025.

 

[RogerJ]

I waited until I was able to obtain maximum pension benefits. Maxed out 457 deferred comp for 30 years. The day I retired I never had more money in my life. Very comfortable retirement. Downside: 61 yoa. It wasn't easy.

 

[Bobbygun]

Long, long hours are a common American workplace thing, and a lot of guys are very proud of the long hours they work, like it's a badge of manhood or something. Over the years I've changed my opinion about that, and have come to appreciate the European perspective a bit more. Why work yourself to death? Why not enjoy life a bit, especially when you're younger?

This right here!

When I was younger, I had a decent gig as a department manager at a bank. Sitting around with my fellow (salaried) managers, listening to them complain (brag) about all of the hours they were putting in, I would usually interject with something along the lines of: "Tell me about it. Man, I wish I could get to where I was working 40 hours a week." Then the closer: "But frankly, I just don't have the energy or inclination." Several of them would usually cover their faces with the palm of their hand, grin, and shake their heads.

I'm older and no less wise now, have zero debt, and live like I'm poor without living poorly. I'm fortunate in that my wife and I both grew up in environments where there weren't a lot of luxuries, so we feel like we're rich compared to where we came from.

Coming up on a 45-year high school graduation reunion, many of my fellow classmates are contemplating retirement. I advise them that it's not overrated. I've been retired for several years already.

 

[nwslopoke]

Unfortunately we'll have to wait for the election to see which way the economy heads, long term. I don't know how, but homes are still selling (slowly), but they are building like gangbusters. I did notice that some brand new homes are up as leases. .

A coworker my age just bought in a trailer park. He says he feels a little defeated, but why? It's in a good area and affordable. I personally want my twilight out in the sticks. Still expensive in most states but I am completely willing to move. TX, ID, UT, CO, TN are pretty much ruled out as being as costly as here.

 

[The Heretic]

Long, long hours are a common American workplace thing, and a lot of guys are very proud of the long hours they work, like it's a badge of manhood or something. Over the years I've changed my opinion about that, and have come to appreciate the European perspective a bit more. Why work yourself to death? Why not enjoy life a bit, especially when you're younger?

If I had a choice, I would not have worked at all, from the time I was an teen onward. Growing up on the farm (later only summers), working was expected and as an adult, it was necessary. I was a father before I was 20 years old, so I have had that responsibility ever since; I separated from my ex when my daughter was just 4 years old, and they moved back to my home town while I was remote (250 miles away - not much, but enough to where I wasn't a full time father) in the military, and then couldn't find work local to my daughter for 25 years.

I wasn't there for my daughter much of her life, at least not physically - and it was very hard on her.

So I tried to compensate by working as much as I could to provide for her financially, and I still do even though I am only 20 minutes away now. Since I couldn't be near until 12 years ago, working longer hours was not a big deal to me.

 

[dangerranger60]

Have you thought of a part time job, and a home based job? I have a friend that makes and sells canes and walking sticks. He is retired and supplements his retirement with these sales. His sales net him about a 3rd of his total income.

I know I could find something that would net me a couple grand a month. I used to cast and sell bullets, I used to do handyman work, I used to make swings out of old tires. yearly I would round up a crew of teens and deliver phone books. This was on top of a regular job. The extra income put 5 of 6 kids through college, helped keep them in cars, etc...
Start looking for simple things you can do from your cabin. A friend makes Cat Scratchers for a local vet. She has a standing order for 25 a month. He gets $50 each for making them, and she provides the materials. She puts her Patented media in it and sells them for $200.
Another supplements his income cutting firewood.

Just find something you like doing that meets your needs. DR

 

[The Heretic]

I had a short (5 weeks) PT gig in 2021. Between power outages, internet outage (pre-Starlink), having to get a new laptop, and the clients poor network and crappy code - I decided that after 50+ years (not including the years I worked on the family farm), I had enough of working altogether, even part time. I had forgotten just how much work working was, even something as relatively "easy" as writing software.

So no more, not even from home - as much as I could use the extra cash, I am just worn out. Bad enough that I have endless chores to do at home - at least here I can take a day or week off when I feel like it - which is quite frequently.

 

[arakboss]

I had a short (5 weeks) PT gig in 2021. Between power outages, internet outage (pre-Starlink), having to get a new laptop, and the clients poor network and crappy code - I decided that after 50+ years (not including the years I worked on the family farm), I had enough of working altogether, even part time. I had forgotten just how much work working was, even something as relatively "easy" as writing software.

So no more, not even from home - as much as I could use the extra cash, I am just worn out. Bad enough that I have endless chores to do at home - at least here I can take a day or week off when I feel like it - which is quite frequently.

I could keep busting out 240hr months working two jobs until I am 67. I would be able to save a decent chunk of change by then. But then what? I will be old and worn out (sorry 67 year olds).

I used to make frequent trips to the cabin property. Now as I age the 6hr drive bothers me more and more, especially when the roads are icy. Packing for it seems like more of a chore and the fuel prices add a lot to the trip cost. I love it when I get there but not the in between. I would love to spend half the year there but I know that's not going to happen. One or two week trips will have to suffice.

I suspect by the time I am 67, I won't want to do much more than greet people at Walmart or ask if you want fries with that.

 

[arakboss]

Reduce the amount of debt as much as possible; condense as much of the discretionary spending as possible; eliminate as much bills as possible... then exercise budget muscle in your skull to make the amount remaining work for you. I don't have CC debt at the moment, no CC at all. Also have pretty much eliminated a lot of things that aren't necessary.

Biggest monthly bills in order of size;
Rent-620-Rural Housing Assistance for low income families (rent amount will go up for COLA next year)
T-Mobile (phones and internet)-almost done paying off some phones and devices, about 240
Electric-variable due to seasons, between 65 and 110
Insurance for van, paid off van purchase
Patreon-really small amount; 26
Membership fee for another forum-17
Health insurance-9
2 Streaming services, used to be 4 or 5, combined is about 20

After that, it's all food for the family and fuel,as well as business expenses if any.

This is all on SS Disability for both wife and I. I supplement with part time gig with my brother, and also with my sewing gig which should start up again after the move

That's a pretty tight budget for the family.

I included $200 for fuel in my $1400 budget. I also included yearly fees for bday/xmas money for kids, gun range membership, AAA insurance, cabin property taxes, community well fee for cabin. I could cut a few more dollars off the $1400 budget but I would rather work a few more hours to cover all those expenses.

I will keep working two jobs between now and the end of my child support obligation in 2025. I am hoping I can fully fund my Roth IRA for 2023 and 2024 and save up additional money for emergency fund. Ideally I would like to have 6 months worth of expenses in my emergency fund in case part time work gigs are elusive.

I will approach my primary employer around December of 2024 and see if they are interested in keeping me on part time, allowing me to take additional unpaid time off, or some other arrangement that gives me a dozen or so weeks away from work. If not I will have to start considering some other options for employment. Hope the job market stays strong. That could throw a wrench in my plans if unemployment explodes.

 

[CamoDeafie]

That's a pretty tight budget for the family.

I included $200 for fuel in my $1400 budget. I also included yearly fees for bday/xmas money for kids, gun range membership, AAA insurance, cabin property taxes, community well fee for cabin. I could cut a few more dollars off the $1400 budget but I would rather work a few more hours to cover all those expenses.

I will keep working two jobs between now and the end of my child support obligation in 2025. I am hoping I can fully fund my Roth IRA for 2023 and 2024 and save up additional money for emergency fund. Ideally I would like to have 6 months worth of expenses in my emergency fund in case part time work gigs are elusive.

I will approach my primary employer around December of 2024 and see if they are interested in keeping me on part time, allowing me to take additional unpaid time off, or some other arrangement that gives me a dozen or so weeks away from work. If not I will have to start considering some other options for employment. Hope the job market stays strong. That could throw a wrench in my plans if unemployment explodes.

It's a budget that works for us and has enabled us to keep the kids sheltered, fed, and healthy.

 

[arakboss]

Have you thought of a part time job, and a home based job? I have a friend that makes and sells canes and walking sticks. He is retired and supplements his retirement with these sales. His sales net him about a 3rd of his total income.

I know I could find something that would net me a couple grand a month. I used to cast and sell bullets, I used to do handyman work, I used to make swings out of old tires. yearly I would round up a crew of teens and deliver phone books. This was on top of a regular job. The extra income put 5 of 6 kids through college, helped keep them in cars, etc...
Start looking for simple things you can do from your cabin. A friend makes Cat Scratchers for a local vet. She has a standing order for 25 a month. He gets $50 each for making them, and she provides the materials. She puts her Patented media in it and sells them for $200.
Another supplements his income cutting firewood.

Just find something you like doing that meets your needs. DR

Good ideas which I will consider.

 

[The Heretic]

I could keeping busting out 240hr months working two jobs until I am 67. I would be able to save a decent chunk of change by then. But then what? I will be old and worn out (sorry 67 year olds).

I used to make frequent trips to the cabin property. Now as I age the 6hr drive bothers me more and more, especially when the roads are icy. Packing for it seems like more of a chore and the fuel prices add a lot to the trip cost. I love it when I get there but not the in between. I would love to spend half the year there but I know that's not going to happen. One or two week trips will have to suffice.

I suspect by the time I am 67, I won't want to do much more than greet people at Walmart or ask if you want fries with that.

I just turned 69 and I agree - I am worn out. My father cashed in his chips at 77, my aunt sooner than that and she was quite active, while my father had dementia/etc., and died of cancer he had fought for 10 years.

Other people are quite active into their 80s and 90s, but I think they are the exception.

I wanted to travel some, and be more active than I am - including continuing to ride off-road motorcycles. But now I fear I just can't do the latter, and may never get around to seeing parts of the world I wanted to see (South Pacific, etc.) because I made some mistakes when I was young (injuring myself, becoming a father) - 50+ years later I am still paying for them and I will until I pass. Such is life sometimes.

The last thing I want to happen is for my daughter to struggle more than she needs to, so I am trying to prevent that from happening as much as I can. If I can still do some things that I would enjoy, then great, but I have that responsibility to my daughter.