I want to be self-employed/be partially retired.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: I already have a side business that brings in 55k a year. If I were to partially retire what I mean is that I would try to scale up that business. I think I can get to over 100k in 6 months.

I have 850k in retirement. I have 375k liquid. I don’t have property (I just sold) and feel priced out of the area. I can’t move now. I also have kids. I feel like I have enough cushion to take the risk of working for myself but was wondering what others would think. I am late 40s. I have also considered switching careers but the ROI on retraining does not seem worth it.

The biggest issue is healthcare. ACA insurance is very pricey. You'll also want to coverage for your kids, I assume. Wherever you think of moving to, check the ACA marketplace first.

We were self employed for many years and had ACA insurance. While ACA has enabled many, including us, to become self employed, it is very expensive.

At 40something, you have like 15 to 20 years of needing private insurance.

My kids don't need insurance--they have it. Most people I know who do this pay $400 to $500 a month. That is not that much.

Exactly. DCUM has this absurd fear of healthcare costs because they’re all W-2 employees who only have to interact with the private insurance marketplace when they retire early at age 61, at which point health insurance *is* fairly expensive.

The thing is that insurance does become significantly more expensive as you age. For example, you should probably plan to pay over $1,000/month from age 60 to 64, so you cannot plan your future healthcare budget in the same way that you plan your future food budget, i.e., by considering what you pay today and adjusting for inflation.

But it’s really only a five-year period when insurance really is expensive. Notwithstanding that fact, you have a bunch of people on DCUM with $300K HHIs and $3M in the bank who think they cannot retire because of healthcare. It’s totally absurd; it’s like they don’t even realize that there are self-employed landscapers earning $75,000 a year who purchase their own health insurance their whole lives.

I’m 43 and pay $240/month for my ACA plan. Such a ridiculous blind spot that DCUM has.

Those landscapers get sick and go bankrupt.

[Anonymous]

I have quiet quit at work but they haven't noticed because I do the important things on time and keep my clients happy.

[Anonymous]

Anonymous wrote:OP here: I already have a side business that brings in 55k a year. If I were to partially retire what I mean is that I would try to scale up that business. I think I can get to over 100k in 6 months.

I have 850k in retirement. I have 375k liquid. I don’t have property (I just sold) and feel priced out of the area. I can’t move now. I also have kids. I feel like I have enough cushion to take the risk of working for myself but was wondering what others would think. I am late 40s. I have also considered switching careers but the ROI on retraining does not seem worth it.

For me, 'retiring' is not 'scaling up my business.' That's just changing careers. I mean, hey, if it floats your boat, go for it, but it's not retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: I already have a side business that brings in 55k a year. If I were to partially retire what I mean is that I would try to scale up that business. I think I can get to over 100k in 6 months.

I have 850k in retirement. I have 375k liquid. I don’t have property (I just sold) and feel priced out of the area. I can’t move now. I also have kids. I feel like I have enough cushion to take the risk of working for myself but was wondering what others would think. I am late 40s. I have also considered switching careers but the ROI on retraining does not seem worth it.

The biggest issue is healthcare. ACA insurance is very pricey. You'll also want to coverage for your kids, I assume. Wherever you think of moving to, check the ACA marketplace first.

We were self employed for many years and had ACA insurance. While ACA has enabled many, including us, to become self employed, it is very expensive.

At 40something, you have like 15 to 20 years of needing private insurance.

My kids don't need insurance--they have it. Most people I know who do this pay $400 to $500 a month. That is not that much.

Exactly. DCUM has this absurd fear of healthcare costs because they’re all W-2 employees who only have to interact with the private insurance marketplace when they retire early at age 61, at which point health insurance *is* fairly expensive.

The thing is that insurance does become significantly more expensive as you age. For example, you should probably plan to pay over $1,000/month from age 60 to 64, so you cannot plan your future healthcare budget in the same way that you plan your future food budget, i.e., by considering what you pay today and adjusting for inflation.

But it’s really only a five-year period when insurance really is expensive. Notwithstanding that fact, you have a bunch of people on DCUM with $300K HHIs and $3M in the bank who think they cannot retire because of healthcare. It’s totally absurd; it’s like they don’t even realize that there are self-employed landscapers earning $75,000 a year who purchase their own health insurance their whole lives.

I’m 43 and pay $240/month for my ACA plan. Such a ridiculous blind spot that DCUM has.

LOL You are 43.

I'm 55, DH is 60. You know how much ACA costs? Almost $1200 for the just the two of us. And that's a hdp with kaiser or hmo with carefirst.

Also, the price depends on where you live. That's why I stated for OP to check out the price of ACA BEFORE they move to a new area.

I've had private insurance on/off for 20 years, including the past 6 years through ACA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: I already have a side business that brings in 55k a year. If I were to partially retire what I mean is that I would try to scale up that business. I think I can get to over 100k in 6 months.

I have 850k in retirement. I have 375k liquid. I don’t have property (I just sold) and feel priced out of the area. I can’t move now. I also have kids. I feel like I have enough cushion to take the risk of working for myself but was wondering what others would think. I am late 40s. I have also considered switching careers but the ROI on retraining does not seem worth it.

The biggest issue is healthcare. ACA insurance is very pricey. You'll also want to coverage for your kids, I assume. Wherever you think of moving to, check the ACA marketplace first.

We were self employed for many years and had ACA insurance. While ACA has enabled many, including us, to become self employed, it is very expensive.

At 40something, you have like 15 to 20 years of needing private insurance.

My kids don't need insurance--they have it. Most people I know who do this pay $400 to $500 a month. That is not that much.

Exactly. DCUM has this absurd fear of healthcare costs because they’re all W-2 employees who only have to interact with the private insurance marketplace when they retire early at age 61, at which point health insurance *is* fairly expensive.

The thing is that insurance does become significantly more expensive as you age. For example, you should probably plan to pay over $1,000/month from age 60 to 64, so you cannot plan your future healthcare budget in the same way that you plan your future food budget, i.e., by considering what you pay today and adjusting for inflation.

But it’s really only a five-year period when insurance really is expensive. Notwithstanding that fact, you have a bunch of people on DCUM with $300K HHIs and $3M in the bank who think they cannot retire because of healthcare. It’s totally absurd; it’s like they don’t even realize that there are self-employed landscapers earning $75,000 a year who purchase their own health insurance their whole lives.

I’m 43 and pay $240/month for my ACA plan. Such a ridiculous blind spot that DCUM has.

Is the ACA still only for you ? Do you know the family amount?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: I already have a side business that brings in 55k a year. If I were to partially retire what I mean is that I would try to scale up that business. I think I can get to over 100k in 6 months.

I have 850k in retirement. I have 375k liquid. I don’t have property (I just sold) and feel priced out of the area. I can’t move now. I also have kids. I feel like I have enough cushion to take the risk of working for myself but was wondering what others would think. I am late 40s. I have also considered switching careers but the ROI on retraining does not seem worth it.

The biggest issue is healthcare. ACA insurance is very pricey. You'll also want to coverage for your kids, I assume. Wherever you think of moving to, check the ACA marketplace first.

We were self employed for many years and had ACA insurance. While ACA has enabled many, including us, to become self employed, it is very expensive.

At 40something, you have like 15 to 20 years of needing private insurance.

My kids don't need insurance--they have it. Most people I know who do this pay $400 to $500 a month. That is not that much.

Exactly. DCUM has this absurd fear of healthcare costs because they’re all W-2 employees who only have to interact with the private insurance marketplace when they retire early at age 61, at which point health insurance *is* fairly expensive.

The thing is that insurance does become significantly more expensive as you age. For example, you should probably plan to pay over $1,000/month from age 60 to 64, so you cannot plan your future healthcare budget in the same way that you plan your future food budget, i.e., by considering what you pay today and adjusting for inflation.

But it’s really only a five-year period when insurance really is expensive. Notwithstanding that fact, you have a bunch of people on DCUM with $300K HHIs and $3M in the bank who think they cannot retire because of healthcare. It’s totally absurd; it’s like they don’t even realize that there are self-employed landscapers earning $75,000 a year who purchase their own health insurance their whole lives.

I’m 43 and pay $240/month for my ACA plan. Such a ridiculous blind spot that DCUM has.

LOL You are 43.

I'm 55, DH is 60. You know how much ACA costs? Almost $1200 for the just the two of us. And that's a hdp with kaiser or hmo with carefirst.

Also, the price depends on where you live. That's why I stated for OP to check out the price of ACA BEFORE they move to a new area.

I've had private insurance on/off for 20 years, including the past 6 years through ACA.

also, the older you get, the more health issues you have. I hardly needed to go to the dr in my 40s. 50s, totally different.

[Anonymous]

Anonymous wrote:I don't want to work for employers anymore. I just want to have my own clients or change careers.
I am late 40s. College is funded for kids.
I am not a fancy person.
I may even move to a LOC area when my kids go to college in 8 years.

What would your number be (retirement savings, cash on hand or home equity) if you wanted to just take a risk and work for yourself and not be a member of the full-time rat race. I have a decent amount in retirement and cash. I sold my house. Divorced (not married).

Anyone want to share their number if they were me in this scenario?

First, it seems like you are stuck here for the next 8 years. Keep on saving and enjoying these 8 years with your kids. You can then re-evaluate in 8 years. For me, the number is $10m in invested assets, but I don't want to move to a LCOL area and my consulting business will be 100% discretionary.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: I already have a side business that brings in 55k a year. If I were to partially retire what I mean is that I would try to scale up that business. I think I can get to over 100k in 6 months.

I have 850k in retirement. I have 375k liquid. I don’t have property (I just sold) and feel priced out of the area. I can’t move now. I also have kids. I feel like I have enough cushion to take the risk of working for myself but was wondering what others would think. I am late 40s. I have also considered switching careers but the ROI on retraining does not seem worth it.

The biggest issue is healthcare. ACA insurance is very pricey. You'll also want to coverage for your kids, I assume. Wherever you think of moving to, check the ACA marketplace first.

We were self employed for many years and had ACA insurance. While ACA has enabled many, including us, to become self employed, it is very expensive.

At 40something, you have like 15 to 20 years of needing private insurance.

My kids don't need insurance--they have it. Most people I know who do this pay $400 to $500 a month. That is not that much.

Exactly. DCUM has this absurd fear of healthcare costs because they’re all W-2 employees who only have to interact with the private insurance marketplace when they retire early at age 61, at which point health insurance *is* fairly expensive.

The thing is that insurance does become significantly more expensive as you age. For example, you should probably plan to pay over $1,000/month from age 60 to 64, so you cannot plan your future healthcare budget in the same way that you plan your future food budget, i.e., by considering what you pay today and adjusting for inflation.

But it’s really only a five-year period when insurance really is expensive. Notwithstanding that fact, you have a bunch of people on DCUM with $300K HHIs and $3M in the bank who think they cannot retire because of healthcare. It’s totally absurd; it’s like they don’t even realize that there are self-employed landscapers earning $75,000 a year who purchase their own health insurance their whole lives.

I’m 43 and pay $240/month for my ACA plan. Such a ridiculous blind spot that DCUM has.

Well you need 5 million to retire, be mortgage free, cars paid off and be at least 63.5 in case you have to use COBRA to 65 as need expensive medical care that might not be covered under a cheaper plan.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: I already have a side business that brings in 55k a year. If I were to partially retire what I mean is that I would try to scale up that business. I think I can get to over 100k in 6 months.

I have 850k in retirement. I have 375k liquid. I don’t have property (I just sold) and feel priced out of the area. I can’t move now. I also have kids. I feel like I have enough cushion to take the risk of working for myself but was wondering what others would think. I am late 40s. I have also considered switching careers but the ROI on retraining does not seem worth it.

The biggest issue is healthcare. ACA insurance is very pricey. You'll also want to coverage for your kids, I assume. Wherever you think of moving to, check the ACA marketplace first.

We were self employed for many years and had ACA insurance. While ACA has enabled many, including us, to become self employed, it is very expensive.

At 40something, you have like 15 to 20 years of needing private insurance.

My kids don't need insurance--they have it. Most people I know who do this pay $400 to $500 a month. That is not that much.

Exactly. DCUM has this absurd fear of healthcare costs because they’re all W-2 employees who only have to interact with the private insurance marketplace when they retire early at age 61, at which point health insurance *is* fairly expensive.

The thing is that insurance does become significantly more expensive as you age. For example, you should probably plan to pay over $1,000/month from age 60 to 64, so you cannot plan your future healthcare budget in the same way that you plan your future food budget, i.e., by considering what you pay today and adjusting for inflation.

But it’s really only a five-year period when insurance really is expensive. Notwithstanding that fact, you have a bunch of people on DCUM with $300K HHIs and $3M in the bank who think they cannot retire because of healthcare. It’s totally absurd; it’s like they don’t even realize that there are self-employed landscapers earning $75,000 a year who purchase their own health insurance their whole lives.

I’m 43 and pay $240/month for my ACA plan. Such a ridiculous blind spot that DCUM has.

Well you need 5 million to retire, be mortgage free, cars paid off and be at least 63.5 in case you have to use COBRA to 65 as need expensive medical care that might not be covered under a cheaper plan.

ridiculous. we plan on retiring at 56/62 with about $4mil, and a mortgage (PITI $2300). Our expenses aren't that high. We will need about $160K/year.

[Anonymous]

Anonymous wrote:That's me. I need $4k to live. $2k for housing and $2k for spending. Easy.
There's plenty of money in investment accounts in case I go over budget.

hm

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: I already have a side business that brings in 55k a year. If I were to partially retire what I mean is that I would try to scale up that business. I think I can get to over 100k in 6 months.

I have 850k in retirement. I have 375k liquid. I don’t have property (I just sold) and feel priced out of the area. I can’t move now. I also have kids. I feel like I have enough cushion to take the risk of working for myself but was wondering what others would think. I am late 40s. I have also considered switching careers but the ROI on retraining does not seem worth it.

The biggest issue is healthcare. ACA insurance is very pricey. You'll also want to coverage for your kids, I assume. Wherever you think of moving to, check the ACA marketplace first.

We were self employed for many years and had ACA insurance. While ACA has enabled many, including us, to become self employed, it is very expensive.

At 40something, you have like 15 to 20 years of needing private insurance.

My kids don't need insurance--they have it. Most people I know who do this pay $400 to $500 a month. That is not that much.

Exactly. DCUM has this absurd fear of healthcare costs because they’re all W-2 employees who only have to interact with the private insurance marketplace when they retire early at age 61, at which point health insurance *is* fairly expensive.

The thing is that insurance does become significantly more expensive as you age. For example, you should probably plan to pay over $1,000/month from age 60 to 64, so you cannot plan your future healthcare budget in the same way that you plan your future food budget, i.e., by considering what you pay today and adjusting for inflation.

But it’s really only a five-year period when insurance really is expensive. Notwithstanding that fact, you have a bunch of people on DCUM with $300K HHIs and $3M in the bank who think they cannot retire because of healthcare. It’s totally absurd; it’s like they don’t even realize that there are self-employed landscapers earning $75,000 a year who purchase their own health insurance their whole lives.

I’m 43 and pay $240/month for my ACA plan. Such a ridiculous blind spot that DCUM has.

LOL You are 43.

I'm 55, DH is 60. You know how much ACA costs? Almost $1200 for the just the two of us. And that's a hdp with kaiser or hmo with carefirst.

Also, the price depends on where you live. That's why I stated for OP to check out the price of ACA BEFORE they move to a new area.

I've had private insurance on/off for 20 years, including the past 6 years through ACA.

Yes, that poster has a "ridiculous blind spot" because $240/month for ACA is not normal and is either a bad plan or he or she has low enough income to get a price break. We have silver plan (PPO), which is the third "best". It is well over $2000/month. That's for ages 50, 50, 13, and 15. In 2017, the same plan was over $2500/month. The first Trump administration changed the law so that the states could decide whether to open up the plan options to group plans. It backed it down to about $1800/month, and it has crept up every year since.

It's not great insurance. We pay tons out of pocket. I despise it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I became self-employed at 37 and had about a million saved. Now I am 42 and bill 20-25 hours per week. Last year I earned about $175K, which is enough for my needs.

I’m on my spouse’s health insurance and we have 1 young child. If it doesn’t work out, I’ll have to go back to the office one day … but I’d rather not!

What do you do for 20 hrs a week and bring in $175k?!?

THAT"S what I'd like to know. Sounds sketchy.

[Anonymous]

$8m

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I became self-employed at 37 and had about a million saved. Now I am 42 and bill 20-25 hours per week. Last year I earned about $175K, which is enough for my needs.

I’m on my spouse’s health insurance and we have 1 young child. If it doesn’t work out, I’ll have to go back to the office one day … but I’d rather not!

What do you do for 20 hrs a week and bring in $175k?!?

THAT"S what I'd like to know. Sounds sketchy.

Finance/compliance/boring stuff

Unfortunately I spend many nonbillable hours ‘working’ too, like handling admin and taxes, but it’s a decent living. My spouse works much harder than I do and earns significantly less. The world is not fair.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here: I already have a side business that brings in 55k a year. If I were to partially retire what I mean is that I would try to scale up that business. I think I can get to over 100k in 6 months.

I have 850k in retirement. I have 375k liquid. I don’t have property (I just sold) and feel priced out of the area. I can’t move now. I also have kids. I feel like I have enough cushion to take the risk of working for myself but was wondering what others would think. I am late 40s. I have also considered switching careers but the ROI on retraining does not seem worth it.

The biggest issue is healthcare. ACA insurance is very pricey. You'll also want to coverage for your kids, I assume. Wherever you think of moving to, check the ACA marketplace first.

We were self employed for many years and had ACA insurance. While ACA has enabled many, including us, to become self employed, it is very expensive.

At 40something, you have like 15 to 20 years of needing private insurance.

My kids don't need insurance--they have it. Most people I know who do this pay $400 to $500 a month. That is not that much.

Exactly. DCUM has this absurd fear of healthcare costs because they’re all W-2 employees who only have to interact with the private insurance marketplace when they retire early at age 61, at which point health insurance *is* fairly expensive.

The thing is that insurance does become significantly more expensive as you age. For example, you should probably plan to pay over $1,000/month from age 60 to 64, so you cannot plan your future healthcare budget in the same way that you plan your future food budget, i.e., by considering what you pay today and adjusting for inflation.

But it’s really only a five-year period when insurance really is expensive. Notwithstanding that fact, you have a bunch of people on DCUM with $300K HHIs and $3M in the bank who think they cannot retire because of healthcare. It’s totally absurd; it’s like they don’t even realize that there are self-employed landscapers earning $75,000 a year who purchase their own health insurance their whole lives.

I’m 43 and pay $240/month for my ACA plan. Such a ridiculous blind spot that DCUM has.

Well you need 5 million to retire, be mortgage free, cars paid off and be at least 63.5 in case you have to use COBRA to 65 as need expensive medical care that might not be covered under a cheaper plan.

That is nonsense. Most Americans never that that much.