No. of Recommendations: 3
Hawkin writes,

<<He just happens to have other income, like from the blog for example. If you enjoy writing a monthly blog post>>

If you are still working, even in something you love to do, then you are not really retired. If we use that definition, then my 80 yr old hair dresser client has been "retired" for decades but she loves what she does and likes to keep busy so she still works 30 hrs a week cutting hair. She certainly doesn't need the money.


Though I've been happily early retired for the past 24 years. I have kept my license to practice engineering current. About 10 years ago, the State of Texas started requiring 15 hours per year of continuing education courses to renew your license. The 15 hours of study wasn't a problem since I was keeping up with my field anyway out of having an interest in it. But you had to take the courses from a state-approved provider and it was going to cost me $500 to $1,000/yr to meet the requirement depending on how I do it.

One wrinkle to the state law was the fact that hours spent authoring a continuing education course counted as credit towards your 15 hours per year. And one course provider offered a 50% discount on course purchases if you authored a course for them.

So I authored a couple of courses as part of my 15 hour/year commitment to get the discount, not to earn any income. As luck would have it, I've earned over $70,000 in royalties from it. Am I working? I don't know. It seems more like I won the lottery.

Another interesting wrinkle to this is that royalty income typically doesn't count as wage & salary income that you need to pay FICA on. But I voluntarily set up a small business to collect the royalty income so that I'd have to pay the FICA on the profit of the business. Crazy? Not at all.

Social Security a better deal than I thought?


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