| Pages in topic: [1 2] > | Poll: As a freelancer, when are you planning to retire? Thread poster: ProZ.com Staff
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This forum topic is for the discussion of the poll question "As a freelancer, when are you planning to retire?".
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I’m well beyond retiring age. I re-started freelancing full-time after retiring from my in-house position as an EU translator some 15 years ago. I could live comfortably off my pension but I prefer staying active. As long as my customers come for more I’ll do that until my fingers fell off or I’m stricken by a disease or my brain wears itself out. I come from a very large family of hard-working people, both on my father’s and my mother’s side. My father worked as a consultant until the... See more I’m well beyond retiring age. I re-started freelancing full-time after retiring from my in-house position as an EU translator some 15 years ago. I could live comfortably off my pension but I prefer staying active. As long as my customers come for more I’ll do that until my fingers fell off or I’m stricken by a disease or my brain wears itself out. I come from a very large family of hard-working people, both on my father’s and my mother’s side. My father worked as a consultant until the day he died at 93 and my mother who died at 105 used to say that the worst decision she ever took was to stop working at 90. ▲ Collapse
| | | | Ana Vozone 
Local time: 12:06
Member (2010)
English to Portuguese
+ ...
... I enjoy freelancing too much ...
| | | | | not any time soon | Jul 10, 2021 |
As far as my health would permit it, i will continue working as a freelance translator, because it's something i love to do, i can work on my own pace and have my own break-ups (if i wish to).
I enjoy my career, so i'm not planning to stop any time soon.
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| Working and staying active / chop wood, carry water | Jul 11, 2021 |
Working and staying active may often coincide, but it is worth remembering that they are two different things.
Before enlightenment, chop wood, carry water. After enlightenment, chop wood, carry water.
Same goes with "retirement".
[Edited at 2021-07-11 03:14 GMT]
| | | | Michael Harris
Germany
Local time: 13:06
Member (2006)
German to English
| If I can afford it | Jul 11, 2021 |
sooner, if not, later.
| | | | Tom in London
United Kingdom
Local time: 12:06
Member (2008)
Italian to English
Retirement is for people who don't like their work. I have no intention of retiring. I like translating, although I do appreciate that some people don't.
[Edited at 2021-07-11 11:31 GMT]
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If I could. Life is made for living, not for working... 
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| When I am not confident that my clients will be satisfied | Jul 11, 2021 |
I tell new clients with offers I don't like that I am partly retired or winding down my business - which is true.
I tell my favourite clients that I have no immediate plans to stop, and with them it's business as usual. That is also true.
I am not as keen to take on new technology as I was 20 years ago, so I do not do MTPE or subtitling, and I have cut down a lot on so-called proofreading/editing/revising/QA or whatever you call it, for others.
Since I pass... See more I tell new clients with offers I don't like that I am partly retired or winding down my business - which is true.
I tell my favourite clients that I have no immediate plans to stop, and with them it's business as usual. That is also true.
I am not as keen to take on new technology as I was 20 years ago, so I do not do MTPE or subtitling, and I have cut down a lot on so-called proofreading/editing/revising/QA or whatever you call it, for others.
Since I passed retiring age - and discovered it was not worth postponing my pension - I have changed my priorities to some extent. I have always believed in working for a living, but not living to work - i.e. having a life and interests apart from work.
To some extent, work is arranged around seeing friends and relatives and other activities. Before I qualified for my pension it was the other way round.
When I do work, I naturally try to provide the best possible service for the client, but I no longer sit up all night to meet tight deadlines, and if the day ever comes when a client is really not satisfied, I will stop altogether. I hope I will know myself before it gets that far, and will retire before clients complain, but I have not reached that point yet!
[Edited at 2021-07-11 12:17 GMT] ▲ Collapse
| | | | | There are so many options as a freelancer | Jul 11, 2021 |
Why should a freelancer "plan" to retire? I will probably retire at some point, for whatever reason, for example if my health won't allow me to continue or if I simply don't enjoy working any more. Or if my wife says we should take six months off and tour the world and I'm no more in the mood afterwards. But this may be when I'm 70 or 80 or even 90. I certainly don't plan it in advance.
Since my wife and I always paid into a pension plan, we will have enough funds to live when we re... See more Why should a freelancer "plan" to retire? I will probably retire at some point, for whatever reason, for example if my health won't allow me to continue or if I simply don't enjoy working any more. Or if my wife says we should take six months off and tour the world and I'm no more in the mood afterwards. But this may be when I'm 70 or 80 or even 90. I certainly don't plan it in advance.
Since my wife and I always paid into a pension plan, we will have enough funds to live when we reach the usual retirement age (67 in Germany). But of course, earning something on top will allow us more good things like travelling and such. And as a freelancer, I still can continue accepting interesting projects and work as much or as little as is convenient. In that ense, we did not plan for retirement, we planned for having options. ▲ Collapse
| | | | | And as a retired freelancer... | Jul 11, 2021 |
... finally, you are able to please your clients with cheaper prices, because you already earn a basic income, and then ruin the prices for all the other colleagues who still have to work full-time and who are far away from retirement.
| | | | Inga Petkelyte
Portugal
Local time: 12:06
Lithuanian to Portuguese
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| Curious about taxes | Jul 11, 2021 |
Very nice insights I've read here; myself, I haven't thought about it yet.
When reading, I got curious about the IRS on earnings as pensioners - do you pay them in your country or pensioner's income is free of whatever taxes and/or contributions?
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| Pensions are taxed in Germany | Jul 11, 2021 |
Inga Petkelyte wrote:
Very nice insights I've read here; myself, I haven't thought about it yet.
When reading, I got curious about the IRS on earnings as pensioners - do you pay them in your country or pensioner's income is free of whatever taxes and/or contributions?
As a rule, pensions are subject to normal income tax in Germany; there are some variants depending on if you paid your pension contributions with taxed or untaxed money so that your income is not taxed twice. But of course anything you earn beyond your pension will be taxed normally, i. e. all your taxable income, pension or not, will be added and your total tax will be tallied for that. When I have a high income, I pay high taxes, pensioner or not. As it should be.
The actual insight here is that you should have a pension plan of any sort. If you don't, the question of retirement is pointless since you have to work until you drop dead.
| | | | IrinaN
United States
Local time: 06:06
English to Russian
+ ...
| Redefining "retirement" for freelancers | Jul 11, 2021 |
In my view, "retirement" for us comes when we no longer need to chase new clients, bid, market ourselves etc. It means being comfortable financially without work for days and weeks, knowing that your old clients will keep knocking on your door now and then, or something else will inevitably come by through word-of-mouth or occasional contacts so that we can still do what we love at our own pace. An eternal semi-retirement, so to speak.
Other than that, all oldtimers I know or, unfor... See more In my view, "retirement" for us comes when we no longer need to chase new clients, bid, market ourselves etc. It means being comfortable financially without work for days and weeks, knowing that your old clients will keep knocking on your door now and then, or something else will inevitably come by through word-of-mouth or occasional contacts so that we can still do what we love at our own pace. An eternal semi-retirement, so to speak.
Other than that, all oldtimers I know or, unfortunately, knew because a few are no longer around, remained in business until their health turned a joy of the beloved profession into a heavy burden. Better not bring it to that. I personally have slowed down and work no more than 3-5 days a week, and enjoy a week or two without work. Most of it is well-paid interpretation under several long-term contracts, i.e. minimal strain on my vision. I already had retinal reattachment and cataract surgeries. For quite some time now, my translation workload brings me a meager 8-10 grand/year as I only take what comes my way without asking, and when I can. It feeds my cats and utility companies:-), whereas my own food is ensured by interpreting. There is a point in time when work, or at least too much of it, can finally become detrimental to your health. I need my beauty sleep too. If I ever live to a full retirement, I want to be able to enjoy it by doing something more active than drinking tea in a rocking chair.
But at times I already feel like I wish I could retire tomorrow, leave Houston for better climate and switch to gardening:-) I never bothered to buy a house here, just a condo because I don't want to pay for the land I can't use and enjoy for 8 months out of a year. I'm still not Texan enough to garden under 95 F and 88% humidity. ▲ Collapse
| | | | | Not completely true | Jul 11, 2021 |
Kay-Viktor Stegemann wrote:
The actual insight here is that you should have a pension plan of any sort. If you don't, the question of retirement is pointless since you have to work until you drop dead.
Some may also rely on the German basic income (basic security) granted by law for pensioners/elder people with no or only small income, i.e. when a freelancer with a German passport has lead a fruitful and pleasant life in a tropical land or island for years, funded by undercutting rates, which may be high enough for the living standards in that tropical country, but without contributing to any pension fund. He/she may then come back to Germany one day, when old or seriously ill, and claim that mentioned basic income from the state. And with the public basic income, you may easily resume with your undercutting rates, unless the fiscal authority or social welfare department checks your second account or account of your helpful friend or relative for illegal income.
[Bearbeitet am 2021-07-11 15:24 GMT]
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