I'm getting ready to retire from my sysadmin job, and I'm the only person at my company who handles a particular software. There's a good chance they'll want to bring me back as a contractor for a few months after I retire to help with the transition. I've heard that when working as a contractor, the general expectation is to charge about 2 to 3 times my current hourly rate. Is that still accurate? Since I'll be on Medicare, health insurance isn't a huge concern for me. I've also learned that I need to make quarterly tax payments, which I plan to do. What other important things should I consider? Would it be necessary to form my own business for this work?
1 Answer
It's always a good idea to consult with an accountant or financial planner who knows your state’s laws. Your situation isn't just about sysadmin work, so input from a professional can be really helpful. They can provide specific guidance that suits your circumstances.
I get that, but I'd like to gather some experiences from people who've been in a similar situation before spending money on advice. Thanks for your input!