Are there any special considerations for a side hustle when retired (over 65, on social security and medicare)?
Our specific situation: married (both of us over 65), New York City residents considering moving to New Hampshire. My side hustle (single member LLC doing online retail) grew to be enough to live on years ago. The LLC was not set up with asset protection in mind. Not interested in rental real estate (been there, done that, string of bad tenants, never again). We live a modest lifestyle, so Social Security plus IRA RMD’s should be enough to live on going forward. The side hustle, if I continue it, mostly would be to reduce the Federal tax and give me something to do during the long NH winter. I can shrink the business to the point where it wouldn’t trigger NH business tax. On a side note, I need to contact you to set up a Trifecta. My parents had a RLT and it made things so incredibly easy for us kids.