Consulting in retirement may be an ideal situation for you. Many corporate executives use this approach to ease into their new retired lifestyle. It can be very rewarding to offer advice that is helpful and be very good for your self esteem to have your opinion sought out. Of course, many executives consult with their former companies while some choose to go into a completely different direction. You should check out to see if there are constraints on your activities when you officially retire. Many times working for a competitor is prohibited so it worth checking into to avoid any legal problems.
Consulting in retirement can be done for financial compensation or done by donating your time and expertise while receiving nothing in return except for the satisfaction of being able to offer some guidance to a person or company that can use your expertise.
It is one way to volunteer and probably the most beneficial to the organization where you’re volunteering your services. If you background is finance, for example, your local church might benefit greatly from your accounting expertise.
It’s also possible to volunteer as a consultant to businesses as part of a formal network especially if those business are start ups or part of an industry or program where investment of funds is being directed as part of a grant or other program. The Service Core of Retired Executives (SCORE) has been around for over fifty years and has hundreds of locations and thousands of volunteers. A few of my former associates have been very pleased with their affiliation with this organization and it is very exciting for them to come in contact with new businesses and young entrepreneurs.
It’s possible that this could lead to a paid consulting job but the primary focus here is to be able to give back to the young business owners of tomorrow. It can be very rewarding when your work with a struggling owner results in a thriving business. This is a path many new retirees take especially if consulting in retirement was part of their plan to stay active and connected with the business world.
It’s also a way to stay insulated from the very competitive world of consulting which can be a very demanding business and one where you always need to be looking for your next client. With the volunteer model, there is a relationship that develops that seems to bring out the best in parties involved. A deep appreciation for experience and youthful energy seems to take on both sides and it’s a place where great friendships are formed, and new businesses are created.