Consulting jobs in retirement are a very popular path for someone who is looking to get back to work or stay connected within the industry and could use the extra income. When you consider your experience within the company and industry, it makes sense for an employer to consider the investment they made in you throughout the years and use your expertise and experience going forward. Many employees, in fact, leave their job with a consulting agreement in place as part of their exit strategy. Depending on your employer and the position you held, there may be some restrictions on going to a competitive company in the same industry for a certain period of time (usually five years) but, unless you’re a high profile executive or have information that would divulge sensitive information, these agreements can usually be worked out fairly easily.
As with any business relationship, the details should be discussed ahead of time and agreed to. Compensation should be discussed and what time is and isn’t compensated for. Things to consider are travel time and expenses and work done outside the corporate facility. If there is written documentation prepared, ownership rights should be fully divulged.
Many retirees find consulting jobs a lucrative source of income and a nice transition to retirement life. If you have financial skills such as financial planning, accounting or tax preparation, these types of skills can easily be worked into a consulting agreement. The advantage is that you can control the amount of time you work and the requirement on both sides should be clearly understood by both parties ahead of time. Many agreements come to an untimely end because the expectations were never made clear. If you want to schedule a vacation, for example, this should be communicated as well as your access during weekends and evenings. Many companies assume that, if they’re paying for it, you can be “on the clock” whenever they need you to be. It’s a topic that should be fully discussed ahead of time.
In most circumstances, a written contract is advisable, and this type of agreement should be an easy thing to accomplish. Many companies have a standard agreement so there is usually not much of a choice except for some of the details. You may want to consult with a lawyer if this is going to be a business that you want to develop in your retirement.
Although consulting jobs have been offered to me, it is not something that I have chosen to do because of the sheer enjoyment I find in retirement. I always hated being told what to do and having to be in a certain place at a certain is not something I choose to do anymore. However, consulting jobs are a way to manage your schedule within reason and represent a good way to supplement your income if that is something you need or choose to do.