So close, and then consulting

[KrisQuit]

I am about three months from my retirement day. I submitted my letter at four months, to allow time for a search for my replacement (which won’t be easy in the current job market), and I have been adjusting my work to complete projects or hand them off effectively in the time that I have left. I have been bouncing around in the emotions of the decision and adjusting to the perspective that I am completing this career and retiring early. Per most projects that I lead at work and in life, I thought I had everything under control and all contingencies considered, to allow me to make a “clean break” and move on.

Then consulting . . .

This week, the CDIO (Chief Diversity and Inclusion Officer) met with me, with a request that I consider returning as a consultant to deliver targeted diversity training for the company. I am one of very few people (and for this particular class, the only person) she trusts and has confidence in facilitating these somewhat delicate classes/conversatiions. The work to compensation ratio would be good (a few days of work a month for decent pay); the mental energy of staying in this content area / connected to the company is somewhat unattractive to me. The contract would end by October 2022 — possible renewal thereafter.

My retirement plans for the coming year mostly centered around local travel, some road trips, and more exercise — so I don’t think (and my husband I have discussed this) consulting at this level would detract significantly from our lives. Plus, the compensation would likely pay for our travel And, I would contract to deliver the majority (if not all) of the classes virtually, so I could reasonably facilitate the sessions from anywhere with a good Internet connection.

So . . . though I am not asking for help making the decision, as this is fairly specific to my life and situation, I would very much like to hear how others who encountered a similar challenge handled it. I do not need the money, but I see value in promoting good conversations and perspectives at the company (and for the community).

 

[BooBoo]

I was in a very similar situation and retired from mega-corp with no initial plans of any further work. I subsequently went on working part-time for five years on an as needed basis. Working part-time was much more enjoyable and I never regretted the decision.

 

[pb4uski]

I worked part-time for the last 5 or so years that I worked... started and 80% and then drifted down to 50% over time.

Since you seem to be on the fence on it and October 2022 is a long ways out, why not commit to a shorter date so if it end up not being something that you like that you can give them notice earlier... OTOH if you find that you like it you can stay on until October 2022. I'm sure if they have a change of plans and didn't need you after 6 months that they wouldn't flinch to cut you loose so you have no obligation to commit for such a long time.

P.S. I know you could always just quit if you didn't like it but from what you wrote in the OP it doesn't sound like you would.

 

[Aerides]

DH went part time after his MC asked him to stay when he announced his ER. Worked well.

If you are clearly doing this as something of your choosing, vs. feeling obligated, or flattered into it, then ok. But your comment about staying with the mental energy says this isn't your first choice. So I'd say nope based on that. A few hours/days a month would still rattle around in my head the rest of the month.

If you go ahead, do have a set of guidelines though, and watch for them to be pushed. Hours, etc. have a habit of becoming greater than agreed upon. In your case I'd look to go to a shorter contract, perhaps in 6 month blocks vs a year at a time.

 

[pacergal]

A one year commitment to something mentally unattractive, per your words.
My answer would be a loud "No thank you!"

 

[Dash man]

Retire, don’t retire, it’s your choice. Just don’t work part time because you feel an obligation to them. Only do it if you enjoy the work.

 

[mystang52]

Since you find it unattractive, the apparent answer is to refuse the offer. Since you posted about it, though, I suspect you are at minimum giving it some consideration. When I ER'd, my employer asked me to stay on in a consulting role. In my case, though, it was some of the easiest money I ever made - 2or 3 days a week, working from home, doing some truly easy work.
Maybe you can convert the unattractive aspects into something tolerable and then that makes it some good money for less effort. If there's no way to make it better than "unattractive" just pass on the offer and enjoy your retirement.

 

[Katsmeow]

When I went in to retire, I was asked to continuing working very part time, coming into the office typically one day a week. The key thing to me was that I only had to work on things I wanted to work on. There was only very specific types of work I really wanted to do and I made that clear. I accepted this mostly to help out someone I had worked with for many year. The one day a week slowly morphed into two. Then we moved farther from the office and it was a trek to drive there. So, I went in and said I was going to fully retire.

At that point, it was suggested to me that I continue working but that I could do all the work remotely and didn't have to come into the office at all. And, I could be even much more part time. I ended up doing this another several years. All in all, I did this kind of part time work for a bit over 8 years! The last few years it was extremely part time. We eventually moved completely out of the area and by then I was really ready to just move on to other stuff and so finally did fully retire.

 

[EastWest Gal]

It seems like you are considering it-a little.
I was asked to fill in for a different position, one week before my retirement date. Since it was an emergency that affected patient care, I said yes. I limited my work severely, not working at all for a year except to help with computer stuff, but went back for 18 months almost full time when I thought my health insurance was on the line. Except for that last 18 months, it was OK. It also helped our finances a great deal, along with a bull market.

Sometimes it helps to ease into retirement, sometimes a clean break is more desireable. If this is a training position, it could be interesting and even rewarding.

You could consider saying you are not inclined to accept the position, and watch them sweeten the compensation. It worked for me. YMMV.

 

[W2R]

So . . . though I am not asking for help making the decision, as this is fairly specific to my life and situation, I would very much like to hear how others who encountered a similar challenge handled it. I do not need the money, but I see value in promoting good conversations and perspectives at the company (and for the community).

Maybe I'm reading between the lines, but anyway I'd just like to caution you not to take the consulting offer as a compliment. I think that almost all retirees get a similar offer, because it is cheaper to hire you as a consultant than to hire an unknown newbie and train him until he's up to speed.

When I told her I was going to retire, my supervisor offered me the chance to consult, I politely said "no".

Then middle management came to me the next day with an offer of almost twice the consulting pay previously offered. I politely said "no".

Then upper management came to me the next day asking me what I wanted, would I like to work from home, or be transferred to DC, or fewer hours, even more pay, or what? I politely said "No. The agency does not have enough money to pay me what I'd require. I'm done."

Best decision I ever made.

 

[EastWest Gal]

Good point W2R. At some point, we become unemployable. No offer of $$ beats time.

 

[W2R]

Good point W2R. At some point, we become unemployable. No offer of $$ beats time.

YES!! It's so delightful to post on a forum with nice people like you, who completely understand these things.

 

[ERD50]

...

Then upper management came to me the next day asking me what I wanted, would I like to work from home, or be transferred to DC, or fewer hours, even more pay, or what? I politely said "No. The agency does not have enough money to pay me what I'd require. I'm done."

Best decision I ever made.

And there you go.

... the mental energy of staying in this content area / connected to the company is somewhat unattractive to me. ...

OP, so like many of us, you've planned the work and worked the plan and did some sacrificing to be able to retire early. To most of us, the whole idea of early retirement is to be able to avoid doing things that are "somewhat unattractive".

Why the heck would you willingly choose to do something "somewhat unattractive"? Odds are, there will be some unattractive things that will be required of you, life throws that stuff at us. But if they are avoidable, well, avoid them!

One poster used to post an image of the "easy button". That fits here.


-ERD50

 

[Jerry1]

I had moved to part time the last few years of work. The company would have let me do that for awhile. When I left, many people talked about me doing consulting (other companies). My base thought was, why would I do that. I was making the best and easiest money I’d ever made by that time. If I wanted to make more money or work any longer, I’d have just stayed awhile longer. I think when you’re ready, you should leave. Otherwise, you’re just getting caught up in the one more year syndrome. Thank them and say no thanks, you’re gone. You won’t regret it.

 

[OldShooter]

When my partner and I sold our business, part of the deal was that I would consult for a while. 10 of 15 hours/week at a decent $$ rate.

I actually enjoyed it. No deadlines, few meetings, usually just hanging around talking to people about problems or ideas. Arrival time was flexible, days in the office were my choice. Typically I'd come in from around 9 to noon.

@KrisQuit, your situation is a little different. Classes come with schedules and deadlines. So maybe the question is "Do you enjoy teaching? Really enjoy it?" I think the answer there is the answer to the question you are asking. In my case, I have never been a full time teacher but have taught various project management classes when at MegaCorp and I'm now teaching an adult-ed investing class. I think it's great fun. So I would probably take the gig you're being offered if I was in your shoes. The only difference would be that I would agree to teach only face-to-face. I hate the emotional distance and weakened interaction when trying to teach virtually. Obviously YMMV on all of this.

 

[flyingaway]

Money is always good even if you don't need it.

 

[W2R]

Money is always good even if you don't need it.

Yes, but

 

[RobbieB]

The consulting thing is just that. Take it if you want it, leave it if you don't. I left it.

Pops tried it, another Co hit him up right after he retired for more than twice his salary. He took it. And 2 weeks later thought "what am I doing, I don't need to work" so he quit. Well after the job he was working on was finished after the boss begged him to stay till the job was complete.

When it's time go, go. If you want the dough stay. Easy. Only you can decide.

 

[Amethyst]

I retired from full-time work in early 2014. Two weeks later, I got a call from a former boss, asking if I'd return 2 days a week, at my old salary (prorated) to work with younger employees on a special project. This did not affect my pension, as I would be treated as an independent contractor. I was bringing home, in total, about the same as I'd made working full time. This had negative tax consequences, since I couldn't contribute to a 401K any more (although I could put 7,500 into an IRA).

For a long time I was treated with great respect, very busy, and had fun with the young people. The managers kept renewing my contract, but after a few years there was less and less for me to do. Eventually, I resigned and we left the area.

I am about three months from my retirement day. I submitted my letter at four months, to allow time for a search for my replacement (which won’t be easy in the current job market), and I have been adjusting my work to complete projects or hand them off effectively in the time that I have left. I have been bouncing around in the emotions of the decision and adjusting to the perspective that I am completing this career and retiring early. Per most projects that I lead at work and in life, I thought I had everything under control and all contingencies considered, to allow me to make a “clean break” and move on.

Then consulting . . .

This week, the CDIO (Chief Diversity and Inclusion Officer) met with me, with a request that I consider returning as a consultant to deliver targeted diversity training for the company. I am one of very few people (and for this particular class, the only person) she trusts and has confidence in facilitating these somewhat delicate classes/conversatiions. The work to compensation ratio would be good (a few days of work a month for decent pay); the mental energy of staying in this content area / connected to the company is somewhat unattractive to me. The contract would end by October 2022 — possible renewal thereafter.

My retirement plans for the coming year mostly centered around local travel, some road trips, and more exercise — so I don’t think (and my husband I have discussed this) consulting at this level would detract significantly from our lives. Plus, the compensation would likely pay for our travel And, I would contract to deliver the majority (if not all) of the classes virtually, so I could reasonably facilitate the sessions from anywhere with a good Internet connection.

So . . . though I am not asking for help making the decision, as this is fairly specific to my life and situation, I would very much like to hear how others who encountered a similar challenge handled it. I do not need the money, but I see value in promoting good conversations and perspectives at the company (and for the community).

 

[The Cosmic Avenger]

If the offer is unattractive, what would it take to make it attractive? One of the best things about being FI is having so much more leverage. You don't NEED to work, so ask for whatever it would take to make you WANT to work. If you can't think of anything, then you have your answer. If you think the terms that would motivate you are beyond the pale, ask anyway!

 

[KrisQuit]

Thank you, everyone, for the variety of experiences and perspectives to think through. I do wish I could feel comfortable with a “not my circus, not my monkeys” mentality on this, but I feel an odd responsibility to help — I am the SME in this field for the org and designed/developed the existing curriculum. I cannot be certain how it would settle with me to leave and see my work crumble behind me.

The decision will likely get tied to the contract, and an understanding of how much input/control I have over scheduling, facilitation method, and . . . money. I suspect I may have leverage to highly influence the direction, and if I find I do not (or if it isn’t what I judge as suitable to justify my time) I will walk away with the knowledge that I at least tried to make it work.

So, I will be throwing the ball to the organization, to see if they are willing to play.

 

[pb4uski]

... I cannot be certain how it would settle with me to leave and see my work crumble behind me. ...

So if you can't find a way to get over this how are you EVER going to retire?

I was in a similar situation, but my attitude was.... not my problem. I was confident that they had a bunch of smart people around that could figure it out, and they did as far as I know.

 

[Aramis]

This is all very subjective. Generally, if the issue is whether you have enough money then staying on as a consultant, as long as it does not impact how you plan to spend your retirement, could make sense.

I think that worrying about one's corporate legacy may be going too far. After all, one is leaving their life's legacy as they proceed through retirement. Which is more important?

I am currently struggling with when to retire and one of my issues is that I am also an sme. I do not worry about my legacy to the corporation, I worry about leaving some people whom I respect with the responsibility of performing my duties without adequate support during a difficult time in the corporate cycle. That, fortunately, is a short-term problem that will soon be over. I realize it will be difficult for some of those coworkers and I hope the company works quickly to make it easier for them, but if they don't it is going to have to be their problem, not mine.

 

[Amethyst]

Exactly!

I, too, was a SME, but there were other SMEs, retiring behind me, who could be recruited to replace me. Also, I willingly helped train a full-time employee to do what I had been doing.

So if you can't find a way to get over this how are you EVER going to retire?.

 

[ERD50]

... but I feel an odd responsibility to help — I am the SME in this field for the org and designed/developed the existing curriculum. I cannot be certain how it would settle with me to leave and see my work crumble behind me. ....

Look at it this way - any number of things could have happened to you before you retired, which would have taken you away from your work (accident, health issue, personal responsibility to a family member drawing you away from home, etc). If your employer didn't feel responsible to plan for your not being there, why should you let it be your concern?

If the work would crumble behind you, your employer did a poor job of making sure they are protected. Let them deal with it. You could actually be doing them a favor by giving them a wake up call.

Another explanation (and I'm not inferring that this is the case, but I have seen it) is that sometimes a person tries to protect their job by making themselves "indispensable" by keeping their info to themselves and making it hard for anyone to take over. I've told employees that this doesn't make you indispensable, it makes you a liability and a risk, and I won't tolerate it because I'll be the one on the hook if you're not around to do a certain task And you'll be out of a job if that's your plan.

One more explanation is it's all in your head, and they'll do just fine w/o you. Just move on and enjoy your retirement.

-ERD50