The Wall Street Journal recently reported that financial advisers are recommending that baby boomers who retire get "hobby jobs" in their retirement, defined as jobs that may pay less than the old job, but which are fun. The primary motivation is to supplement retirement savings, which for some is not adequate. A relative of mine was in the position where she could retire–but just barely. So she worked when she found a temporary job that suited her. She made enough to have a little extra spending money, to fund a vacation or presents for the grandchildren. When the temp job ended, she took a few months off before going back to work.
The secondary motivation is to have something worthwhile to do all day. For some retirees, that’s not a problem, but others miss the human connections that come from working. Others get a job that is really connected to their hobby, such as working in a golf shop.
Of course, those of us who are already doing what we love have hobby jobs. I, for instance, figure that when I want to slow down, I won’t retire, I’ll just raise my fees until half my clients go away.
Business Strategy Implications: With tight labor markets now, and tighter markets coming in the years ahead as the boomers retire, think about how you can use retirees in your work force. You may have to make some accommodations, but you may be able to find very talented people willing to work for less.