Companies to Rehire Boomers as Post-Retirement Consultants

Large numbers of baby boomers will reach retirement age soon, and that could result in a shortage of knowledgeable and experienced managers at many companies. To fix this problem, many executives are planning to rehire boomers as independent contractors after they retire.

According to executive recruiting firm Lucas Group, 27 percent of executives at small- and medium-sized businesses plan to rehire boomers on a contract basis after their formal retirements. Moreover, 60 percent agree that the retirement of boomers will leave them short on talent.

Scott Smith, chief marketing officer for Lucas Group, told Bankrate.com that just a year ago, a similar survey showed only 17 percent of executives anticipated rehiring boomers. Smith pointed out that some 10,000 boomers retire every day. Boomer retirement will span 20 years, and it began just two years ago.

Some companies’ talent is heavily concentrated in baby boomers. With skills and experience their employers need to survive, these boomers are retiring, collecting on pensions or retirement accounts and then earning handsome consulting fees to perform similar job functions at greatly reduced hours.

That sounds like a comfortable retirement.

Whether you want to pursue further employment after your formal retirement or prefer to stay out of the workplace for good, proper retirement and estate planning is a must. Consult with the experienced attorneys at Hook Law Center to develop a plan that accounts for your individual needs.

The elder law attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit https://api.hooklaw.net/ or call 757-399-7506.