These days you cannot open a newspaper, read a magazine or turn on the television without being reminded of the current economic downturn. The unfavorable status of the stock market has left many investors with a 40-50% decrease in their portfolio value. If you are under 40 and invested for the long haul, the current stock market slump may not affect your current living situation. But if you are retired or are about to retire, the money that you were counting on to get you through retirement may not be there. This is a serious crisis that is currently affecting up to 70 million Americans in the baby boomer category. Retirees are trying to find a way to increase their income to supplement their retirement savings. But going back to work full-time is not an attractive idea nor is it an easy task to secure a job when you are over 60. Part-time employment is an option, but working 20 hours a week at minimum wage barely makes a difference and doesn’t seem worth the effort.

What if a retiree could utilize their 30+ years of work experience, their extensive knowledge and special skills in a particular field to provide short-term, project-specific help to companies in need of temporary assistance? Companies all across the US are looking for ways to cut costs and employee lay-offs are the first place they start. But business carries on, work must get done and problems need to be solved. The growing trend for many companies is to eliminate a full-time position and replace it with a fixed term consultant. A consultant can be hired at an hourly rate or paid per project, with no outlay for benefits, vacation, severance, etc. This is a very attractive alternative for companies that are struggling to stay afloat in a tough economy.

Retirees are the perfect choice for a consultant opportunity. Not only do they have years of industry specific experience, knowledge and skills, but they tend to have a very strong work ethic, a better understanding of customer service and a higher level of maturity and accountability. Retirees for the most part will not require health insurance, a retirement program or life insurance as they already have these in place. The flexibility and independent nature of a consultant business is perfect for retirees, allowing them to continue to enjoy retirement while generating income as needed. All that it takes to get a consultant business off the ground is a little research, some simple marketing and a bit of time to put the basic business plan in place.The best part about the retiree/consultant/company match is that everyone comes out ahead. Retirees can gain more income without tying up all of their free time and companies can “hire” an expert without tying up all of their money.