I live in essentially a retirement community in North Carolina. I retired 20 years ago, but there are a fairly large number of new retirees in the 55 to 65 age group. Talking to some of them who have maintained a consulting position with their old companies they almost universally had negotiated a contract with their old companies. These contracts have been for higher salaries than when they were working and some specified fringe benefits such as medical coverage.
If the company didn’t have the foresight to groom replacements for “Key” employees they will recognize that they will need to pay a premium to maintain the intellectual expertise. I would recommend the individuals be aggressive in negotiating their consulting contract.
I did the consultant thing for awhile. I worked for the guy I had trained who didn’t care where I was as long as I was available to answer his questions. Great gig then the Great Recession hit and I became a full time golfer.
I was set up as a private contractor for 20 hours a week . I was paid to be available 10AM to 2PM EST ,more than actually working. I didn’t get the same benefits and had to pay both halves of the SSI* /Medicare which sucks however my hourly wage was significantly higher.
I made enough with my pension and that alleged “job” to hold off collection of SS which helps long term.
