Costco co-founder Jim Sinegal is retired … for the most part.
The 89-year-old former CEO of the beloved warehouse chain stepped down from his role in 2012. But Sinegal still goes to the office some Tuesdays, a nod to the work ethic and commitment he learned from his mentor, the late retail businessman and philanthropist Sol Price.
“I think to be successful, you’ve got to be pretty focused,” Sinegal said in an interview with The Wall Street Journal published on April 16. He added that, “if you can find a mentor like I did, like Sol Price, it can make a significant difference in your life.”
For Sinegal, staying involved in his company is a no brainer. He dedicated a huge chunk of his life to retail, getting his start as a bagger at Price’s FedMart at age 18. Sinegal worked his way up to the C-suite before launching Costco alongside businessman and investor Jeff Brotman. There, he served as president and CEO for almost 30 years.
Sinegal “always loved” working in the grocery industry and viewed his job as more of a hobby, he told The Wall Street Journal. As for work-life balance, staying busy in a role he loves, even after retirement, is the icing on the cake.
“I think there are three things that you have to worry about,” he said. “Worry about your livelihood, you gotta worry about your health and you gotta worry about your family. Anything else you do is a bonus, if you’re able to sneak it in there.”
Sinegal has offered similar advice to students and young entrepreneurs over the years. If you “find something you are really passionate about and you won’t have to work a day in your life,” he noted in a 2016 speech to Loyola Marymount University students. In addition to going into the office, Sinegal says he still tries to visit Costco stores regularly — not out of any feeling of obligation, but because he’s passionate about the company.
“Nobody is holding a gun to my head,” he said in 2016. “I do it because I love it, [and] if you can find something you love, it will be a great gift for you.”
‘Identity issues can loom large’ in retirement
Twenty-eight percent of retirees experience depression, which is higher than that of the overall older adult population, according to a 2020 study. That’s one of the reasons why it’s so important that workers be honest with themselves when considering what their last decades should look like, Harvard business administration professor and author Teresa M. Amabil in November 2024.
“My research team at Harvard Business School and I spent a decade interviewing people to uncover the psychological, relational and life restructuring challenges of retiring — and how best to navigate them,” Amabile wrote. “We discovered that identity issues can loom large for people.”
Amabile recommends that younger employees ask themselves, “Would I be more likely to say that my work is what I do or my work is who I am?” If you realize your work is who you are, “that insight could help you consider to what extent your strong work identity holds you back from starting a possibly wonderful retirement life,” she wrote.
Afterward, write down the values and characteristics you have that you deem important. If you write down something like “hard worker,” for example, you can “bridge that identity gap” by finding another way to practice dedication, like gardening, going to the gym or becoming more active in your community.
“Consider who you are in your career life, which pieces of your working self you’ll be able to take with you, and which ones you want to leave behind,” wrote Amabile. “If you can do that honestly, you’re more likely to find a satisfying retirement on the other side.”
