Costco co-founder still goes into the office weekly at age 89: ‘To be successful, you’ve got to be pretty focused’

Jim Sinegal, co-founder of Costco, has mostly retired at the age of 89. Although he stepped down as CEO in 2012, Sinegal still occasionally visits the office on Tuesdays, inspired by the work ethic instilled in him by his mentor, the late Sol Price. Sinegal emphasized the importance of focus and having a mentor in achieving success, reflecting on his own experience with Price.

Having dedicated a significant portion of his life to the retail industry, starting as a bagger at Price’s FedMart at 18, Sinegal worked his way up the ranks before establishing Costco with Jeff Brotman. He served as president and CEO for nearly three decades, always finding joy in his work and viewing it as a hobby. Sinegal believes that maintaining a role he loves post-retirement contributes positively to his work-life balance.

Sinegal has shared similar advice with students and aspiring entrepreneurs, highlighting the value of pursuing one’s passion. He continues to visit Costco stores not out of obligation but out of his genuine passion for the company. Sinegal stressed the importance of finding something one loves, as it can be a valuable gift.

Retirement can be challenging for some individuals, with identity issues often playing a significant role. To navigate this transition successfully, Harvard professor Teresa M. Amabile recommends reflecting on the importance of work in one’s life and identifying personal values and characteristics. By honestly assessing what aspects of their working selves they wish to retain or leave behind, individuals can work towards a fulfilling retirement.

Amabile’s research suggests that understanding one’s work identity can help in transitioning to retirement smoothly. By acknowledging the values and traits that are essential to them, individuals can find alternative ways to express these qualities post-retirement, such as through hobbies or community involvement. This introspection can lead to a more satisfying retirement experience.

For those considering a career change, CNBC offers an online course on transitioning careers successfully. The course provides strategies for networking, resume revamping, and confidently pursuing a new career path. Subscribers to CNBC Make It’s newsletter can also access tips for achieving success in various aspects of life.