I just turned 50 years old last year. Instead of thinking about retirement, I started my first day of orientation as a Lowe’s Hardware employee this week. So why did I get a part-time job at Lowe’s at 50? Well, grab a cup of coffee, and let me share my story as a Lowe’s employee.
The biggest reason for getting a job at Lowe’s is to earn extra money to catch up with my retirement savings and their benefits. I am self-employed, and even though my business is successful, I waited too long to save for retirement. Lowe’s has great benefits, such as a 401K with a 6% match and medical, dental, and vision insurance.
No one wants to find themselves in the predicament of returning to the workforce at 50, primarily since I haven’t held a job since 2005.
However, when you find yourself closer to retirement and realize you haven’t saved enough, you must do what’s necessary.
I don’t plan on quitting my blog business because Lowe’s won’t pay me as much as I make from my blogs.
I plan to use my Lowe’s paycheck to pay as many of my bills as possible, so I can save more of my business income. After getting my taxes done this year, I realized the more business income I save, the more I can put into my Solo 401k.
If you’ve been considering getting a second or part-time job, here’s what to look for to help you catch up with retirement contributions.
Why I Chose to Work At Lowe’s Hardware?
I applied for several jobs when I started looking for a part-time job. Some companies I applied to were Home Depot, Petsmart, Home Goods, Costco, Vitacost, etc. My goal was to find a part-time job in the early morning hours, so I could continue working on my blog business.
I submitted over 10 applications and only heard back from 3 companies.
I don’t know if they didn’t want to hire me because of my age or because I was looking for morning hours.
We all know that companies are not supposed to discriminate because of age. But I’m sure it happens.
About a week after submitting the Lowe’s Hardware application, I got an email asking me to come in for an interview.
Getting a job today is so different than it was back in the 90s.
All communication is done via email or text. I haven’t talked to anyone over the phone. We’ve already downloaded two apps that we’ll use to check our weekly schedule and pay. It’s crazy how technology has changed the employment hiring process.
During the interview, I told the lady I had a business and was looking for part-time morning hours. She hired me on the spot, and my hours will be 6-11 AM, with some weekends. I’m NOT a fan of working weekends, but I love the hours.
Today is my second day of orientation, and I begin working in the garden center on Monday, March 6, 2023.
I’ve created a video where I share my thoughts on why I decided to get a job at 50, you can watch it below.
Should You Get A Job At Lowe’s Hardware?
It depends, that’s a vague answer, but not everyone needs to get a job at Lowe’s or anywhere else. If you’re one of the 55% of Americans that haven’t saved enough for retirement, getting a job to catch up with your contributions may be worth it.
The only way to find out if you need to get a job or start a side hustle is to look at your finances.
Use one of the several retirement calculators online to help you determine how much you need to retire comfortably and what you’ve saved so far.
If you haven’t saved enough, you might have to make big changes. Or, if you want to retire earlier, it may be worth finding ways to increase your income.
My goal is to retire earlier. So I’ve been reading and listening to the FIRE blogs and podcasts to stay motivated. Plus, I’ve been reading and listening to stories of older people who started saving later in life. After 7-10 years, they are millionaires.
My goal is to become a millionaire in the next 10 years.
Why I Applied At Lowe’s Hardware?
One of the biggest reasons I applied at Lowe’s is that they are a great company and offer great benefits to their part-time employees. Plus, they are ranked in the top five in the US for being military-friendly. Since I’m a veteran, I thought I would have a leg up on getting hired.
I NEVER thought I’d be going back to work for someone after leaving the post office in 2005. But I have to admit, having the option to go back to work, is much easier than HAVING to work for someone.
When I went in for my interview, I noticed they have a very diverse workforce, which I love.
It’s always nice to see all ages and backgrounds working together in one place.
The Benefits Outweigh the Pay
I’m at a point in my life where the benefits outweigh the pay. That said, I want to be paid a fair wage since I’ll be working and spending 20-25 hours at Lowe’s every week. I’ll be getting paid more than $14 per hour, which isn’t great, but at least it’s not $8.00 per hour.
I’m not expecting to get wealthy working at Lowe’s, but NO job will make you rich. It’s not how much you make but how much of your hard-earned money you keep that will make you wealthy.
So, while I won’t be earning a lot starting out, they did say that we would get bonuses.
I love that Lowe’s offers some of the best benefits for part-time employees. I’m still unsure of all the benefits I’ll be getting, but according to the Lowe’s Benefits page, part-time employees get the following benefits.
- Health, Dental, and Vision insurance
- Life and Disability Insurance
- Paid time off, including sick, volunteer time, and vacation
- 401k retirement account with company match
- Lowe’s associate discount
They offer several other benefits to their employees, but the ones I listed above are the ones I’m interested in.
Right now, I have health care through the Health Care Gov or Obama Care, which sucks. I’ve been using them for the past two years, but at the end of the year, I have to pay a huge chunk of the money they pay for my benefits back.
Last year, in 2022, my Solo 401k contribution helped me lower my taxes, and I ended up paying $473 of the Health Insurance Credit back, which was nice.
This year, I had to sign up for a new policy, which is crazy expensive.
It’s a high-deductible plan that doesn’t pay for anything until I meet the $7,900 deductible. So I’m hoping that the Lowe’s insurance is a lot better, so I can start using it and do away with Obama Care.
Do You Need to Get A Job At 50?
Hopefully not, but if you do, I’d try getting a part-time or full-time job at Lowe’s. It’s easy to get hired and they seem like a great company to work for. You won’t have to worry about age discrimination , since they have a diverse workforce. Plus, their benefits are some of the best for part-time employees.
No one wants to return to the workforce, especially as an older adult. But, if you find yourself in a situation where you need to start saving for retirement, then getting a part-time job is a great option.
I’d rather go back to work while I’m 50 than realize I don’t have enough money for my golden years.
If you already have a full-time job, I suggest starting a side hustle. Over time a side hustle will make you much more than working at Lowe’s, plus you can open up a Solo 401k, which will make catching up with retirement much faster.
I’ll update you on my Lowe’s job and progress in catching up with retirement contributions.