We (my wife and I) hired my mom to run my e-commerce stores after she retired. She is paid an above-average hourly rate, can set her hours, and can work from home. Knowing that we would be giving someone access to a merchant account that has a significant amount of money run through it each month, we had to have someone we could trust to process refunds and occasionally charge additional amounts when orders were upgraded.
She spends 1-3 hours a day managing the stores while my dad works on his model trains. It's enough to keep her busy, have a sense of accomplishment similar to her old job, provide a little extra income - all while not cramping their retirement.
I was a little nervous at first - more about her feeling pressure to make us happy than us being satisfied with her work. However, her role is clearly defined (answer emails, return phone calls, and submitted/track orders to our supplier, etc). This reduces the chance of misunderstandings or let-downs than would be more likely to occur with a less defined role like strategy or marketing.