It seems like he would be given “emeritus” status, if such a thing exists.
One of my first questions was what does a retired pope do? Yes, he certainly deserves emeritus status.
I think others, including the new pope, would greatly wish his counsel; however, I think his wish for his remaining days will be honored:
"…With regard to myself, I wish to also devotedly serve the Holy Church of God in the future through a life dedicated to prayer."Thanks much for your post.
I think Pope Benedict would be happiest if he just got back to the status of ordinary priest.