The Retirement Success in Maine Podcast

Divorcing in Retirement with JoAnne Meyers, Esquire, CFL

EP 021: In this episode of The Retirement Success in Maine Podcast, Abby, Ben, and Curtis are joined by JoAnne Meyers, Esquire, CFL. JoAnne discusses the uncomfortable topic of divorce, specifically “Gray Divorce.” JoAnne discusses the overall trends of Gray Divorce, including her thoughts on why there has been such an uptick recently. We asked JoAnne some hard questions, such as: what are some ways to approach a divorce if it feels like your relationship is heading towards this area? With those over 50 having higher than other life stages financial assets, a messy divorce can be catastrophic. How can each side of this minimize this damage? What are the different steps of getting a divorce? Is it different for this demographic? What about costs – what can someone expect to pay for divorce services? JoAnne also provides insight and even some suggestions on how a divorce can lead to a good outcome for everyone involved.
JoAnne founded her own practice, Novick & Meyers in 1996 and has used her unique background as a Finance Major and Certified Financial Litigator (CFL) designation holder to thoroughly investigate and evaluate financial issues in a divorce.
Be sure to listen in and hear everything JoAnne has to say!
Chapters:
Welcome, JoAnne! [3:18]
Introduction to Novick & Meyers and the services they offer. [9:54]
What is "Gray Divorce"? [16:09]
How does someone approach a divorce? [25:18]
What are some stories of good and bad outcomes to a divorce? [30:42]
What are the costs associated with the divorce process? [46:21]
What is Retirement Success for JoAnne? [51:17]
Ben, Abby, and Curtis wrap up the episode. [52:50]

MIT AgeLab's Research on Retirement & The Impact of Technology on Aging Better with John Diehl, CFP

EP 020: On this episode of The Retirement Success in Maine Podcast, the team is joined by John Diehl, CFP® of Hartford Funds. We wanted to have John on the show with us, not only to share his expertise as Senior Vice President of Strategic Markets for Hartford Funds but also because John also oversees Hartford Funds’ relationship with the Massachusetts Institute of Technology (MIT) AgeLab. With his experience at Hartford Funds and with the MIT AgeLab, John is considered an “all things retirement expert” and has been quoted widely in publications including The Wall Street Journal and made appearances on CNBC and Bloomberg Television. Our conversation with John focused on the retirement research conducted by the MIT AgeLab and how technology is having an impact on aging. John provided insight into questions like, how can someone visualize retirement? How is technology impacting the employment aspects of retirement? What impact does technology have on familial relationships in retirement? How is mobility affected by technology? and much more. Be sure to tune in to hear what John has to say!
Chapters:
Welcome, John! [2:49]
What is the MIT Age Lab and how has it developed? [11:26]
“Who will change my light bulbs?” [16:38]
“How will I get an ice cream cone?”[25:21]
“Who are you going to have lunch with?” [29:40]
How is technology impacting the employment aspects of retirees, especially in rural areas such as Maine?[35:24]
How is technology going to impact how family relationships stay intact throughout retirement? [43:09]
How is technology going to impact our mobility as we age? [48:06]
How can technology help people achieve the goal of staying in their homes as long as possible? [55:31]
What is Retirement Success for John? [1:00:04]
Ben, Abby, & Curtis wrap-up the episode. [1:07:21]

Creating A Better Connection with Your Grandkids in Retirement with Chris McLaughlin

EP 019: A key point in our financial planning conversations with our clients as they near or go through retirement is, “WHO do you want to spend your time with in retirement?” and many times the answer is focused around their children and/or grandchildren. But, how do you develop AND maintain relationships with younger generations? What are some common mistakes that are made when dealing with two generations with differing value systems, interests, and tastes? How can technology help with building a better relationship with your grandchildren? Listen in as we ask these questions to Chris McLaughlin, Associate Vice President of Community and Pediatric Services for Northern Light Health Acadia Hospital with over 20 years of experience providing mental health services to youth and families across a variety of settings.
Chapters
Welcome to the show, Chris! [2:24]
What is Chris’s role at NLH Acadia Hospital, and what types of work does he do? [8:14]
How can an adult develop a better relationship with someone 20-30 years younger than them? [20:52]
It’s one thing to connect with a younger child, but how do you maintain that relationship throughout different adolescent stages? [24:21]
What are some common mistakes you see the older generations making when dealing with younger generations? [26:30]
What are some common myths or stereotypes about this generation of kids, and are those new themes or repeating? [32:35]
How does someone who feels unprepared to provide care for a child or grandchild seek assistance? [40:11]
How can someone with (financial) resources, use those resources to help with their familial relationships? What works and what doesn’t work? [43:08]
From the younger generation's perspective, what are some things that may cause them to turn off to that relationship with their parents or grandparents? [46:48]
Are there ways to use technologies, like Zoom, to better the relationships? [49:48]
What is Retirement Success for Chris? [56:05]
Ben, Abby, and Curtis wrap-up the episode. [58:11]

Finding Renewed Purpose From An Improved Career Path Near or In Retirement with Barbara Babkirk

EP 018: Now that our show has turned 18, its time for us to get a haircut and get a real job. For many of us, our jobs give our life purpose. We recorded this episode to approach how many pre-retirees start feeling career burnout, age discrimination, feeling "stuck" in their work, and don't know what they should do next. Should you stay in your current job? But what if I haven't looked for a new job in decades?? Especially now due to COVID-19 and record layoffs, what do I do if I find myself unemployed and later in my career? Would anyone hire me? What can I do right now that can help position me for finding renewed purpose and success in the next job? 
 
Enter Barbara Babkirk, Founder of Heart At Work Associates, an organization that specializes in Career Counseling. We ask Barbara about how folks at this stage of their life can find renewed purpose from an improved career path. 
 
Chapters:
Welcome, Barbara! [2:46]
Why Maine?  [7:47]
What do you love about working with people over 50? [12:35]
What leads people to feel “stuck” in their career and how can they get “unstuck”? [17:21]
In light of recent events (COVID-19 Pandemic), what advice do you have for pre-retirees or retirees that are needing to go back to work? [21:09]
What are things that someone can do right now that can get them more prepared for that next job? [28:08]In regards to age discrimination, how often do you (Barbara) see it? And how can you combat it? [36:12]
How can someone find something fun to be a working retiree? [49:50]
What is an outplacement package? [56:23]
How should employers start positioning themselves to keep their business running by utilizing this workforce (Boomers)? [59:11]
What is Retirement Success for Barbara? [1:01:31]
Ben, Abby, and Curtis conclude the episode. [1:04:01]

Leaving a Legacy by Assisting with Family College Expenses with Maria MacDougal

EP 017: In this episode of The Retirement Success in Maine Podcast, we are joined by Maria MacDougal of the Finance Authority of Maine (FAME). Maria is a College Access Counselor who serves the eight central Maine counties; traveling to high schools, colleges, and businesses, talking about planning and paying for education after high school, furthermore presenting on topics related to financial literacy, from budgeting & saving, to understanding banking and credit, and more. Many of our clients express to that they want to leave behind an educational legacy to their next generations by helping with education expenses, so we thought Maria would be a perfect guest to talk to this topic. What are the pros and cons of our kids and grandkids attending school after high school? How can someone go about paying for a family member’s school? How does someone take into account forecasted rising costs that may not be funded until 18+ years in the future? For the answers to these questions and more, be sure to tune in!
Chapters
Welcome, Maria! [3:16]
What is FAME and what kind of services do you provide? [10:50]
What are the post-high school options that someone may have? [21:22]
Is a college degree really worth it, considering all of the debt I went into to attain it? [23:20]
What are the different ways someone can save on education expenses? [35:43]
How can you forecast how much to save, considering the rising costs of education? [42:59]
How can someone who is saving for their own retirement, still help with their kid’s or grandkid’s education expenses? [45:18]
Taking into account these uncertain times (COVID-19), and someone who may now want to invest in their own education, later in life, how can that process work? [50:20]
What is Retirement Success for Maria? [56:09]
Ben, Abby, and Curtis wrap-up the episode. [58:28]

COVID-19 and The Impact on Your Financial Plan with Guidance Point Advisors Investment Consultants

EP 016: In this episode of Retirement Success in Maine Podcast, our Guidance Point Advisors team is sheltering in place due to the COVID-19 virus. We thought it would be interesting to have a roundtable with the team around the health crisis - how is it impacting financial markets? How is it impacting retirements and retirement plans? What lessons have we learned from previous bear markets that we're applying today? What are some inspiring stories we've heard from our clients on how they are being resilient in these difficult times?
Chapters
Welcome! [0:25]
Introduction & Geography of the Guidance Point Advisors Team & Our Favorite Ice Cream [1:07]
When a client calls you up and asks, "what's going on in the stock markets?" What do you tell them? [4:10]
What lessons have you learned from previous bear markets that you've applied to this one? [12:03]
What are some inspiring stories you've heard from your clients on how they are being resilient in these difficult times? [18:56]
What has been the biggest disruption in each of our geographies? How has life changed so far? What changes do you think will "stick" after this health crisis is over? [29:15]
Has the health scare changed any of our outlooks on retirement, retirees, and pre-retirees? Will their attitudes and behaviors change? If so, how? [37:20]
Conclusion with Ben, Abby, and Curtis [45:17]

Using Visualization to Improve Retirement Outcomes with Stuart Ritter

EP 015: In this episode of The Retirement Success in Maine Podcast, we’re joined by Stuart Ritter, CFP®, a Senior Financial Planner and Retirement Insights Leader at T. Rowe Price. We wanted to have Stuart on the Podcast because, aside from his over-arching knowledge of the retirement landscape, he is a thought leader on the Visualize Retirement project at T. Rowe Price. The project focuses on attaining happiness in retirement by developing a more holistic relationship with pre-retirees. The research has identified three core themes that directly impact the level of happiness in one’s retirement. Be sure to tune in and hear what Stuart has to say. After all, isn’t the ultimate goal to have a successful retirement is to have one full of happiness?
Chapters
Welcome, Stuart! [1:59]
How did you find a passion for the financial service industry? [3:48]
Who is T. Rowe Price and why is T. Rowe Price a great fit for you? [7:12]
What is your Visualize Retirement project and what is it intended to do? [11:09]
What are you finding in your studies that retirees are not doing well? [19:32]
Is there a specific group that is helped more than others by this visualization? [23:56]
What are the 5 W’s of the project? [26:29]
Of the three elements of happiness, is there one that’s more impactful than the others? [34:37]
What sorts of things can someone do to start doing visualization on their own? [41:10]
Is it possible that two people can express a similar vision, on the surface, but as you dig deeper you find they are much different? [44:49]
How would you define Retirement Success for you? [48:47]
Abby, Ben, and Curtis wrap up the episode. [50:24]
 

Becoming an Entrepreneur in Retirement with Alison Lane

EP 014:In this episode of The Retirement Success in Maine Podcast, we are happy to be joined by Alison Lane, a Business Advisor for the Small Business Development Center (SBDC) at Coastal Enterprises, Inc. (CEI). We wanted to have Alison on the show for a couple of reasons. One, because not only does she help others achieve their entrepreneurial goals, but she has also founded, managed, and sold her own start-up restaurant in the area. Second, we wanted to hear her thoughts on various questions that an aspiring entrepreneur may have, like; What are the barriers to entry for starting a business that typical entrepreneurs face? How does the success rate of seniors starting a business compare to the success rates for the average entrepreneur? What sort of special considerations should an older entrepreneur take into account when starting a business? And more. Be sure to tune in and hear what Alison has to say, you may be surprised to hear that it’s never too late to start that “dream” business!
Chapters
Welcome, Alison! [2:17]
You have now started and exited a business, what’s next? [6:15]
What is CEI and what is the relationship with the SBDC? What services are provided? [7:57]
Can you explain the nontraditional financing offered by CEI? [13:12]
What does the CEI Mission mean to Alison? [15:32]
How does Alison work with entrepreneurs? [17:37]
Is it too late to start? [31:18]
The importance of succession planning. [35.32]
What are some common barriers entrepreneurs face? [44:04]
What does Alison see in regards to the success rates for Senior Entrepreneurs? [46:34
What is Retirement Success for Alison? [49:46]
Ben and Curtis wrap up the episode. [53:22]