The Retirement Success in Maine Podcast

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]

Discovering Religion in Retirement with A.J. Walker

EP 013: On this episode of The Retirement Success in Maine Podcast, we are joined by our teammate, A.J. Walker. A.J. is the Managing Principal of Guidance Point Retirement Services. We wanted to have A.J. on the show today to have a conversation about religion as A.J. is active with his faith in his local church in Portland. We’ve observed that many of our clients start to think about how people can discover religion in retirement. We wanted to hear A.J.’s thoughts on why do people seek out the church? What questions are retirees looking for the answers for that they think the church can help with? We also thought it would be important to hear how people find the right church for them. But what happens if something changes and you might not be the best match for your current church - do you need to stay at the same church forever? How do folks go about changing churches?  Be sure to tune in and listen to A.J.’s thoughts on how today’s churches are adapting to stay viable as a new generation of church-goers are discovering their faith.
Chapters
Welcome, A.J.! [2:12]
A.J. is back working in Maine, what’s the next venture? [7:05]
Is religion something that you were raised into or did you discover religion? [16:08]
When people are seeking the church, what questions are they looking to have answered? [23:36]
How does someone find the right church for them? [29:49]
How does the process of changing churches compare to the initial search for a church? [34:50]
What are successful churches doing well today, and what will they need to do going forward to remain successful and popular? [42:10]
What is A.J.’s idea of Retirement Success? [51:24]
Ben and Curtis wrap up the episode. [55:43]

How Should Retirees Be Using A Financial Advisor? with Michael DiJoseph, CFA of Vanguard

EP 012: On this episode of The Retirement Success in Maine Podcast, we are thrilled to be joined by Michael DiJoseph, CFA. Mike is a Senior Advice Strategist in Vanguard’s Financial Advisor Services department. More specifically, Mike is also a thought leader behind the Advisor’s Alpha research. We really were interested to hear Vanguard’s thoughts on “how should retirees be using a financial advisor?” What are the other activities that Mike’s study says does NOT add value to clients? How long does Mike think it will take for Financial Advisors to abandon tasks that don't add value to their clients? In a way, we're talking about a financial advisor being a "retirement coach" or "behavioral coach" to help someone find their retirement success. Mike’s paper identifies the three P's of behavioral coaching - planning, proactivity, and positivity - does Mike find that these three elements are equally important to retirees? In his studies, is one element more impactful than others and why? Be sure to listen in to hear some great first-hand stories about the importance and impact of behavioral coaching. 
Chapters
Introduction to Mike DiJoseph and his background [2:20]
Discussion about Mike’s first job in the financial industry and how he learned what he wanted, or didn’t want, in a career in financial services [8:10]
What makes Vanguard different? What does it mean to be client-owned? [14:15]
What is Advisor’s Alpha? What has Mike found in his research? [18:25]
There are seven key components to Advisors Alpha, what are they? [29:38]
How can someone in Maine use Advisor’s Alpha to find the right financial advisor for them? [55:12]
What do the next 30 years of financial advice look like? [60:13]
What is Retirement Success for Mike? [66:32]
Ben and Curtis wrap up the episode. [71:14]

I'm Not Going to Retire with Bonnie-Jean Brooks

EP 011: In this episode of The Retirement Success in Maine Podcast, we are joined by Bonnie-Jean Brooks. Bonnie is the President and CEO of OHI. OHI is a local nonprofit organization that provides support and services to people with intellectual disabilities, autism, and mental illness. We wanted to have Bonnie on the show with us because Bonnie has adamantly stated that she is NOT going to retire!
Bonnie begins by telling us about her upbringing, including her journey of becoming a first-generation college graduate, to how she lived all across the country and how along the way she was always willing to accept a challenge.
Ultimately, after some time away, Bonnie found herself back in Maine continuing her education career, until one day she received a phone call asking her to come through on a favor that she owed. That favor led to the 40-year career that Bonnie is still working to this day. Bonnie shares with us some insight into OHI and the great work that the organization is responsible for.
In a previous show, we talked to a family business owner where we discussed balancing the success of the organization with your own personal success. Sometimes they can be intertwined and sometimes exclusive. There may be a time when Bonnie has to involuntarily retire. How has she positioned OHI and herself for that inevitable change?
We discuss the natural gravity for someone to retire after working for 40 years and how Bonnie attributes having a career in a field she is so passionate about to be able to combat that gravity and still work every day. Bonnie also shares what aspects of the aging process scare her as she looks ahead into the next stage of her life.
Closing out the conversation, we ask Bonnie one final question, what advice would she give someone who, much like her, wants to work as long as they possibly can in a job that they love so much? Be sure to stick around to hear what she has to say!
What You’ll Learn in This Podcast Episode:
Welcome, Bonnie! [2:08]
Bonnie becomes a first-generation college graduate and travels around the country [11:25]
What drove Bonnie ultimately back to Maine? [16:51]
How did Bonnie get involved at OHI? What is OHI and what does the organization do? [21:24]  
After 40 years, there’s a gravity to retire, how does Bonnie handle that? [32:55]
Discussion about doing a job for a career compared to having a career that is a passion. [36:13]
What scares Bonnie about the aging process? [46:37]
What advice would Bonnie give someone who wants to work as long as possible in a job that they love? [50:04]
Ben and Curtis wrap up the episode. [52:49]