The Retirement Success in Maine Podcast

Cryptocurrency & Your Retirement - What Should You Know? with Tyler Frederick, CFA

Ep 041: One of the things as financial advisors, we get asked about a lot from clients, but also just people we bump into, is cryptocurrency - there just seems to be lots of questions about what it is and how it's impacting people. There are questions about what it is today, how it's impacting us and also, how it's tying into our lives, both today and in our retirement and how we think about aging as well. We really wanted to reach out to somebody that really knew about cryptocurrency, someone who has had some expertise in the past with it, but also is deeply involved, and could help teach us.
Enter Tyler Frederick, CFA. Tyler is a manager for the Federal Reserve Bank of Boston's Applied FinTech research team. He contributes to the bank's research and experimentation with emerging technology in its potential impact on both the financial services industry and the Federal Reserve's mission broadly. Prior to joining the Boston Fed, he worked for Circle internet financial, a cryptocurrency payments and exchange company. Where he led the compliance team's blockchain forensics and market surveillance functions. Before Circle, Tyler was a senior trader with Fidelity Investments where he was responsible for supervising teams of traders in a variety of asset classes. He's a graduate of the Boston college Carroll School of Management and a CFA Charterholder. Please welcome Tyler Frederick to the Retirement Success in Maine Podcast!
Chapters:
Welcome, Tyler! [4:03]
What is cryptocurrency? [10:30]
Why are cryptocurrencies so popular? [30:05]
How do we protect ourselves from fraud or theft once we’ve purchased a cryptocurrency? [39:57]
Why should retirees be paying attention to blockchain and cryptocurrency technology? [43:54]
Is cryptocurrency a “green” thing, or is it not a green trend at all? [49:01]
What is Tyler’s personal definition of Retirement Success? [55:00]
Ben, Abby, and Curtis wrap up the episode. [57:11]

The Ins & Outs of Social Security with Elizabeth Newport

EP 040: It's estimated that for the average American retiree, 40% of our retirement income comes from Social Security. But how do I make sure that I'm making good decisions about a social security benefit that is supposed to pay me for the rest of my life? Am I asking the right questions of Social Security when I talk to them? Are there benefits that I might be entitled to that I don't know about? What about life complications that can impact my social security benefits like divorce, disability, death, With all of our shows, we want to discuss the insights that may better your upcoming or existing retirement.  That's the premise of today's show!
Enter someone that helps educate the public on how to maximize their Social Security benefits. Our guest is the Social Security Administration’s Public Affairs Specialist for all District Offices in the State of Maine as well as for the Portsmouth, New Hampshire District Office.  She has worked for the Agency since 2005 and enjoys sharing her knowledge of Social Security with the communities she serves.  Disclaimer: “Participation in this presentation/podcast/video does not constitute an endorsement by the Social Security Administration or its employees of the organizations and information and products not provided by Social Security.” Please welcome Libby Newport to the Retirement Success in Maine Podcast!
 
Chapters:
Welcome, Libby! [1:17]
A conversation about the experience of claiming Social Security benefits. [7:54]
How do spousal Social Security benefits work? [15:08]
How do MainePERS and Social Security interact? [27:39]
How do spousal benefits change when a spouse passes away? [33:18]
How can folks really protect themselves from someone defrauding their Social Security benefit? [35:52]
How true is the statement, “Social Security won’t be there when I retire”? [38:49]
What questions does Libby wish people would ask of the Social Security Administration? [42:17]
What does Retirement Success mean to Libby? [49:45]
Ben, Abby, and Curtis wrap-up the episode. [51:31]

Estate Planning Mistakes that Lead to Probate Litigation with Barbara Schlichtman

EP 039: Earlier in our shows, we had two estate planners come on and talk about the importance of having an up-to-date estate plan. In our experience as financial planners, many people come to us nearing retirement and have a will/estate plan that can date back to 30 years ago. So we all know now that we should keep these plans up to date. BUT, what are some common mistakes that we (as in Mainers) make by either not executing an estate plan, or having an old will that doesn't keep up with our wishes or state law, or perhaps we don't share the right information with our estate planning attorney so that they can make the best plan for us, our wishes, and our families? We wanted to have a conversation about the probate process POST death and how things can go RIGHT and how things can go WRONG. That's the premise of today's show!
Enter someone that helps her clients prepare themselves and loved ones for life events by designing personalized legal documents to carry out their wishes and protect their assets. Our guest is on the executive committee for Legal Services for the Elderly in Maine, the Maine Justice Action Group, a member of the Academy of Special Needs Planners, and an advisor to the Peaks Island Fund, a Maine Community Foundation fund. She also teaches elder law as adjunct faculty at University of Maine School of Law. She was a member attorney of Maine Center for Elder Law, LLC prior to the Center merging with Perkins Thompson, P.A. in September of 2019.  Please welcome Barbara Schlichtman to the Retirement Success in Maine Podcast!
 
Chapters:
Welcome, Barbara! [1:52]
How can an incomplete or non-existent estate plan worsen the outcome for a family following a death? [12:29]
Barbara discusses the process of litigating an estate or trust. [20:30]
A deep dive into trusts. How well can a trust protect your assets? How/when do independent trustees come into the picture? Are trusts expensive to maintain? What mistakes are commonly made when setting up a trust? [30:26]
What sort of common family situations (dynamics/relationships/structures) would Barbara identify as being most likely to have challenged estate? [48:23]
What is Barbara’s definition of Retirement Success? [53:46]
Ben, Abby, and Curtis wrap-up the episode. [55:09]

Getting (More?) into Golf in Retirement with Henry Fall

EP 038: What's the one "hobby" that everyone associates with retirement? They might say "So now that you're retired, I bet you're playing lots of golf". Well, for some retirees that's EXACTLY what they want to do. But what if we've never actually played before, how do we start learning to play (is it too late)? Or we've played some while we've been busy in our careers, how can we get better? What about experiencing golf courses in the state of Maine or outside the State, what are some experiences that need to be on your list?
 
Our next guest is a PGA Professional, the Head Golf Coach for Bates College, a LPGA Tour Caddie, and host of Maine Golf Talk Podcast. You can access him as a coach through henryfallgolf.com or listen to Maine Golf Talk Podcast on all the major podcast platforms. 
 
Please welcome to the Retirement Success in Maine Podcast, Henry Fall!
 
Chapters:
Welcome, Henry! [2:46]
How does Henry recommend to those that are new to the game of golf, start playing and progress their skill? [20:50]
A conversation about golf accessibility as people age. [25:35]
What should we consider when planning a golf bucket list trip? [32:49]
What are some things to consider when deciding if becoming a member at a particular golf course is right for you? [41:12]
How does Henry define Retirement Success? [52:26]
Ben, Abby, and Curtis wrap-up the episode. [55:18]

Empowering Visibility in Women over 50 with Susan Honey Good

EP 037: As we change from one stage of our life to another, one thing we observe is the RESISTANCE and STRUGGLE of losing our identity from a previous stage of life. Maybe we were a captain of industry, maybe we were a star athlete, or perhaps a parent to a child or children that are now independent. One identity struggle we have heard from women over 50 is that the things that have made them feel like a woman have been the hardest parts to feel like they've lost - beauty, their vocation, motherhood, being a spouse, etc. With this show, we wanted to have a guest on that has tackled their own visibility head on and been re-invented with a sense of optimism & hope in the face of this feeling.
 
Our next guest has survived multiple crises in her life. While living in Honolulu with her first husband and two biological daughters, she was suddenly widowed in her early 40's after her husband suffered a massive heart attack while traveling on business. In 1990, she married Real Estate Auction Pioneer Sheldon F. Good and together, they faced the challenge of creating a large blended family. She has also survived cancer and family suicide. Now, she is the matriarch of a blended family, and is a hip, sophisticated grandmother to 25 “GRANDS” and re-defining what it means to live life to the fullest as she has visited over 67 countries and regularly visits her children and grandchildren in 7 different US cities. Please welcome to the Retirement Success in Maine Podcast, Susan Honey Good!
 
Chapters:
 
Welcome, Susan Honey Good! [1:39]
How has Susan struggled with her own identity over time and how often does she see it with other women as well? What is her advice to other women struggling with this? [15:05]
What is one’s “Enchanted Self” and how does it help women build their identity? [24:35]
How can those around a woman who may be redefining her identity be supportive throughout the process? [36:57]
What advice does Susan have for adult kids/grandkids who see their parents/grandparents start to date again? [42:04]
How does Susan think that Retirement Success for Women is going to evolve as we move forward? [44:40]
Ben, Abby, and Curtis wrap-up the conversation. [47:13]

Thinking About "Retirement" as a Life Pivot with Elisa K. Spain

EP 036: What if we're thinking about retirement all wrong? What if retirement ISN'T exchanging a binge on working for 40 years for a binge of NOT working for 30 years? Many of the clients we talk to as they are in the mid-to-late stage of their career and may have already achieved a certain level of career success  are searching for what is next. But what is next for us? This inflection point leads us to start asking questions in our lives such as "Is this the right time to invest [in myself] and grow?', "Or is it time to exit [something]?" "Or is it time for a change in focus?" 
 
But many times these questions are hard to articulate, hard to share with work colleagues, or even family members, much less work through to find answers. Due to this structural issue, many of us become stuck at this point in our lives. Enter the concept that life is a series of pivots where after each transformation we've created the next version of ourselves. So retirement isn't a hard stop of career life into leisure but a pivot of one version of yourself to another! 
 
Our next guest is an Executive Life Coach and Creator of the YOU PIVOT Program, where her clients have ranged from CEOs and C-suite executives from Inc. 500 companies, Crain’s Fast 50, Chicago Tribune’s Top 100 Workplaces, and Crain’s Largest Privately Held Companies. She has experience as a Fortune 500 company executive (Northern Trust), coupled with a successful pivot from the corporate world into entrepreneurship, that shaped her unique perspective. Every Sunday, she publishes stories about transitions, including sharing the life lessons from the storytellers she interviews. You can read and subscribe to these Sunday Stories on her website. Please welcome to the Retirement Success in Maine Podcast, Elisa K. Spain!
 
Chapters:
 
Welcome, Elisa! [2:55]
Why does Elisa think about “Retirement” as a pivot to “Career 2.0” or “Life 2.0”? [17:40]
What is an unreliable narrator and how Elisa has worked to not only identify it, but work through it with her clients? [26:22]
Once the “Today Story” has been identified, how can we move to the “Tomorrow Story”? [31:31]
Elisa shares a story about someone claiming to have failed retirement twice! [38:34]
How does Elisa help coach through change and the pressure that comes with it from not just us, but the people around us? [47:53]
How does Elisa define Retirement Success? [54:28]
Ben, Abby, and Curtis wrap-up the episode. [57:09]

Keeping Your Family Camp in the Family for Future Generations with Timothy P. Benoit

EP 035: For many Mainers, families have a place where they retreat to during the spring, summer, and fall months and enjoy the best that Maine weather has to offer. Many families use this place, AKA camps, as the retreat where the family "from away" vacation to and reconnect with family members that are here. There are sounds of children swimming and jumping in the water, the firepit and bonfire by the water have s'mores, laughter around the dining table, swapping stories while playing cards, water skiing or tubing, kayaking, and so much more. For many previous generations of Mainers, there's this shared bond of doing these activities with those we love the most or even a great place to bring your dearest friends. Due to all of these precious memories, it's not surprising that we want to continue to have future generations use the camp in this way. But it's not that simple, is it?  
Enter the concept of having legal, financial, and family structures in place to see this plan through.  Today's guest is an attorney and has worked with many families on preserving this legacy asset to preserve family cultures.
He provides estate planning to individuals and integrates his business practice with his estate planning practice to assist clients to develop an orderly succession plan for their businesses.  He is a shareholder of Perkins Thompson and formerly a member of the firm’s Executive Committee. He has been selected by his peers to be included in The Best Lawyers in America© 2007-2020 in the field of Tax Law.  Please welcome to the Retirement Success in Maine Podcast, Tim Benoit!
 
Chapters:
Welcome, Tim! [2:10]
In Maine, how do we define what a camp is, and why are we so emotionally tied to them? [6:25]
What are the necessary ingredients needed for someone to successfully preserve a camp, and on the flip side, what have been the biggest mistakes that people make when trying to preserve their camp? [11:15]
How does the future generation address the ending of the preservation of a camp? [26:12]
How have the legal structures used in preserving camps changed over the years? [33:37]
When is it appropriate for someone to take the legal steps to preserve their camp? [38:13]
What is Tim’s definition of Retirement Success? [43:12]
Abby, Ben, and Curtis wrap up the episode. [44:40]

Accessing the World of Piloting over 50 with Sean Collins

EP 034: What if there was a time machine? How would it change our lives? Would you do things differently if you could? Well, today we're talking about a different take on a time machine. As we're aging, we tend to be a bit more sensitive to HOW we spend our time and WHAT we do with our time. Many times, retirees state the goal of wanting to travel TO places and experiencing new things. But the biggest issue with the destination is GETTING there, especially where we are in Maine in the northeast corner of the country. The time machine comes into play where we might be used to driving to our destination. Perhaps we want to go visit Boston and it's a 2 or 6-hour drive to get there. What if you could get there in 1/2 or 1/3 of the time? What about if you winter in Florida and it takes you multiple full days to drive there? What if you could get there in one day? What about longer trips where you're at the whim of the commercial airline industry and their schedule? Enter the concept of private flights and finding true location freedom in retirement! 
Sean Collins is the Eastern Regional Manager at Aircraft Owners and Pilots Association (AOPA), where he advocates for the general aviation interests for AOPA and its members at the state and local level from Maine to Virginia. He also works to build the general aviation community and represents AOPA at local and regional aviation events. He also has a Commercial Pilot Certificate with Instrument and Multi-Engine ratings. Join us as we discuss Accessing the World of Piloting over 50 with Sean Collins!
Chapters:
Welcome, Sean! [3:30]
What is it that appeals to people to pilot their own plane and how do they get started? [9:29]
What should people know about being a private pilot as they age? [15:29]
Who can afford to pilot and fly planes? [23:30]
What are some pros and cons of private piloting versus commercial airlines? [41:07]
Just how risky is private piloting? [54:54]
What is Sean’s personal definition of Retirement Success? [1:01:23]
Ben, Abby, and Curtis wrap-up the episode. [1:02:59]