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W W W. M A I N E B I Z . B I Z 11 F E B R UA R Y 2 1 , 2 0 2 2 F O C U S W E A LT H M A N A G E M E N T / R E T I R E M E N T "I don't think of myself as retired or retiring," he says. "It's about rewiring, refreshing, retooling and getting ready for what's next." At a time when millions of older Americans are leaving long-time occu- pations — in some cases even before reaching Social Security eligibility at age 62 — many are also rewriting the script on what retirement means. With longer lifespans than previ- ous generations, many are seeking to make the most of their post-career lives. Frequently, those with the financial means and the health to stay active take a break before their next adventure. As Burns takes his time in what he calls his "interim chapter," he's putting in 10 hours a week as a paid part- time strategic advisor to the venture capital fund he led for more than two decades. When not attending to daily chores associated with setting up and breaking camp in a used Airstream trailer pulled by a Ford F-150 pickup truck or homeschooling his 13-year- old daughter in geography, he hikes, bikes and reads for pleasure. "When I was working most of my reading was work-related, and it would take me weeks to go through a novel," says Burns, who's now breezing through books from George Eliot's 1861 novel "Silas Marner" to modern fiction. "I'm looking for my next classic," he says. He also looks forward to his next professional chapter, whatever that may be. So does Michelle Rich, a 62-year- old former human resources manager who retired early to focus on her family and herself before she decides her next move. e Brunswick resi- dent retired at 60 from Swedish- owned Modern Pest Services after staying on a few months longer to help train her replacement at the start of the pandemic. As she thinks about becoming a wellness coach, she's making the most of her new free time. at includes taking up power walking, with the goal of eventually entering a marathon. "Too many people are caught up in the treadmill of life," she says. "But taking care of yourself is not about diet, it's about food management, and you don't have to fix everything. It's also at the end of the day sitting down before you go to bed and asking, 'What's one good thing I can pull from today that was positive for me?'" Retirement boom and baby boomers Across America, around 33 million people of all ages have quit their jobs since spring 2021 in the ongoing Great Resignation. e early retirees among them are part of what's becoming known as the "Great Retirement." A report released in January by the Federal Reserve Bank of St. Louis documents the surge. Using data from monthly population surveys, research- ers estimate that there were 3.3 million or 7% more retirees as of October 2021 than in January 2020. e increase is largely among those ages 65 and older, with notably stronger growth among those ages 65 to 74. For some, recent record levels in the value of assets, such as invest- ments and residential real estate, along with liquid cash support from government stimulus checks during the pandemic, have made the decision to retire easier, at least from a financial standpoint, the authors found. Women retire earlier than men, in part because they are younger, are more susceptible to layoffs and forced retire- ments and more likely to be caregivers, according to Lowell Ricketts, a data scientist at the St. Louis Fed's Institute for Economic Equity who co-authored the report. He also says that while the report doesn't reflect retirees transitioning from full-time to part-time status, that's an area "worthy of further research." While retirement means different things to different people, traditional notions of babysitting grandchildren, Maine's credit unions are here for you. mainecreditunions.org Working together for your success From better rates and lower fees to trusted advice and service. Maine credit unions have what you need to start your business and help it be successful. Open an account at a credit union today. "The credit union reviewed our business plan and gave us advice to help get our initial funding. It's truly felt like a relationship where they are a member of our team." – Michael Rankin Definitive Brewing Company C O N T I N U E D O N F O L L OW I N G PA G E » I don't think of myself as retired or retiring. It's about rewiring, refreshing, retooling and getting ready for what's next. — John Burns Former Maine Venture Fund leader

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