Mainebiz

W W W. M A I N E B I Z . B I Z 15 JA N UA R Y 2 2 , 2 0 2 4 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 T he animal doctor became a clock doctor. Retired veterinarian Mark Beever fixes timepieces for a living from a home-garage work- shop in Cornish called the Hickory Dickory Doc Clock Shop. "I sort of feel like I'm still able to do surgery," he says, "only not on living critters." e 66-year-old, who gave up his vet practice in late 2019, is among a growing number of retirees choosing to return to the workforce in what is increasingly known as "unretiring." Motivations vary from financial needs to staying active and intellectually stimulated. In Beever's case, it's all of the above, turning a lifelong love of clocks he inherited from his mother and grand- father into an encore career. Based on a dead-end rural road, Beever takes repairs by appointment only, work- ing up to eight hours a day to keep up with demand. ough he misses interacting with his former patients and their human families, Beever likes setting his own hours as a self- employed entrepreneur and the earn- ing power that brings. "I'm looking on it as a second career, and it's definitely helping with some household expenses," he says. Whether working alone like Beever or as members of a team, retirees across Maine — the oldest state in the nation, with a median age of 44.8 — are finding encore careers. at includes people taking the leap into new professions, as statewide unemployment remains well below 4% and many industries struggle with staffing. Back-to-work momentum Although the Maine Department of Labor does not track retirees who have gone back to work, U.S. data compiled for Mainebiz by Nick Bunker of the Indeed Hiring Lab show the national percentage has hovered around 3% over the past five years and was at 2.7% in November 2023. e back-to-work momentum fol- lows a surge in retirements at the start of the pandemic, including those who retired the Great Resignation. While there were 2.4 million more retirements than expected in 2020, by 2022 around 1.5 million of those indi- viduals had reentered the workforce, according to a September 2023 T. Rowe Price report citing data from the Federal Reserve Bank of St. Louis. "e pandemic may have created an unusually large wave of retirees leaving and returning to the workforce, but the trend of working in retirement is going strong," the report notes. Out of more than 4,000 retirees surveyed, 20% were working full- or part- time while 7% were looking for employ- ment. e study found that there are a lot of benefits and motivations for why retir- ees chose to work part or full-time. While women and singles cite income as their main motivation, for their male peers the main focus was on social connections. Bye-bye, mai tais Why is unretirement catching on as a concept and lifestyle? Barbara Babkirk, a Portland-based career counselor and transition coach to professionals typically aged 50 and older, points to three main drivers: Purpose, social connection and structure. So does Jill Hibyan, a Portland-based private client advisor with F.L.Putnam who says she knows a few folks who have "retired" three times. "Working in retirement can be very rewarding," she says. "It's a way to stay social, connected and physically active. Working in retirement can provide meaning and purpose, and it can help you remain intellectually stimulated." As far as financial planning, she likes to remind people that monthly income can come from many sources, from Social Security benefits to rental income and, in some cases, a part-time or less-stress- ful full-time job. Another manifestation of the work- as-long-as-you-want-to mindset: "ere's a whole wave of people right now who don't like the word 'retirement,' which conjures up images of sitting on the beach in Florida and drinking mai tais," says Polly Chandler, a California-based transi- tion coach with ird Half Advisors. "For a lot of people, that's not what they want to do — they could live another 30 years. at's a lot of mai tais." For Bobbi Ackerman, a retired teacher in Brooksville, that energy comes from her horses and goats, who are an TURN YOUR VISION INTO REALITY Bring us your inspiration and you'll work with one of our Drafting Specialists to professionally plan your project! A Division of HAMMONDLUMBER.COM 22 LOCATIONS ACROSS MAINE & NEW HAMPSHIRE Disclosure: Investments in securities are not insured, protected or guaranteed and may result in loss of income and/or principal. Diversification does not eliminate the risk of market loss. A long-term investment approach cannot guarantee a profit. Nothing in this communication is intended to be or should be construed as individualized investment advice. Registration with the SEC should not be construed as an endorsement or an indicator of investment skill, acumen or experience. F.L.Putnam is not licensed to provide and does not provide legal, tax, or accounting advice to clients. For more information, please visit www.flputnam.com. * Data as of 12/31/23. Total assets under advisement includes $6.1+ billion in advisory assets under management and $1.7+ billion in assets under advisement. 5 Widgery Wharf Portland, ME 04101 (207) 775-3197 www.flputnam.com Office Locations: Portland, ME Lynnfield, MA Wellesley, MA Wolfeboro, NH New York, NY Providence, RI Intellect. Integrity. Experience. $7.8B+ Assets Under Advisement * Clients 1,600+ Employees 98 Wealth Management Services: • Comprehensive financial planning • Customized equity and fixed income solutions • Strategic and tactical asset allocation • Sustainable investing • Investment consulting • Alternative investments C O N T I N U E D O N F O L L OW I N G PA G E » It's always good to have a plan, but you need to be open to possibilities as well. — Don Golini Nonantum Resort

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