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V O L . X X X I N O. I I JA N UA R Y 2 7 , 2 0 2 5 14 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 F O C U S Age is just a number While working women traditionally have taken time off at the start of their professional lives to start families, late-career breaks are becoming more common for the generation of women "sandwiched" between dependent children and elderly parents. With people living longer, having children later and also retiring later, attitudes about aging are also evolving, with career shifts no lon- ger out of reach for older adults. Labor statistics don't yet tell the full story of the emerging late-career break trend. While U.S. Department of Labor data show declining job market participation rates among both men and women in their late 40s, the agency does not provide data on those who have taken themselves out of the labor force temporarily. While some who take a break eventually earn a liv- ing again, there's no specific data on how many or what proportion do so, according to Maine Department of Labor economist Glenn Mills. Separately, 2023 data from the Pew Research Center in Washington, D.C., show a higher proportion of women ages 50 and older who are out of the labor force and retired. However, since respondents could only cite "unable to work" or "retired" as reasons for not working, there's no clear picture about those who are temporarily out of the labor force. Statistics also don't fully reflect how the pandemic has sparked a growing desire — particularly among women — to find meaningful work, whether that be paid or voluntary, instead of just drawing a paycheck. ere's also a renewed focus on prioritizing family, friends and personal interests that may have gone ignored during someone's career. "Anecdotally, there's been a major shift to go into mission-based work," says Debra Boggs, a Scarborough- based career coach who founded and leads D&S Executive Career Management. "e majority of candi- dates looking for senior leadership roles tell me that they want to work with a company with a product or service they believe in and can stand behind." Boggs, whose client base is around 60% women, also notes that women in executive roles aren't "retiring" anymore at that level, but are stepping back and seek- ing more focus on work-life balance. "ese women don't want to continue to climb the corporate ladder but want to stay engaged in some way and continue to add value through their knowledge and expertise," she says, adding: "is is the generation that's really making career decisions based on what they want." Lael Jepson, a Portland-based leadership coach and business consultant to women around the country, observed a spike last year among clients who resigned from their jobs. "I wouldn't say that women are leaving to pause their careers," says the former Hannaford executive, who founded SheChanges in 2006. "ey're leaving to own them." 'Terrifying to step away' In Cumberland, Jesssica Estes plans to spend the next year working on home projects after wrapping up her term as president of the Boulos Co., a Portland-based commercial real estate firm, at the end of this month. e 48-year-old joined the agency 22 years ago and took the helm a little more than two years ago. "I kind of grew up at Boulos and ended up as presi- dent," she says. "At some point you just look around and ask, 'What do I really want to have accomplished when I look back at my professional career when I have 20 years left?'" She says that while she doesn't know what's next, she'd like to take time to figure out what she's drawn to most when she no longer has a job that became more demanding during the pandemic. "Women my age, we had to pull extra at work if we were leaders at our company and had to do more than usual," she says. "Somehow, we all got through this crazy time, but at some point, you hit burnout where you say you need a break." Encouraged by her fiancé to take at least a year off, Estes plans to channel her creative energy into endeav- ors including a backyard frog pond and bird garden. "ere's something about connecting with nature that has been a theme in my life more and more over Employees Accumulation Employees Decumulation Employees Transition Employers Start-Up Employers Growth Employers Transition Helping Employers & Employees through Financial Lifecycles Lebel & Harriman Retirement Advisors Retirement Plans Financial Wellness/Planning Executive Benefits Business Succession Planning Investment Management Employer Financial Services (EFS) Financial Planning Investment Management Insurance Risk Management Legacy Planning Personal Financial Services (PFS) Lebel & Harriman Retirement Advisors 366 US Route 1, Falmouth, ME lebelharriman.com Your Local Fiduciary Professionals » C O N T I N U E D F RO M P R E V I O U S PA G E I made it to the pinnacle and then I'm like, 'OK, I guess let's see what else is out there.' — Jessica Estes

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