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W W W. M A I N E B I Z . B I Z 17 JA N UA R Y 2 7 , 2 0 2 5 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 C O M M E N TA RY B Y F E L I C I A K N I G H T B Y F E L I C I A K N I G H T F or most of us baby boomers, retirement doesn't have as much to do with gold watches or rocking chairs as much as it does trips to the Gold Coast or rocking out to the lat- est Stones tour. We've worked hard. We've spent too many years on the wrong side of the work-life balance, and now it's time to enjoy a little less stress and a lot more fun. Instead of retiring, think of your life after the 60-hour work week as more of a realignment. Aligning your priori- ties to focus more on family, friends, yourself and what brings you joy. Maybe it's a second career that incorporates your favorite hobby or cause. Maybe it's a move that brings you closer to adult children and grandchildren. Maybe it's filling your days with the simple plea- sures of raising a garden and leisurely bike rides. Or maybe this is your chance to follow Dead & Co. coast-to-coast. Getting to this point means you have to think about it early in your career, however. When you're 25 or 30, it's easy to think you have all the time in the world to worry about retirement. irty-five to 40 more years of work is a lifetime away from your current worries about getting ahead, mak- ing partner, amassing clients, paying off college debt while saving for your own children's education, or buying a reliable car. Health care is a drain on finances as is all the insurance needed to keep you whole in case of a catas- trophe. And a house? Don't get me started. At this point, a "starter" house is cheap at $400,000. Still. Now is the time to see a financial planner and start looking at your retirement. Social Security is a nice benefit, but you'll need more if you want your retirement years to be more than barely paying the bills. Plan for what you want. Get an expert to tell you what you need to do and by when in order to step back from the daily grind. For years my mother, a Depression- era child, who could stretch a dollar further than anyone I ever knew, would ask me, "Are you saving money? Are you putting something aside for a rainy day?" To assuage her fears, I'm sorry to say, I lied. "Yes, Mom," I told her, and quickly changed the subject. In truth, it felt like that rainy day was pouring buckets every single week and I was barely making my car payment. Once I reached a point where there was something left over at the end of the month, my immediate thought was not, "I should start a 401(k)." It was (in typical boomer fashion): "Why should I deny myself a night out, a new car, or better yet, a trip to Europe?" I was in my 40s before I got serious about saving and consulted a financial planner. What a revelation! If only I had done it sooner. I've always worked best with structure, deadlines and goals. e plans I worked with had all of these and came with a huge sense of accomplish- ment. Feeding the retirement accounts meant securing a future that I could look forward to instead of dread. I know I was lucky enough to build a career with an upward trajectory. Not everyone is able to do that despite a lifetime of hard work. Everything from layoffs to illness to a bad economy can hamper the ability to save, but if you have that ability, it's irresponsible not to. After being in the taxpaying work- force since 1974, in 2025, I'm joining the ranks of the retired. What does that look like for me? Honestly, I'll probably still take a few clients — if I want to, but I have the option to say "no." Mostly, I'll realign my life to focus on more quality time with the people I love. And I'll send a sincere "thank you" note to our financial planner. Felicia Knight is president o f t h e K n i g h t C a n n e y G r o u p , a p u b l i c r e l a t i o n s consultancy. She can be reached a t f e l i c i a @ k n i g h t c a n n e y . c o m Retirement vs. realignment: What does it mean to retire in 2025? Since 1974, Felicia Knight has done everything from cleaning cabins on windjammers to working as a communications director for a U.S. senator. (207) 347-2245 www.richardbrothersfinancial.com Building Wealth, Securing Futures, Richard Brothers Financial Advisors specializes in comprehensive financial and wealth management strategies that empower business owners and families to achieve financial clarity, growth, and security. Whether you're accelerating your business growth, optimizing investments, or safeguarding your family's future, with Richard Brothers, you're not just planning wealth; but creating a lasting legacy. Richard Brothers Financial Advisors — Trusted, tailored advice for Maine's business community. Meet with us to secure your future! Empowering Legacies! 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. 5 Widgery Wharf Portland, ME 04101 (207) 775-3197 The right kind of financial advice can be your best investment ™ At F.L.Putnam, we provide consistent, objective advice so you can focus on the things most important to you. Let's connect today. Visit us at www.flputnam.com