From the Editor: 'Great Retirement' will overshadow recent job reshuffling
We’ve heard a lot about the “Great Resignation” of late. People are leaving jobs at a record pace, often in search of another.
But it’s the “Great Retirement” — coupled with Maine’s aging population and the aging out of baby boomers — that is expected to have a major impact on Maine in the next two decades.
The ratio of working-aged households to elderly households is expected to jump from 2.2 to 1 in 2020 to 1.6 to 1 by 2040. If that holds true, the burden on those who are still working will grow. It’s been said before but bears repeating, we need more young people in Maine.
The good news is that many of the leaders in Maine who have retired during the pandemic are not the “retiring” types. They’re starting or mentoring new businesses, continuing to work part-time jobs and traveling more to recharge their batteries for the next venture. As Renee Cordes reports in our cover story, in addition to the Great Retirement, there’s also a Retirement Reset underway. Some energetic people in their 60s and early 70s are looking for that next big project. See “Retirement resets,” which starts on Page 10.
Any small business owner knows that retirement is not an option if he or she cannot find a successor. Without a family member or buyer that’s the right fit, some business owners are turning to employee ownership as an exit strategy. Whether it’s through an Employee Stock Ownership Plan or employee buyout, we’ve seen some innovative ways business owners have found a path to retirement. See “Exit strategy: A roundup of ideas,” which starts on Page 20.
This issue also focuses on wealth management and, as Laurie Schreiber reports, investment advisors around Maine are finding that the market has changed. Younger investors are looking to take a more active role in managing their portfolios, whether it’s picking ethical companies for investment or steering dollars toward cryptocurrency, NFTs or other new directions. See “Fresh approach to the portfolio,” which starts on Page 16.
The list in this issue, Maine-based registered investment advisors, is on Page 26.
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