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VOL.21, NO.10
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More than 125,000 readers throughout Greater Baltimore
Free advice for entrepreneurs PHOTO COURTESY OF MIESHA RICE, WHOLE FAMILY HEALING GROUPT
OCTOBER 2024
I N S I D E … BALTIMORE BEACON — OCTOBER 2024
Makes a great gift!
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Retire abroad to broaden your horizons By Kathleen Peddicord [The following is an excerpt from the justpublished book At Home Abroad: Retire Big on Little, by former Baltimorean Kathleen Peddicord.] Traditionally, retirement has been about withdrawing from the rest of the world and a formerly busy life. I’ve never understood why anyone would want to do that. After decades of working hard, paying taxes, raising kids, and deferring what you wanted to do because you had no choice but to spend your time doing what you had to do, this phase — no matter at what age you’re fortunate enough to embrace it — is your chance to be more engaged than ever in the world, in life and in the pursuit of happiness. Retirement is an opportunity to think big and act boldly, a chance to broaden your perspective and your world, to leverage your decades of experience to take control of your future. Retirement is your chance to add a dose of swagger to your lifestyle. As you prepare for this critical juncture, don’t let geography get in the way. Looking beyond your borders is the key to ensuring yourself the richest retirement possible. I made my first international move from Baltimore, Maryland, to Waterford, Ireland, with the support of my longtime employer. He sent me off to establish an EU base for his publishing firm. When I left Baltimore bound for a job in Ireland in 1998, I had no idea where that move would lead. No idea that seven years later I would swap Waterford for Paris...then, four years after that, Paris for Panama City. Had I tried to plan for the long term, I might never have left Maryland. Looking too far into the future can be overwhelming. Taking the all-important first step requires a leap of faith. Whatever nest egg you’ve got — shoestring or luxe — that budget will buy you a more engaging, more satisfying, and more
INSIDE Best U.S. states for retirees
adventure-filled lifestyle in many, many places around the world than wherever you’re moving from. Retiring overseas equals retiring up. A Pacific beach home in Panama costs a fraction as much as one on the coast of California, and a penthouse in Medellín, Colombia, one of the most fully appointed cities in the world, can cost less than a singlestory duplex outside Des Moines.
Meeting new people Another concern for people considering an overseas move is whether they’ll find like-minded friends, a welcoming community, and, in some cases, love. One of the most unexpected and welcome surprises for many senior expats is the discovery that in their adopted country, their age earns them a level of respect not found back home. Western culture places a higher value on youth than most other cultures. The overall trend in elderly care in the United States has most older folks removed from society at a certain point. This is not how things operate elsewhere. Other cultures, particularly in Asia, have traditions of treating older people with more consideration. Seniors are recognized for the unique contributions they can make to society at this stage. As an older woman living overseas, you might find yourself on the receiving end of acts of chivalry such as having the door held open for you. Some Americans may view this as a form of sexism, but in many cultures it’s a sincere form of courtesy and respect. The family is still the center of society across many Latin American, Asian, and European cultures, and older people are visible participants in that society. Communities across Portugal provide programs for seniors at schools, libraries, plazas, churches and civic centers. In Spain, it’s common to see groups of elegantly dressed elderly ladies socializing over drinks in the town plaza. And in Vietnam you’ll see groups of sen-
Choose the right time to refinance
PHOTO COURTESY OF KATHLEEN PEDDICORD
By Margaret Foster When the pandemic hit, Miesha Rice, the owner of a therapy practice in Pikesville, Maryland, had to go virtual or go out of business. Rice needed help, so she turned to SCORE, a nationwide nonprofit with a mission to help small businesses. Rice now says that was “one of the absolute best decisions I have made, business-wise.” SCORE matched Rice with a mentor, retired CEO Norman Bickman, who helped her company survive a tough transition — all without charge. “We went over how to optimize my marketing, my brand, finances — basically anything and everything I needed to know,” Rice said. Four years later, Rice’s company is going strong, and she is still in touch with Bickman. “I love my mentor; he’s been amazing. He was always there to troubleshoot, just to listen to me and just be encouraging, because it’s not easy to be in business. There’s not a lot of resources, especially capital, for small businesses to operate.”
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Former Baltimorean Kathleen Peddicord, pictured here outside the Louvre at her new home base in Paris, divides her time between France and Panama. Peddiford has been writing about traveling, living and retiring overseas for more than 30 years.
iors gathering for exercise and dance classes in local parks. Such activities are a great way for seniors, especially single seniors, to make connections.
should address early in your retire-overseas planning is health insurance. You have four options: an international policy, a local policy, a travel policy, or no policy at all.
Health Insurance The next important practical issue you
See RETIRING OVERSEAS, page B-3
After downsizing, do you rent or buy?
Learn about retirement communities
SEE SPECIAL INSERT Housing & Homecare Options following page 8
Ten thousand mentors
More than 10,000 Americans with business experience volunteer as SCORE mentors in 250 chapters across the country. Maryland has 99 active volunteers. In 1964, Congress established the Service Corps of Retired Executives (SCORE) as the volunteer-led branch of the U.S. Small Business Administration (SBA). SCORE’s mission, then and now, is to mentor small business owners and entrepreneurs. The SBA still funds most of SCORE’s budget. “SCORE’s volunteers tirelessly share their time and expertise as mentors to our nation’s entrepreneurs, fostering vibrant small business communities and bringing the American dream to life,” SCORE CEO Bridget Weston said in a statement. “Their dedication is measured not only by each small business they support, but in the economic impact of those businesses locally and nationally.” In Maryland alone, SCORE mentors helped create 736 new businesses that created 16,872 new jobs last year.
How small businesses get help
Here’s how it works: Entrepreneurs go
Miesha Rice, a therapist who founded a practice in Pikesville, sought out free business advice from her SCORE mentor, Norman Bickman. Volunteers like Bickman, a retired CEO, enjoy giving back and helping small businesses grow.
to SCORE’s website and fill out a form. They can let the website choose a mentor in their field or choose one themselves. Then the mentor decides whether to accept the client or not. Mentors can choose their own hours but are usually expected to commit to 20 volunteer hours a month, not all necessarily for the same client. All interactions with mentors are free and confidential. The organization also offers entrepreneurs a wide range of free training sessions on how to write a business plan, secure funding, navigate the governmentsponsored grant system, advertise, etc. The national office offers several webinars a month. For instance, two free sessions com-
ing up will cover how to start selling in Amazon’s online store and how to self-publish a book on Amazon’s Kindle Direct Publishing program (sponsored by Amazon). In addition, Maryland’s SCORE chapters present two to three webinars a week, and have helped 6,657 people so far this year.
Looking for mentors, too
Just like anyone can receive help from SCORE, anyone from any industry can volunteer to become a mentor. “We’re looking for that generalist, someone who knows business in general,” said See SCORE, page 10
LEISURE & TRAVEL
Visiting Spain for the olive harvest and Roman ruins; plus, unwind at the Eastern Shore this fall page 11
FITNESS & HEALTH 4 k How our brain and gut converse k Trying to quit? Use e-cigarettes LAW & MONEY k Organizing important docs
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