I bet it’s no surprise to hear that the #1 concern people have about retirement is not having saved enough. There are so many uncertainties that impact your retirement finances such as: “How long am I going to live?” “How much is healthcare going to cost?” ”Are we going to have another major recession?” “Am I going to stay healthy?” While you can’t control those, there are things you can do to be in more control of your finances.

Retirement Savings
Retirement Savings

The Fiduciary Rule

Most people use financial advisors who get their income by selling financial products like annuities and IRA’s. I’m not accusing anyone of ripping people off, but if an advisor gets a higher commission for selling one financial product over another, is the advisor making the best recommendation to you? If scoring another $200,000 IRA qualifies him for the Grand Cayman trip his wife wants, will he suggest the right product for your needs? In 2015, the federal government proposed The Fiduciary Rule. This rule would have made it a requirement that our financial advisor has to work in our best interest. What a novel idea! Here is a link to an article with all the details.

But like a lot of things in Washington, the financial services industry fought it and won, and you and I lost. Since the rule was shot down, we can’t assume we’re getting the best advice. We need to remain in control.

Financial stuff can be complicated, but you can learn enough to know if you are getting the best advice. I didn’t intend to blog much on financial stuff. I’m not a financial guy and I don’t play one on TV. But there are plenty of great resources I can point you to that provide solid education and advice. I’m not recommending that you gain enough knowledge to open an online trading account and risk it all. But I am suggesting that you put in the effort to get smart enough to help steer your financial ship.

My Favorite Financial Blogs

These are the financial blogs that I go to and recommend the most. I like to follow a few different ones to get various points of view that allow me to make the best decisions for us. I suggest you start at the beginning of their blogs and work your way through them.

  • Retirement Manifesto Fritz began his blog while he was preparing for his retirement and has continued it upon his freedom. He offers great advice and commentary in an easy to understand way. Fritz provides templates and planners that are very useful. He has gained a good enough reputation to have a few thousand followers and a book deal.
  • Can I Retire Yet? One of Darrow’s books is called Can I Retire Yet. I’ve gone through the book enough times, with different highlighter colors that the inside of the book looks like the cover of fruit Lifesavers. His ongoing blog covers things from using online retirement calculators, traveling, real estate and healthcare, just to start.
  • Early Retirement Now Big ERN, not his real name, has a really deep financial pedigree and can dive into the details to the point that my eyes cross, but he is worth the effort. He covers topics that help various age groups and I’ve been made a smarter man because of ERN.

These blogs are a good start to your financial self-education. My previous post “Downsizing Equals Rightsizing” includes some of the tips and strategies gained during my own self-education.          

It’s never too late to start your financial education, but it’s dangerous not to.

Your Extra Innings


Staying Sharp For Delaying Your Retirement

Delaying Your Retirement

The biggest risk we have as we approach the later stages of our careers is becoming obsolete. It’s easy to neglect keeping up with the latest advances in our industries or in technology. We risk being left behind and worse, disposable. We need to take responsibility for not allowing ourselves to become victims of ageism. Therefore, it is critical to stay relevant by keeping your skills fresh and up to date if you planning on delaying your retirement.

Just think about how much the world has changed over the last 30 to 40 years. Also, with our longer and healthier lives, the skills we need in order to continue to thrive will evolve. Education is no longer a one shot event. It is a continual process that should never end.

Bill’s Story (Not his real name)

Bill was an estimator. In putting together estimates you need to compare quotes and scopes from competing vendors. This is done by assembling a spreadsheet and comparing line by line of each scope. The problem was, Bill, who was in his 60s, didn’t know or want to learn Excel. He created his spreadsheets by taping together green accounting sheets, big enough to cover a desk, and doing everything by pencil and calculator. The possibility of errors by using this manual method was significantly more than using a computer, never mind how much time it took. And after one particularly big mistake, he was let go and replaced by an estimator who was up to date with current tools, like Excel.

Time To Do Your Homework

Now it’s time to do your homework. No matter how much you think you know, there is always room in your toolbox. Don’t be lazy. Open your eyes and do some investigating:

  • What are the latest industry trends?
  • What new technology is being introduced?
  • Chat with the younger folks? What are they using that you’re not?
  • Don’t ignore industry publications; even the ads can give you information.
  • Assess where your skills are compared to peers.
  • What skills and certifications are you missing?
  • Ask yourself “If I was hiring someone for my job today, what skills would the best candidate have?”
  • Where are you at risk of being left behind?
Delaying Your Retirement


Keeping up with the latest tools and apps can be a challenge for anyone, especially us more seasoned professionals. I’m reminded of a cartoon of a guy leaving a store with his new computer. As soon as he hits the sidewalk a flag pops up out of the box saying “Obsolete” and the same goes for us. Our generation is probably the last one with a built in fear of technology. But we are the ones who need to work hardest to grasp it. Our kids sure don’t.

Invest In Yourself

Delaying Your Retirement

School is not just for kids. There are 20% more people between the ages of 40 and 65 in college today than there were in 2000. Make the investment of not just money but time. Talk to people in the industry who are knowledgeable about the direction you want to go. What are the latest trends? Where do you see things going and what skills will be needed? If you commit to developing new tricks, create a plan and have goals to help you stay on track and get the tools you’ll need to delay your retirement on your terms.

Resources For Learning

Return to school

Community Colleges around the country are leading the charge by working with local employers to develop programs for in-demand jobs. Attending classes is the best way to hone your skills and connect with like-minded people. Many state and community colleges offer tuition waivers for people over 60 and some over 62. The amounts vary from 100% waiver to a fee of $50 and seats may be limited. Check with your local colleges to see what is available.

Online Learning

If time is a challenge and you want to keep your future plans under wraps, online courses through the local colleges are a great options. There are a bundle of online courses available through internet education companies. I’ve personally like Udemy and Skillshare which are apps you can get for your phone or tablet. They offer courses in everything from computer software training and accounting, all the way to learning to play the ukulele. Other highly rated internet course providers are LinkedIn Learning and Coursera. YouTube is another source for educational material from manufacturers, software tips and other skills.

 But my all-time favorite online learning resource is Khan Academy. It was started by a really smart uncle who lived away from his family but wanted to help his nieces and nephews with their school work. He started developing online tutorials that helped them learn basic things like algebra and physics. His tutorials started getting handed around so much he made them available to the public on YouTube. Thanks to contributions from Google, AT&T, and Microsoft it has expanded to now include computer science, finance and a bunch of other topics in different languages. Even today, Khan Academy is free but they accept contributions.

Delaying Your Retirement

Audiobooks & Podcasts

How do you spend your time commuting to and from work or other time traveling? Audiobooks, audio programs and podcast are a great way to improve your skills and general knowledge. Whether you want to learn management, finance, history or learn a language, the time you spend behind the wheel can be a great classroom. The best part is that through your local library or a phone app, these are free. For the last few years I’ve been learning about retirement options and starting a blog through a variety of podcasts hosted by the experts in those fields.

Blue Collar Issues

Labor intensive jobs don’t lend themselves to delayed retirements as easily as college educated professionals. This doesn’t mean they are to be excluded, remember Paul the electrician from the previous post. With training I’ve seen plumbers become estimators and CAD coordinators. Their field skills add a level of practical knowledge to their new roles that increases their value. People and businesses need to be creative and flexible in order to not lose this mutual benefit.

I Would Love To Hear What You Think

Please leave any questions or comments you may have. In my next post I’ll detail why it’s important to re-establish your network and the ways to go about it. If you provide me with your email, I will send the next post directly to your in box.