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DURING MY FINAL NINE years with the Coast Guard, I was involved in decisions regarding search-and-rescue operations. We were almost always working with imperfect information. For three of those nine years, I was responsible for all missions in one section of the Great Lakes and, in my last year, I made the final decision on when to suspend search-and-rescue operations in an even larger area.
To lower risk, we often assumed the worst, and threw copious operational resources at the situation.
IN JANUARY 1987, I was an unmarried junior Coast Guard officer just beginning the flight stage of U.S. Navy flying training. I decided to see a financial advisor who’d been recommended by friends.
This wasn’t just any advisor, but rather a retired Air Force lieutenant colonel and fighter pilot. He worked for a firm whose advisors were comprised mostly of retired military officers, and they marketed their services primarily to military officers. If there was anyone I could trust,
Comments
Great article Mark. Retirement is based upon a whole series of assumptions including income, expenses, longevity, your health, unexpected events such as storms/flooding (which seem to be on the news in the U.S. every night), and so on. I think the person that can anticipate all those variables and make conservative projections and assumptions has the best chance. I never did this, but using an advisor might be very helpful at this point in life because they'll probably have many points of view that others would never think to consider. And then, of course, we could all use the luck of the Irish in retirement! ☘️🇮🇪
Post: The Leap of Faith
Link to comment from November 7, 2026
Being able to retire with the same income as when you hang it up puts almost everyone in a good spot. What I've found in retirement is that my expenses have gone down even though my wife and I travel a great deal now. That's because all my 4 kids are off the payroll and my food, auto, auto insurance, cell phone bills, etc. are all much lower now.
Post: The Leap of Faith
Link to comment from November 7, 2026
Great article Jeff. I'm 65 and I think we all feel changes in our cognitive abilities. One thing I think all of us getting older need to be aware of is our susceptibility to scams or phishing. I've seen some very sophisticated phishing attempts recently and I've found AI very useful in telling me what I'm looking at. One thing I've done in retirement is examine large holes in my knowledge of American History. I grew up in Oregon, so the Civil War didn't exist out there. No where in my education could I ever learn about what happened to Native Americans. And the history of the Civil Rights movement is amazing. So, I've studied those areas of history over the past 5 years or so and it's been very enlightening. I live in the bowels of the Deep South, and it's very interesting to walk across the Edmund Pettus Bridge, visit the Birmingham Civil Rights Institute which is directly across the street from the 16th Street Baptist Church (where the 4 girls were bombed to death), etc. I hope to keep my brain alive with more exploring of our rich history.
Post: Brain Power
Link to comment from October 31, 2026
One very hard lesson I had to learn regarded the sunk cost fallacy. Back in 1987 I was sold front end loaded mutual funds by an advisor I trusted. I was told the cost was substantial up front, however, it would make it less likely I'd sell and leave allowing me to amortize that cost over time, thus making it more cost effective. After about 5 years, and after realizing the annual expense load was still above average notwithstanding the initial upfront fees, I got the heck out. The sunk cost fallacy has a very powerful force on our minds and it can affect us in many aspects of life, not just financial. Continuous vigilance is necessary to keep it at bay.
Post: The Time Value of Money
Link to comment from October 25, 2026
Now, as a retiree, you're probably only happy when the markets go up. Hang in there.
Post: Beyond Predictions
Link to comment from October 24, 2026
That's funny you mention that because my father called it the "boob tube" also. They may have been from the same WWII generation?
Post: Beyond Predictions
Link to comment from October 24, 2026
About 10 years ago my wife and I reassessed how we were giving. I became a little disgusted after our new paster gave his third sermon in a row on tithing. I looked at the staff of 56 people, 7 admin assistants, and said we need to reconsider where our money goes. I ask myself, "Does the charity provide a tangible benefit fulfilling a great need, and does the organization do it efficiently, effectively, with integrity?" If so, we can give. One of the best charities I've ever found is "Danita's Children" in Haiti. Founded by Danita Estrella, they are an orphanage, a school that teaches and feeds a large cohort of non orphans every day, and provides a children's clinic with neonatal care. They do an incredible job there. Just a thought to those who may be on the prowl to make a difference with their giving.
Post: Jonathan Clements Initiative at the Bogle Center for Financial Literacy
Link to comment from October 24, 2026
Great article Adam, especially for the times we live in now. I heard someone say on a podcast the other day that democracy may not be able to coexist with social media. What he was alluding to was the simple idea that a democracy requires shared facts to work, and right now shared facts are hard to come by. Investing may very well be the same. There is so much FUD out there nowadays (fear, uncertainty, and doubt), that it's hard to figure out what to do. That's why Adam's thoughts above make sense. You have to stick to first principles, think critically, and tune out the nonsense. The other thing resonating in my mind lately is that narrative follows price. How many times has some talking head came on CNBC, after the market has dropped 8% in a few days and said, "Well, we were due for a pullback here--"? Of course, days before, this guy wasn't calling for a pullback, he was saying the market has room to run. So, you tune that stuff out. I'm a worrywart and at times one of my sons will tell me to, "Get a cheeseburger and sit by the pool." That may be some great advice--with the exception of the dietary part. 😉
Post: Beyond Predictions
Link to comment from October 24, 2026
Most excellent article Adam, thank you. After a bad experience with whole life (I was single and bought a policy because of a persuasive sales pitch), I went all term. Most importantly, right now, many insurance companies have been rolled up into private equity firms and their balance sheets have been leveraged for what could be rather poor investments. This is a sort of powder keg waiting to blow up. My recommendation would be to go with a mutual insurer. I use Navy Mutual Aid Assoc because of my military background and they are the best.
Post: Life Insurance
Link to comment from October 17, 2026
Now that's a good morning. When friends ask me if I get bored in retirement I say, "Sometimes, but then I just take a nap and it goes away." 😉
Post: Momentarily Embarrassed by “Not Much”
Link to comment from October 10, 2026