Barbservations From a Tour of Western National Parks

I recently took an eight-day bus tour of national parks out west including the “Mighty 5” in Utah: Arches, Zion, Canyonlands, Capitol Reef, and Bryce Canyon. While Arches National Park was on my bucket list to complete, the entire trip was amazing with all promised services and activities delivered and then some. Below are ten Barbservations:

 

Travel in Later Life- There were several people on the tour in their late 80s who were not able to partake fully in scheduled hikes at the parks. There were definitely past the “go-go” (65-74) and “slow-go” (75-84) retirement years. One older gentleman lost his balance and took a nasty fall, requiring a trip to the ER. I couldn’t help but think that he should have taken the trip a decade earlier. If you are an older traveler with balance issues, bring a walking stick.

 

Career Change Success Story- Our excellent tour guide worked for the National Park Service for 27 years before he was DOGE-ed in 2025. His NPS knowledge and experience added so much to our understanding of the parks and the state of Utah, where he lived. The federal government’s loss (now they want him back!) was our gain. His story is a reminder that people can often transfer well-honed job skills to a new workplace or self-employment (like I did).

 

Amazing Scenery- Rock formations throughout the five national parks and the national monuments (federally protected areas that are generally smaller than national parks) that we visited were breathtaking. An extra special treat was synchronized music with our travel itinerary such as Rocky Mountain High in the Rockies, movie soundtracks when we drove up mountains, and Viva Las Vegas when we pulled into Las Vegas.

 

Benefits of a Travel Agent- I was part of a small group that used a Cruise Planners travel agent and two-thirds of the bus came with a travel agent from AAA. Our travel agent negotiated an excellent value package for us including airfare and airport transfers. Travel agents frequently have access to discounted rates and special promotions.

 

New Technology Tools- During this trip, I used WhatsApp for the first time. WhatsApp is a free instant messaging app owned by Meta. The tour guide invited us to join a messaging group where he shared messages, schedules, and graphic images. He also used another new (to me) tool, PhotoCircle, to share photos taken during the tour.

 

Neutral Topics- We were warned in advance not to discuss “touchy” topics like religion, politics, and current events and, best I could tell, everyone complied, even with the White House cage fight and Washington, DC reflection pool stories being reported at that time. It was refreshing to simply “be present” in the moment, see less national news, and focus on what we were seeing and doing and neutral topics like the weather and where we live.

 

Payment Methods- Several locations did not take cash including a downtown Denver hotel restaurant and several national park concessions. Not sure why. I asked ChatGPT and reasons included reducing the risk of robbery, and employee theft, lower cash-handling costs, and easier accounting. Conversely, some venues charged a 3% fee to use a credit card, presumably to offset the merchant’s fee that they are charged.

 

National Park Status- I did not see any evidence of poor service following the 2025 federal government staff reductions. Park rangers were readily available as guides and to answer questions and gift shops and bathrooms were clean. I did notice long lines for cars to enter the national parks but we breezed in early in a special lane for busses.

 

National Park Stamps- Stamps were available at each of the national parks and monuments and people flocked to stamp their national park passports with a free ink cancellation stamp showing the park’s name and the date of their visit. I learned that there are more than 430 units managed by the National Park Service, including national parks, national monuments, national historic sites, national seashores, national battlefields, and other protected areas.

 

Wildfire Danger- While we were driving throughout Utah, our tour guide pointed out some newly forming fires way off in the distance. Several days after we came home, huge wildfires in southern Utah were on the national news. I sincerely hope that our tour guide, his family and his property are safe as well as others who we met along the way.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

 

 

Take-Aways and Strategies for Late Retirement Savers

 

I recently attended a webinar about people who get a late start saving for retirement. Below are some key takeaways and catch-up strategies that were shared:

Late Saver Definition- Someone who feels behind on reaching financial independence for retirement, compared to “normal” savings metrics. Late savings is not based on age or a number but on how people feel about their financial progress.

 

Savers’ Starting Age- The average age of starting to save for retirement is age 32 and 58 to 60% of Americans say they are behind on retirement savings. Americans age 45 to 54 have an average savings balance of $115,000. The biggest lever that late savers have is their savings rate.

 

Waking Up- There are a number of wake up calls that cause people to start planning for retirement including workplace seminars, becoming a parent, health events, divorce, layoffs, feeling stuck, and seeing others start to save significant sums.

 

Catch-Up Time- People can be very hard themselves after they “wake up” to their lack of retirement savings, often lamenting the fact that they hadn’t started saving earlier. In reality, catching up is not impossible. It often takes about 10 to 15 years to catch up to early savers once a late starter wakes up.

 

Reasons for a Late Start- Commonly cited obstacles to saving early (20s) include: raising a family and child care expenses, student loan payments, lack of financial education, a low-income job, a belief that staying in debt is normal, and unhealthy money beliefs (e.g., “investing is a scam”).

 

Disadvantages of Starting Late- Less time for compound interest growth, some people take on too much investment risk due to a shorter time horizon, and some people experience career burnout but feel they must work longer to catch up on savings.

 

Late Start “Superpowers”- Things that can help late savers accumulate more savings include catch-up contributions on retirement savings accounts and HSAs, peak earning years in your 40s through 60s, being beyond the financial challenges of early adulthood, and decisions such as downsizing.

 

Long-Time Horizon- Your investment time horizon is the rest of your life…not your retirement date.  This means that, if you are 45 years old today and live to age 90, you have 45 years for your money to grow via compound interest.  Long time frames may also reduce market volatility.

There is a popular saying about taking responsibility for one’s actions: “If it is to be, it is up to me.”  Workers are increasingly “on their own” to prepare for retirement as government and employer supports (e.g., defined benefit pensions and retiree health insurance) have eroded  over time. 

Personal responsibility includes making the decision to save for retirement, as well as deciding how much to save, and determining a personal investment asset allocation policy (i.e., the percentage of invested funds placed in stocks, bonds, and cash equivalent assets).

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

 

Miscellaneous Take-Aways From Free-Meal Seminars

 

I periodically attend free-meal seminars to see what questions older adults have about their finances to inform future blog posts and classes. Free food is also a side benefit. Unfortunately, most presentations include little, if any, time for participant Q&A. Rather, their emphasis is promoting the program sponsor and sharing “teaser tidbits,” instead of complete explanations, of financial topics.

 

I also noted frequent use of negative statistics about the future of Medicare and Social Security (a 21% to 25% reduction in benefits when the trust fund is depleted). Also, the phrase “come sit down with us” was used repeatedly. Nevertheless, useful information is sometimes shared. Below are some take-aways from several recent “free meal” presentations that I attended:

Probate Process- Ways to avoid probate or reduce the amount of assets that are subject to it were discussed. They include beneficiary designations, payable on death (PoD) and transfer on death (ToD) designations, joint tenancy with right of survivorship, and trusts.

 

Account Minimums- Seminar presenters had minimum investable asset requirements for new clients of $250,000 and $500,000. They stated their minimum requirements up front so attendees could judge if they were a good fit. Remember, some folks were just there for the free meal and there was no income and asset screening in advance.

 

Tax Rates- Presenters noted that “taxes are on sale” with some of the lowest tax rates in recent U.S. history made permanent with the OBBBA law. In 1944, the highest tax rate was 94%. Attendees were urged to monitor income to “fill up their tax bracket” but not move up to the next highest one.

 

Sequence of Returns Risk- This was a very important topic to cover. Sequence of returns risk is the danger that poor investment returns occur early in retirement while withdrawals are being made. Early losses can permanently reduce a portfolio's value, making it harder to recover and increasing the chance that retirement savings will be depleted sooner.

 

IRMAA- IRMAA (Income-Related Monthly Adjustment Amount) is an extra surcharge added to Medicare Part B and Part D premiums for higher-income beneficiaries. The surcharge is based on income reported on tax returns, typically from two years earlier. IRMAA is basically a tax and is only going to go up in future years as health care expenses rise.

 

Beneficiary Designations- Presenters often rightly urged attendees to make sure that their beneficiary designations were up to date on life insurance policies and retirement savings plans and to name contingent beneficiaries as a “Plan B.”

 

Long-Term Care (LTC)- One presenter noted that traditional LTC insurance policies have become “dinosaurs.” Instead, most LTC insurance policies sold today are hybrids between either life insurance or an annuity and LTC insurance. Seven out of 10 older adults will need some type of LTC service at some point during the remainder of their life.

 

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

Four Common Estate Planning Errors

Four common estate-planning errors can cause you and/or your heirs considerable stress and aggravation, family arguments, and unnecessary taxes and legal expenses.  Below is a description of each error and strategies recommended by experts to handle each situation.

Not Planning For the Disposition of Untitled Personal Property

 

Untitled personal property is items people own where the owner is not identified with a written document (i.e., their “stuff”). Examples include tools, furniture, photos, books, dishes, jewelry, collections (e.g., coins), artwork, and more.  Talking about untitled property is “sensitive” because of emotions involved, sentimental meanings attached to various pieces of property, and differing perceptions of what is “fair” in the distribution process. Also, there is often only one of an untitled property item so it is impossible to divide everything equally. 

 

Experts recommend that property donors determine their goals first.  For example, is it important to give more to less affluent children or according to a child’s age, gender, marital status, or birth order? There are several ways that untitled personal property can be distributed including memorandums attached to a will (i.e., a “separate writing”), lists given to a person’s executor or family members, gifts made during a donor’s lifetime, drawing names out of a hat, verbal promises, and labeling items. 

 

Not Writing a Will

 

Many Americans die intestate (without a will) and, by doing so, default to the “one size fits all” will provided by their state of residence.  This state-determined property distribution formula may or may not be appropriate for their family’s situation but there is no choice in the matter.  Estate-planning costs are also increased because a court-appointed administrator must be appointed, and generally bonded, which increases an estate’s administrative expenses.  Some people procrastinate on drafting a will because they do not know who to name to key positions, such as executor and guardian, so they do nothing. 

 

There may also be a mistaken impression that only family members can be named, which is untrue.  It is not unusual for people to name a professional fiduciary, such as a bank trust department, to serve as executor or to name a close friend, rather than a family member, as guardian.  Another reason to have a will is to make gifts to charitable organizations upon your death.  State formulas do not allow for this.  According to the book You’re 50-Now What? by Charles Schwab, less than 6% of Americans leave money to charitable organizations upon their death, most notably because so many die intestate. Expert tip: prepare a will and update it regularly.

 

Conflicts in the Titling of Assets

 

This error is seen especially in remarried households.  People want an asset to go to one person (e.g., a child from their first marriage) and put this in their will, yet they own the asset with rights of survivorship with someone else (e.g., a second spouse).  In cases where provisions in a deceased person’s will conflict with the titling of assets, the title almost always determines the asset’s subsequent owner.  Persons with complex estates and/or family relationships should seek legal counsel to avoid making this error. Expert  tip: check for will-title conflicts.

 

Incorrect Beneficiary Designations

 

Errors in beneficiary designations can lead to the disinheritance of heirs, delays in providing for the financial needs of loved ones, and unnecessary expenses and tax payments.  Three common errors made when naming a beneficiary are: failing to regularly update beneficiary designations, naming an estate as beneficiary, and failing to name a contingent beneficiary. Expert tip: periodically review the beneficiary designations on IRAs, tax-deferred employer plans like 401(k)s, and life insurance policies to make sure they are current, especially if you’ve experienced a major life event such as the death of a spouse, divorce, marriage, remarriage, or the birth of a child.

 This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

 

 

 

 

Frugal Travel Hacks for Your Summer Vacation

Many people are taking road trips in July and August for their summer vacation. Unfortunately, their travel plans are coming at a time when food and gas prices have been steadily rising. 

Everyone wants to get as much value as possible for their travel budget and not overpay for goods and services. The following ideas are like items on a menu in a New Jersey diner. There are a lot of money-saving options to select from so pick those that best fit your lifestyle.

Food and Beverages

Eat Out Sparingly- Try to eat only one meal a day at a restaurant, if possible. Pack foods such as granola bars, dried fruits, peanut butter, muffins, and canned juices for breakfast, or select hotels that include a free continental breakfast. Many hotels offer perks (e.g., free breakfast and swimming pools) to attract visitors.

Keep Food Cool- Pack food in a cooler (or buy it when you arrive at a destination) and stay at hotels with a refrigerator and/or microwave oven in the room. This lets you save leftover food from a restaurant or order take-out food rather than a sit-down meal. Pack some re-sealable food storage bags or plastic containers.

Rethink Restaurant Drinks- Consider sticking with complimentary water at restaurants because beverages add to the cost of eating out. If someone skips 208 glasses of soda (four a week) at $3 each- or 104 beers or glasses of wine (2 a week) at $6 each- that’s $624 in annual savings.

Bring Your Own Beverages- Space permitting, bring your own beverages on a road trip. Examples: bottled water, soda, and low-cost wines available at Trader Joe’s and Aldi supermarkets. Another way to spend less on wine and soft drinks is to “stretch” them with a large cup of ice so they last longer and you can buy less. 

Split an Order- Consider sharing an entrée- but check first to see if there is an additional “plate charge” for shared meals. Appetizers and desserts are also great for sharing. Instead of individual desserts at a restaurant, buy a dessert item (e.g., cake or pie) at a supermarket to enjoy afterward.

Eat Out for Lunch- When you eat out, consider going to restaurants at lunchtime, rather than dinner, because the cost is generally less. You might also consider combining lunch and dinner into one meal by having a late afternoon “linner.” Lunch menu meals- and lower prices- are generally in effect until around 3 pm.

Gas

Find Cheap Gas- Gas prices vary from state to state and even within the same town! Gas stations close to major highways often charge more than others…because they can. Use a gas app like GasBuddy and Waze to find the cheapest source of gas where you need it.

Join a Fuel Rewards Program- Sign up for a fuel rewards program at a supermarket or warehouse club and accumulate points to earn free or reduced price gas. When you have earned enough points for a reward, cash in your points to save money.

Check Tire Pressure- All the travel experts agree that underinflated tires decrease gas mileage. Many gas stations have inexpensive “do it yourself” machines where users can check their tire air pressure and inflate tires that need air.

Travel Close to Home- If money is tight, become a “local tourist.” Visit local historical sites or state/federal parks and learn more about where you live. Plan “daycations” (inexpensive one-day trips) and “staycations” (experiences at or near home) in lieu of travel to distant areas. 

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.