Financial & Retirement Planning

After a sleepover, I hesitantly asked my 4 year-old granddaughter if her blankie and I were drowning, which of us would she rescue? Mind you, I did my best during these couple of days to give her everything she could ever want...like a first visit to Costco complete with pizza and free chocolate samples, a trip to doggie daycare where we observed "campers" splashing in a bone-shaped pool, and stops to the local ice cream store. Still, the answer was disheartening. I took a lowly second place to a mere piece of fabric, a smelly one I might add.

My confidence took a major blow. But I recovered speedily when I realized that Haley was only one of my two granddaughters. I figured that since Nicole could barely speak, I still had some time before I would pose the same question to this one-year old, time to build my retirement savings to sweeten the pot (the better to bribe you with, my dear).

How does a borderline boomer/senior increase her net worth?

For years I dabbled with investments trying to beat national averages. I studied day and night and was convinced that no one could boost our savings better than I.

Then I realized that there was a lot of information that I could not possibly be privy to. For instance, even though I used paid subscription resources which were not monetarily connected to any company, I learned that the information fed to these resources was supplied by the company itself and not by any real uninvolved outside source.

I gave up membership in my ladies investment group. I relegated stock and bond picks back to my broker and figured that he would always have a better pulse on the economy than I.

I'm not saying this was the right way to go (sorry, Prof David), but in my case, I've profited (and lost) about the same as before but with a lot less time and effort and a lot more sleep.

I know, also, that I didn't have to employ my stockbroker in this decision. I could have used any number of professionals to guide me. AARP offers clear explanations of the different kinds of financial experts: financial planners, investment advisors, stockbrokers, insurance agents, CPAs and accountants, and estate planning attorneys.

Check out CNN Money's top-10 list of things to know before hiring financial help included in its first-rate Money 101 Lessons. You may also want to consider the advice of Certified Financial Planners Board of Standards.

Maybe in a few years I will have earned enough to sip Mai Tais while swimming at the pristine beaches of Hawaii. But if Haley's around (with her ever-present blanket), I'll be sure to wear my floaties!