Delaying retirement to pursue career advancement may have positive benefits for yourself and others. However, doing so necessitates a different mindset, one that's open to alternative strategies to reach your ultimate retirement goals. It’s not just about saving more and working longer. It’s about resiliency, flexibility, and intentionality.

Ron Catton, founder of Spokane-based Catton Financial Services, knows what it's like to postpone the end of a career and take an alternate route to retirement.

Catton, 92, has about 50 years of experience as a financial adviser, and reluctantly retired at age 89, he says.

“I'm not a typical retiree. I hung in there for the long term because I truly felt I was giving value to my clients," says Catton. "I really enjoyed what I was doing and the people I was working with. My clients became friends, and they felt like family to me.”

Catton’s been redefining the rules his entire life, motivated by a relentless pursuit of improvement. And to that end, he didn’t want to retire or hang it up, he says, adding that he felt a life of hard-earned experiences was worth sharing and may have value to those who follow a similar path. 

It’s not that he couldn’t retire; he truly didn’t want to walk away, he says.

“Most people do a pretty poor job of preparing for retirement," says Catton. "A person needs to embrace a hobby, second career, or a vocation that they really love — something they want to do that provides a sense of giving and accomplishment.”

Catton’s longtime career, like most things in his life, has been mission-motivated; fueled by a strong sense of purpose and an abiding desire to perform at the highest level, he says. His work experiences include time as an aviation cadet, Air Force officer, and fighter pilot, followed by a stint as a bond broker, financial adviser, entrepreneur, and mentor. In each role, he worked to redefine the rules and push the limits of each pursuit.

He attended Fighter Weapons School where he was recognized as the first of two students to score 100% in every academic subject and graduated at the top of his class. He later returned to the school as an instructor, where he demonstrated and taught the next generation of fighter pilots to push themselves and their airplanes to the fine edge of the performance envelope.

His pilot experience includes performing in more than 253 airshows for 7.7 million spectators worldwide as a member of the U.S. Air Force Thunderbirds Flight Demonstration Team. Over the course of his military career, Catton has been recognized for valor, gallantry, meritorious service, and dedication to the U.S. He also was awarded the Distinguished Flying Cross on three separate occasions: first, as Lead Solo for the Thunderbirds; followed by recognition for heroism in engaging hostile aircraft — including two confirmed air victories — over enemy territory; and lastly, for exceptional bravery in leading an attack on 10 to 15 enemy aircraft including four more victories.  

Catton earned the rank of colonel three years before his contemporaries and eventually retired from the military in 1973. Following his military service, Catton moved to Spokane and founded Catton Financial Services, where he earned a reputation for prioritizing his client’s interests ahead of his own. 

Early in his financial career, Catton sold bonds, promoting certainty and helping everyday investors prepare for retirement long before 401(k) plans became a mainstream retirement strategy.

Catton's career experience may help inspire the next wave of retirees to consider their options. For baby boomers and Gen Xers, Catton aims to help redefine retirement. 

“Do what you love as long as you’re able to do it in a competent and trustworthy manner. If it takes you to 85 or 90, so be it,” Catton says.   

For those approaching the end of their careers, consider the following actions:  

• Define a vision and establish goals for your life beyond 65.
• Improve your financial security and establish investment strategies through age 99.  
• Commit to your physical health and do what you can to improve your longevity.
• Create a work schedule that fits your desired lifestyle and reduces stress.   
• Update your estate plan to reflect your evolving goals and changing responsibilities.

Then, adjust as necessary to address your needs as life unfolds.

Everyone can find something to dislike about work. On any given day, people face stressful situations, unhappy customers, and seemingly unnecessary tasks. But, if you’re committed to a long career, work through the inconveniences of the day and find things to love. 

Extending a career is an opportunity to continue contributing, giving back, and sharing a lifetime of learned experiences.

Kevin Spafford is a certified financial planner and partner adviser with Allworth Financial in Spokane. He is available at the office: (509) 624-5929, by cell: (530) 966-5560, or by email: [email protected].