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Dear Member, We are pleased to introduce the 2025 Report on Oil and Gas Professionals Financial Preparedness designed to provide you with up-to-date information to benchmark your retirement savings progress, to help you identify opportunities to improve your situation, and to ensure you have access to resources to help you succeed. Nearly 500 members of the American Association of Petroleum Geologists, American Association of Professional Landmen, and Society of Exploration Geophysicists participated in an anonymous, national survey about their personal financial planning needs, concerns, attitudes, and behaviors as the navigate toward a secure retirement. Key findings and insights in the report:
We look forward to your feedback. Sincerely, GeoCare Benefits Committee Members
Retiring from the Industry? Retired Geoscientists and Landmen Share Advice As the idea of retirement moves from the back burner to top-of-mind, oil and gas professionals will need to thoroughly prepare, both financially and personally, to ensure a smooth and enjoyable transition. Insights from successfully retired oil and gas professionals can be invaluable in this process. More than 125 retired geoscientists and landmen members of AAPG, AAPL and SEG, participated in the 2025 Report on Oil and Gas Professionals Financial Preparedness research, sponsored by GeoCare Benefits. Among the retired geoscientists and landmen surveyed, nearly all (93%) are satisfied or very satisfied with their retirement.  When asked to share thoughts with peers getting ready to retire, successfully retired oil and gas professionals offered their support and frank advice. Their verbatim carried key themes: Plan ahead. Start planning well before your intended retirement date. Discuss your goals and expectations with your spouse or partner and a financial advisor. This advance planning is essential to make necessary adjustments to your investments and income streams to ensure a smooth retirement transition. Perform a detailed analysis of your income and expenses over the last five years. This includes all sources of income and every expenditure. This review will provide a clear picture of your financial habits and offer comfort if you’ve been a diligent saver. Understanding your financial position is critical in planning for the future. Pay off and avoid new debt Aim to retire debt-free, many retired respondents offered. This includes paying off mortgages, credit cards, and other loans. Once retired, avoid taking on new debt. If you must take on new debt, be strategic in the amount of debt, interest rate, and term. Live within your means to ensure financial stability. Avoid financial risks Avoid taking unnecessary financial risks and consider managing your investments personally to prevent fraud or mismanagement, cautioned one respondent. Develop a realistic budget that accounts for all expected expenses in retirement. Compare this with your anticipated income to ensure financial feasibility. Seek professional advice Consult with a financial advisor for investment strategies. If you are managing your own planning, bring in the advice of multiple professionals to ensure you’re making well-rounded decisions. Determine a withdrawal rate sufficient for your retirement needs. Adjust your withdrawals to ensure sustainability, considering higher healthcare costs before Medicare eligibility, dental, increasing annual premiums for supplemental Medicare coverage, and ongoing expenses like homeowners and auto insurance and real estate and income taxes. Enjoy your savings. While it’s important to save for retirement, successfully retired geoscientists and landmen insist it's equally important to enjoy your savings. Consider spending some of your savings while you can still enjoy it. You may want to consider making significant gifts or donations during your lifetime rather than posthumously. This approach allows you to see the impact of your generosity. Stay healthy. Invest in your health through regular exercise and preventive care was a common theme among retired oil and gas professionals. A healthy lifestyle can reduce medical expenses and enhance your quality of life in retirement. Ensure you have adequate health insurance coverage. Understand the costs associated with Medicare and explore supplemental insurance options. Make sure everything is in place. Before retiring, ensure that all financial and personal plans are firmly in place. This includes confirming that your retirement income will cover your expenses and that you have a clear plan for managing your time. Update your will or establish a trust to manage your estate according to your wishes. Remember to include directions for pets or other animals that fall within your estate. Ensure all documents are up to date and share your plans with close family members. Designate powers of attorney for finances and healthcare to ensure your affairs are managed according to your wishes, should you become incapacitated. Stay active and engaged. Retirement is an opportunity to explore new interests and passions, shared many retirees. Stay curious and engage in lifelong learning to keep your mind sharp and enjoy new experiences. Find activities and hobbies that keep you physically and mentally active. Stay connected with friends, family, and community groups to maintain a fulfilling social life. By following these comprehensive tips from satisfied, retired oil and gas professionals, you can approach retiring from the industry with confidence. And as many shared: Relax and enjoy your retirement. You’ve worked hard to reach this point, and with careful planning, you can look forward to a rewarding and fulfilling retirement for many years to come. Related Articles from the Report: 6 Characteristics of Financially Prepared Geoscientists and Landmen Justin Brownlee, CFP, Offers Professional Advice for O&G (Part 1) Justin Brownlee, CFP, Offers Professional Advice for O&G (Part 2) Navigating Success in an Unpredictable Industry: Career Advice for Oil & Gas Professionals Retired Petroleum Geoscientists and Landmen are Satisfied; Confident about Savings, new study finds About the Study: The 2025 Financial Preparedness Report™ for Oil and Gas Industry Professionals is based on the in-depth study of landmen and petroleum geologists and environmental geophysicists across the country, examining their personal financial planning needs, concerns, attitudes, and behaviors as they navigate toward a secure retirement. The Report, sponsored by GeoCare Benefits, provides insights gleaned from nearly 500 active and retired oil and gas professionals in May 2024. Individual responses were strictly anonymous. Research designed and conducted by LightForce Marketing. Members of the American Association of Petroleum Geologists, American Association of Professional Landmen and Society of Exploration Geophysicists participated in the study. N=462 MOE ± 4.5%.
6 Characteristics of Financially Prepared Geoscientists and Landmen Despite the industry’s volatility, two-thirds of oil and gas professionals surveyed say they are financially prepared for retirement—many with more than $2 million in retirement savings How prepared are you for a secure retirement after a career in the Oil and Gas industry? On track? Ahead of schedule? Or if you’re already retired, how confident are you that your savings will last through your retirement? To get insights and data they could share with members, The American Association of Petroleum Geologists, American Association of Professional Landmen, and the Society of Environmental Geophysicists collaborated with GeoCare Benefits to assess members’ personal financial, retirement saving, and risk management needs. More than 450 working and retired professionals in the oil and gas industry participated in an anonymous survey, sharing their financial experiences, concerns, along with tips and strategies they’ve relied on throughout their careers to achieve success. Findings: Data from the GeoCare Benefits’ 2025 Report on Oil and Gas Professionals Financial Preparedness revealed that 66% of surveyed geoscientists and landmen say they are on track (56%) or ahead of schedule (10%) in saving for retirement. 34% say they are behind in their overall retirement financial plans.  Key Insight: Overall, 10% of respondents said their retirement financial plans are ahead of schedule, yet researchers found geologists and landmen who are ahead of schedule for retirement in every age group, at every career stage, married and single, and with varying amounts in their financial portfolios. In fact, 16% of those surveyed under age 40 say they are ahead of schedule in their retirement savings at their age and career stage.  When exploring the data, we found 6 characteristics that financially prepared O&G professionals share regardless of age or amount in their portfolio:     
Conclusion: About two-thirds (66%) of landmen and geoscientists surveyed for the 2025 Report on Oil and Gas Professionals Financial Preparedness say they are on track or ahead of schedule in saving for retirement, many with more than $2 million in diversified portfolios. The study also found retired oil and gas professionals to be very satisfied and confident that the money they have saved will last through retirement. The Report sheds light on opportunities for young oil and gas professionals to consider—including 6 Characteristics of Financially Prepared Geoscientists and Landmen, along with sage career advice from successfully retired oil and gas professionals and meaningful financial benchmarks to consider as you sharpen your own retirement plan. Characteristics that serve oil and gas professionals well in their career, such as building acumen, protecting against the unexpected, and spending necessary time planning for the future can be significant advantages to build a secure retirement. Related Articles from the Report: Retiring from the Industry? Retired Geoscientists and Landmen Share Advice Justin Brownlee, CFP, Offers Professional Advice for O&G (Part 1) Justin Brownlee, CFP, Offers Professional Advice for O&G (Part 2) Navigating Success in an Unpredictable Industry: Career Advice for Oil & Gas Professionals Retired Petroleum Geoscientists and Landmen are Satisfied; Confident about Savings, new study finds About the Study: The 2025 Financial Preparedness Report™ for Oil and Gas Industry Professionals is based on the in-depth study of landmen and petroleum geologists and environmental geophysicists across the country, examining their personal financial planning needs, concerns, attitudes, and behaviors as they navigate toward a secure retirement. The Report, sponsored by GeoCare Benefits, provides insights gleaned from nearly 500 active and retired oil and gas professionals in May 2024. Individual responses were strictly anonymous. Research designed and conducted by LightForce Marketing. Members of the American Association of Petroleum Geologists, American Association of Professional Landmen and Society of Exploration Geophysicists participated in the study. N=462 MOE ± 4.5%. Justin Brownlee, CFP, Offers Professional Advice for O&G (Part 1) Topics:
As part of the research behind the GeoCare Benefits’ 2025 Report on Oil and Gas Professionals Financial Preparedness, hundreds of the participating landmen and geoscientists wrote pieces of personal financial advice to their younger peers. We took the issues, the Report, and our questions and reached out to founder and lead advisor Justin Brownlee, a Certified Financial Planner (CFP) with Brownlee Wealth Management, a fee-only advisory firm serving families in the oil and gas business. He also co-hosts the Financial Planning for Oil & Gas Professionals podcast. Our thanks to Justin for sharing his time and expertise for this Q&A Q. What is your advice for oil and gas industry professionals when it comes to preparing for career volatility on their path to a secure retirement? A. It’s important to have both qualified and non-qualified assets in Oil & Gas. While qualified plans provide the most tax benefits (401k and pension), non-qualified assets like a brokerage account or simply cash savings are extremely flexible—there is no age 59.5 requirement to access them. Building a nest egg in both qualified and non-qualified accounts gives you more flexibility. Beyond your savings vehicle, it’s important to think through your lifetime tax rate and estate planning as you build wealth. Q. Job changes are frequent in the industry. What do you advise investors to do with their 401(k) accounts as they change jobs. A. We have talked about this a lot on the Financial Planning for Oil & Gas Professionals Podcast. There are two components to be considered:
Q. The research highlights the sheer number of self-employed landmen, geologists and geophysicists who don’t have access to a 401(k) to save for retirement. How do you advise them to save for retirement? A. Two things come to mind:
Q. One respondent when asked for advice for those nearing retirement suggested“ converting funds from traditional IRAs to Roths annually to reduce taxes and lessen RMD exposure at 73.” Do you agree? What is involved in converting funds from traditional IRAs to Roth IRAs? A. This is one of the single largest planning opportunities for Oil & Gas professionals. A great financial planner should help you figure out 1. Your current lifetime tax rate and 2. What you can do to lower your lifetime tax rate. Executing partial conversions after you retire but before RMDs begin can have a seven-figure lifetime tax impact. Mapping out how much to convert, when to convert it, and what pool of money you will live off of and pay the tax bill for these Roth conversions are all important components. A great advisory firm should be able to help you not just manage your portfolio, but also get your tax return done and execute significant tax planning opportunities like Roth conversions. Q. Many successful career O&G professionals advised “maxing out” qualified retirement plans. Is this sound advice? How should people balance saving for retirement while taking care of everyday financial obligations? A. Our research from our blog and podcast has consistently shown that O&G professionals have significantly more saved than professionals in other industries precisely because more O&G professionals max out their qualified retirement plans than other professionals in other industries. If possible, maxing out retirement plans can have enormous long-term benefits. Q. Self-employed landmen and consulting geoscientists generally don’t have life or disability insurance coverage through work. What are your thoughts on insurance for those working in the industry? A. Until you are fully self-insured (have enough assets to be financially independent), and if you have anyone who depends on your income for their well-being, you should consider securing the appropriate amount of coverage via private policies in both immediately. As a general rule of thumb, we love fixed term life insurance policies over any form of whole life/cash value policies. For more advice, see Part 2 of our Q&A with Justin Brownlee, CFP®. Related Articles from the Report: Retiring from the Industry? Retired Geoscientists and Landmen Share Advice 6 Characteristics of Financially Prepared Geoscientists and Landmen Justin Brownlee, CFP, Offers Professional Advice for O&G (Part 2) Navigating Success in an Unpredictable Industry: Career Advice for Oil & Gas Professionals Retired Petroleum Geoscientists and Landmen are Satisfied; Confident about Savings, new study finds About the Study: The 2025 Financial Preparedness Report™ for Oil and Gas Industry Professionals is based on the in-depth study of landmen and petroleum geologists and environmental geophysicists across the country, examining their personal financial planning needs, concerns, attitudes, and behaviors as they navigate toward a secure retirement. The Report, sponsored by GeoCare Benefits, provides insights gleaned from nearly 500 active and retired oil and gas professionals in May 2024. Individual responses were strictly anonymous. Research designed and conducted by LightForce Marketing. Members of the American Association of Petroleum Geologists, American Association of Professional Landmen and Society of Exploration Geophysicists participated in the study. N=462 MOE ± 4.5%. Professional Financial Advice for O&G: Justin Brownlee, CFP (Part 2) Topics:
An important objective of the GeoCare Benefits 2025 Report on Oil and Gas Professionals Financial Preparedness is to provide actionable insights for members. To help, we reached out to Justin Brownlee, CFP, and founder/lead advisor with Brownlee Wealth Management, a fee-only advisory firm serving professionals in the oil and gas business Our thanks to Justin for sharing his time and expertise for this Q&A Here is Part 2 of our Q&A: Q. What advice do you have for those who are behind, and ready to turn things around. What are the three most important things to do first? A. Here’s the thing—I get asked some form of this question a lot by prospective clients, “Am I in a good or bad position?” My answer is always the same—with financial planning, it’s not overly relevant whether your current static position is “good” or “bad.” What is far more relevant is the direction you’re going in, and how fast you’re moving in that direction.
Q. The research highlights the sheer number of self-employed landmen, geologists and geophysicists who don’t have access to a 401(k) to save for retirement. How do you advise them to save for retirement? A. Two things come to mind:
Q. One interesting piece of personal financial advice offered by a survey respondent was “Be careful buying working interest in wells.” How would you advise an oil and gas industry professional who is thinking about buying a working interest in a well project? A. The tricky part of our work as a firm who specializes in Oil & Gas professionals is over-concentration. At the end of the day, the typical family we work with already has an enormous amount of exposure to Oil & Gas. Their livelihood comes from Oil & Gas. Their benefits are often tied to Oil & Gas (especially if they have RSUs or other equity compensation). And our privately held business owners obviously have significant Oil & Gas exposure on their balance sheet. As a result of this, it’s not uncommon for us to help clients invest in anything but Oil & Gas. Don’t get me wrong—we love the industry. But being mindful of having too much present and future exposure to O&G is critical to weathering the volatility this industry experiences. Q. The research showed that oil and gas professionals who have their estate plans in place including updated wills and directives, are the most financially prepared for retirement. How does estate planning fit into being financially prepared for retirement? What are the most important estate plan elements? A. Two points here.
Q. Data suggests that there are lots of oil and gas industry professionals who prefer to manage their own retirement planning. What advice do you have for those who are handling their own fund management and decision-making? A. It’s absolutely possible. But you need to accurately measure your own ability to do so and execute your plan well over a 30+ year period. Granted, even if you hire an advisor, you must understand how to hire the right advisor (looking for an independent fee-only firm with a fixed fee schedule can be a great place to start). We made a podcast specifically on being a DIY investment manager: https://www.bwmplanning.com/post/diy-investing-episode-33-fpog-podcast We have another episode for Oil & Gas Professionals on how to recreate a paycheck in retirement: https://www.bwmplanning.com/post/recreating-a-paycheck-in-retirement-episode-24-fpog-podcast Again, you can be your own financial advisor if you want. It’s important to measure the risk and consequences of being wrong. But it’s also worth making sure you know how to hire the right advisor if you go down that path. Q. Younger oil and gas professionals were most likely to say they don’t have an advisor because they haven’t found someone they trust, or they don’t think they have enough money to warrant a professional. At what point should a professional advisor be considered? Any tips for finding the right one? A. This is a great question. I think it can be helpful to be your own advisor for a period of time at the beginning of your career. This forces you to take ownership of your own financial decisions and seek out education in the areas you need help with. It’s hard to put an exact number on when someone needs an advisor. But a helpful framework is whenever the value you receive surpasses the cost: You probably need an advisor when the consequences of managing either your assets or tax situation are so substantial that it warrants paying for advice. For more advice, see Part 1 of our Q&A with Justin Brownlee, CFP® Related Articles from the Report: 6 Characteristics of Financially Prepared Geoscientists and Landmen Retiring from the Industry? Retired Geoscientists and Landmen Share Advice Justin Brownlee, CFP, Offers Professional Advice for O&G (Part 1) Navigating Success in an Unpredictable Industry: Career Advice for Oil & Gas Professionals Retired Petroleum Geoscientists and Landmen are Satisfied; Confident about Savings, new study finds About the Study: The 2025 Financial Preparedness Report™ for Oil and Gas Industry Professionals is based on the in-depth study of landmen and petroleum geologists and environmental geophysicists across the country, examining their personal financial planning needs, concerns, attitudes, and behaviors as they navigate toward a secure retirement. The Report, sponsored by GeoCare Benefits, provides insights gleaned from nearly 500 active and retired oil and gas professionals in May 2024. Individual responses were strictly anonymous. Research designed and conducted by LightForce Marketing. Members of the American Association of Petroleum Geologists, American Association of Professional Landmen and Society of Exploration Geophysicists participated in the study. N=462 MOE ± 4.5%. Navigating Success in an Unpredictable Industry: Career Advice for Oil & Gas Professionals A career in the oil and gas industry can be lucrative, but success in this field requires a strategic approach. Insights from nearly 500 (N=462) senior-level and retired professionals highlight the importance of adaptability, continuous learning, and financial prudence. As part of the 2025 Report on Oil and Gas Professionals Financial Preparedness, actively working and retired landmen and geoscientists shared their advice for young people looking to make it in the industry. Several themes emerged in their frank career advice: Your job is your most valuable financial asset. Treating your job as an important financial asset means staying current in your field, learning the business side of oil and gas, and diversifying your skills. Many seasoned professionals urge younger landmen and geologists to explore different aspects of the industry regularly, as diversification not only enhances your expertise but also safeguards your income against market fluctuations. “Work like crazy and be multi-disciplinary.” Many respondents emphasized the importance of expanding your skill set beyond just technical knowledge in their advice. Diversifying your experience across various areas within the industry can help ensure a source of income, even when the market is unstable. Build your network and personal brand. “Plan to change jobs, so build your network and personal brand as a technical expert in a ‘sellable’ skill area,” said one senior-level professional. “Getting to know key people working in your discipline can also provide a safety net in a volatile industry,” added another. Building and maintaining professional relationships within the industry can add another layer of support in tough times. Knowing your worth is equally important as you build your career. “Don’t accept a job offer just because you need it; ensure it compensates you fairly, allowing you to pay off debts and live comfortably.” Similarly, another respondent emphasized the need to “value your work appropriately, and don’t undercut yourself as a normal matter of creating income.” Continuous education and thinking outside the box can also elevate your career and make you more valuable to an employer. Finding a mentor and seeking out new learning opportunities are vital steps in navigating a career in the land profession. “Re-invent yourself every five years. Work well with others. LISTEN.” Prepare for volatility. As one experienced oil and gas professional shared, “The oil and gas industry is inherently volatile, and experienced geologists and professional landmen stress the importance of being prepared for the highs and lows. Reinventing yourself every few years, maintaining a savings cushion, and avoiding financial overextension are essential strategies for weathering downturns. “You need to be prepared for the downtimes to survive.” "Don’t think your salary will always be the same, or that you’ll have consistent work," advised one oil and gas professional, highlighting the importance of saving aggressively during the good times. Getting through the downtimes. “Start saving as soon as you can because you never know when you’ll get laid-off, whether or not you’ll get severance if you’re laid off, or how long it will take to find another job,” offered one respondent. Others emphasized that when the industry is up and you have a good job, there is an even more pressing need to save more in order to survive the downturns. “Oil and gas prices are not an exact science. We do not control world events and oil is a global commodity,” stressed another senior professional in the industry. “Attempt to live below your means so as to save for a rainy day, because those days will come.” "Work your way up as far as your field will allow you and continue getting education. The more educated you are, the more valuable you are to an employer. Think outside the box.” While a career as a landman or geoscientists in the oil and gas industry can be rewarding, it requires resilience, adaptability, and strategic financial planning. By staying versatile, continuously learning, and preparing yourself financially for the industry's ups and downs, you can set yourself up for long-term success. “Getting to a point of having your kid’s education planned and saved for, your home paid off, with no debt, being able to pay cash for your vehicles, basically not having personal debt is so freeing.” Related Articles from the Report: Retiring from the Industry? Retired Geoscientists and Landmen Share Advice 6 Characteristics of Financially Prepared Geoscientists and Landmen Justin Brownlee, CFP, Offers Professional Advice for O&G (Part 1) Professional Financial Advice for O&G: Justin Brownlee, CFP (Part 2) Retired Petroleum Geoscientists and Landmen are Satisfied; Confident about Savings, new study finds About the Study: The 2025 Financial Preparedness Report™ for Oil and Gas Industry Professionals is based on the in-depth study of landmen and petroleum geologists and environmental geophysicists across the country, examining their personal financial planning needs, concerns, attitudes, and behaviors as they navigate toward a secure retirement. The Report, sponsored by GeoCare Benefits, provides insights gleaned from nearly 500 active and retired oil and gas professionals in May 2024. Individual responses were strictly anonymous. Research designed and conducted by LightForce Marketing. Members of the American Association of Petroleum Geologists, American Association of Professional Landmen and Society of Exploration Geophysicists participated in the study. N=462 MOE ± 4.5%.
Retired Petroleum Geoscientists and Landmen are Satisfied; Confident about Savings, new study finds According to data released from the 2025 Report on Oil and Gas Professionals Financial Preparedness, retired geoscientists, petroleum geologists and landmen are enjoying a satisfying retirement after a career in the industry. The survey, sponsored by GeoCare Benefits, was sent to retired members of AAPG, AAPL and SEG, in their 60s, 70s, 80s and 90s. More than 125 retired oil and gas professionals shared their experiences, opinions, and retirement financial details in an anonymous, in-depth national study. Retired respondents were 93% male and 5% female, which is representative of the gender among employed geoscientists and landmen in the 1970s and 1980s. Two percent preferred not to say or to self-describe. More than 90% of retirees are satisfied or very satisfied with their retirement Nearly all (98%) say they are confident or very confident that their savings will last through retirement.  Other data highlights from the Report include:
  Unlike younger employed oil and gas industry professionals today who typically start saving for retirement with their company 401(k) plan, retired oil and gas professionals had to fund their own retirement until qualified plans were introduced in the workplace, beginning in the 1980s, as a mechanism to help Americans save for retirement. Among other findings, about half (53%) of surveyed retirees work with a professional financial advisor (CFP®) to assist with financial decisions and retirement. The majority say they are satisfied or very satisfied with their current advisor. For those who handle their own finances, most feel very knowledgeable about financial issues and prefer to manage their own retirement portfolio. Retired geoscientists and landmen also tended to work later in life, with many practicing well past age 70 as a part-time consultant to an oil and gas company or as an independent landman or small business owner. Continuous education and thinking outside the box can also elevate your career and make you more valuable to an employer. Finding a mentor and seeking out new learning opportunities are vital steps in navigating a career in the land profession. Those extra years saving for a retirement nest egg do add up: About 70% of retired oil and gas professionals surveyed have more than $1 million in their current retirement portfolio, including nearly 40% with more than $3 million in their retirement portfolio. Related Articles from the Report: Retiring from the Industry? Retired Geoscientists and Landmen Share Advice 6 Characteristics of Financially Prepared Geoscientists and Landmen Justin Brownlee, CFP, Offers Professional Advice for O&G (Part 1) Professional Financial Advice for O&G: Justin Brownlee, CFP (Part 2) Navigating Success in an Unpredictable Industry: Career Advice for Oil & Gas Professionals About the Study: The 2025 Financial Preparedness Report™ for Oil and Gas Industry Professionals is based on the in-depth study of landmen and petroleum geologists and environmental geophysicists across the country, examining their personal financial planning needs, concerns, attitudes, and behaviors as they navigate toward a secure retirement. The Report, sponsored by GeoCare Benefits, provides insights gleaned from nearly 500 active and retired oil and gas professionals in May 2024. Individual responses were strictly anonymous. Research designed and conducted by LightForce Marketing. Members of the American Association of Petroleum Geologists, American Association of Professional Landmen and Society of Exploration Geophysicists participated in the study. N=462 MOE ± 4.5%. |
