
Enduring Peace
Do you have enough money to fund your retirement?
The average American has a life expectancy of 77.5 years, according to the CDC’s National Center for Health Statistics. Given continued advances in medicine, technology, and other factors that can contribute to human well-being, the number will likely continue to inch up.
Although most people would consider nearly 80 years a long and fulfilling life, humans have the potential to live far longer. Consider Maria Branyas Morera, a San Francisco-born woman who passed away in August 2024 at the age of 117.
Living longer is generally considered a boon for humankind, but extended life does present some challenges. Considering the generally accepted retirement age of 65, how can someone afford to sustain their lifestyle for another 50 years after leaving the work force? Andrew S. Vitek, first vice president/investments with Wyncote Wealth Management Group in Montgomery County, has an answer: by planning for it.
“Any type of goal has a time horizon, whether it’s five years, one year, or six months, and sometimes you have to adjust because of extenuating factors,” he says. “The time it takes to reach your goal may shorten or lengthen, but getting to any goal requires planning and intention. It may sound obvious, but any type of financial goal should be met with a time frame and investment approach that are appropriate to the person and the goal.”
Many retirees or pre-retirees choose not to “go it alone” when plotting out the future, financially speaking. The expertise of a qualified financial investor can make a significant difference. That may be especially true in cases like the late Maria Branyas Morera, in which one’s future lasts far longer than anticipated.
Any qualified financial advisor will begin the process by gaining an in-depth understanding of an individual’s goals, dreams, and risk tolerance, among other factors. Once an advisor has a clear picture of a client’s financial picture and future hopes, he or she can then start piecing together the puzzle. Although carefully chosen investments can bolster an investor’s ability to enjoy a comfortable retirement, they represent one of many possible components of a comprehensive financial plan. An advisor would also consider insurance, tax implications, and opportunities for income streams that can help sustain a client’s lifestyle long after one’s working years have come to an end. The primary goal: to ensure that someone does not outlast their money.
For those who prefer a “DIY” approach, or for those who feel they either cannot afford or would not benefit from the expertise of a financial advisor, an abundance of helpful resources abound.
The Not Just Numbers podcast is a good example. Hosted by Michael J. Garry, CFP®, AIF®, a financial advisor, attorney, and founder and CEO of Yardley Wealth Management LLC in Bucks County, Not Just Numbers strives to offer “honest conversations” about important topics likely to affect one’s financial future. Launched nearly two years ago, the podcast has amassed close to 50 episodes. Past topics include taking over finances when a loved one dies, estate planning, tax-planning strategies, underspending in retirement, and the psychology of financial wellness.
Published (and copyrighted) in Suburban Life magazine, April 2025.