GUEST COLUMNIST - Reaching the summit isn’t the end of the journey

Planning for life after retirement

ERICH VARGAZ, CFP® senior senior VPinvestment officer, Wells Fargo Advisors

29,031 feet. That’s the height of Mount Everest, the world’s tallest mountain. Some people make it their life’s mission to summit Everest. As of January 2023, more than 6,300 brave individuals have successfully climbed to the top of this historic peak. The climbers who take on Mount Everest are some of the most skilled, knowledgeable and qualified climbers in the world. They practice and prepare for years before a climb.

Here’s a sad reality about attempting to climb Everest: According to leading resources on Mount Everest mountaineering, more than 250 deaths have occurred during climbing expeditions. The part you may not know is only 15% of those deaths occur during the climb up the mountain.

The vast majority prepare vigilantly to ascend Mount Everest but fail to focus on the impending journey down the treacherous peak. During the 1996 climbing season alone, 15 climbers lost their lives and eight of those were on the same day. How many of those deaths could have been prevented if getting down the mountain was as important as reaching the summit?

In April, we were lucky enough to host an event with famous mountaineer Ed Viesturs. Ed is one of only a few individuals in the world to summit all 14 of the world’s tallest peaks (8,000+ meters). And if that wasn’t enough of a challenge, he did it without the use of supplemental oxygen.

Ed knows a thing or two about risk, and he is quoted as saying, “Getting to the summit is optional; getting down is mandatory.”

When climbing Mount Everest, the summit is merely a halfway point. When you reach it, you’ve accomplished something amazing, but you’re also fatigued, cold and at maximum risk.

This holds true for investing as well. No matter where you are on your journey, you need to have the right tools and resources. You need to analyze your goals, how you plan to reach them, and the risks you may encounter along the way. If you’re nearing retirement, this may feel like a career summit of sorts.

Clearly, retirement is not the end of the journey. You must safely navigate the rest of your journey, which can be very different from the first half. Investment planning requires analyzing these things with a trusted professional and coming up with a course of action for the whole journey. Make sure you have a plan to reach the summit and descend safely as well.

Investment and insurance products: not FDIC insured/no bank guarantee/ may lose value.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered brokerdealer and non-bank affiliate of Wells Fargo & Company.

The views expressed are those of Erich Vargaz and do not necessarily represent those of the Rockford Chamber of Commerce.