By John Hayden
If you want to enjoy the golden years you’re gonna need a hoard of gold, or at least a big stash of cash. Some save over the course of a lifetime, while others delay and delay until they figure it’s too late and rely on social security and possible pensions.
Michael A. Garcia, Esq., MBA, says it’s never too late to start. A financial advisor with Northwestern Mutual, Garcia and his husband, Dr. Troy Robinson, have long been members of South Florida’s LGBTQIA+ community. His perspective gives him insight into financial situations that can be unique to our community.
He says there is more to saving for retirement than putting money in a 401k (although that is important, too).
“A holistic financial plan is not only about saving retirement dollars, but also it entails an understanding that we may outlive our savings if we don’t factor in the costs of taking care of ourselves in the event of a chronic illness that could deplete our savings over a relatively short period of time,” Garcia told OutClique.
Garcia helps people build around a plan for retirement that begins with taking a hard look at their current circumstances. He asks clients to sort wants from needs and see how much they spend on basic expenses, such as housing, insurance, auto, and food.
Even smart savers who began planning in their twenties can face challenges when life gets in the way and forces them to tap into savings.
“For millions of retirement savers, the pandemic was a gut punch,” he says. “There was the jarring stock market drop in March 2020, then millions lost their jobs, health insurance, and the ability to fund their savings. It was a financial catastrophe for many Americans, and they may not recover for years. But getting either back on track or on track to financial freedom is possible.”
Garcia prides himself on really listening to potential clients when they talk about their retirement dreams so he can help make them come true.
Fabric Of Community
Garcia and his husband came to South Florida 26 years ago and aren’t just residents of the community, they’re active members of the community. It’s a community he says that has grown closer, both physically and emotionally, since the mid-90s.
“Today, I live in Wilton Manors, a place where I can proudly say that I am a member of a world-class LGBTQ+ community with a wide range of resources and events. Since the early 2000s, the Wilton Manors community has seen unprecedented growth of LGBTQ+ owned businesses on Wilton Drive and adjacent areas. The growth of the Pride Center at Equality Park and the Stonewall Pride Parade and Street Festival have increased our national and international visibility as a premier destination for all members of the LGBTQ+ community.”
He is a member of the Founders Circle of the Pride Center, SAGE, the Riverwalk Fort Lauderdale Trust Board, the Advisory Planned Giving Committee for the Memorial Healthcare System, as well as being members of Saints Francis & Clare Catholic Church in Wilton Manors.
“I believe that to become a true member of a community is to not only partake of its services, but to also find ways to give back in a tangible way to foster its growth and continued development.”
Smart Financial Decisions
Planning next year’s budget can be a challenge for many people, so planning for decades down the road can seem daunting. That’s where Garcia comes in. His education and experience aren’t easily matched. He graduated valedictorian of his high school class and became the first member of his family to attend college when he went to Stanford, where he graduated with honors. A professor suggested he go to law school, so Garcia applied to Cambridge University in England. It was a long shot, but it came through, with a full scholarship to boot.
Working in a law firm didn’t fulfill his desire to make a difference in his community, so it was back to school. This time he went to UCLA’s Graduate School of Management with a focus on finance and strategic planning.
“This expanded my ability to help others in a real and tangible way. Prior to joining Northwestern Mutual as a Financial Advisor, I worked for Fortune 100 companies, including IBM Latin America, which brought me to South Florida in the mid-1990s.”
Family Tradition
Garcia credits his relentless drive to improve himself and his community to his grandfather’s ‘si se puede’ (yes, you can) attitude.
“[That] attitude gave him the courage to leave behind the civil unrest of Mexico in the 1920s to forge a new life in the United States with his new wife. For my grandfather, this difficult decision meant leaving behind the comforts of his family hacienda as well as his circle of family and friends with little more than the clothes on his back and a few pennies in his pocket.”
It’s a lesson Garcia carries with him today when he works with people on their future.
“My life mantra is best summarized by my grandfather Julian’s perspective that in life anything is possible if you put your mind and heart into it with a sincere desire to help your family and community to live a better life.”
