Episode Takeaways
What if the biggest financial mistake high earners make isn’t what they invest in, but when they start paying attention? What if the habits you build early quietly shape everything about your future freedom?
In this episode, Danton Troyer and Kyle Luetters sit down with Ciaran Brady, Vice President of Manufacturing, Science, and Technology at Vertex Pharmaceuticals, a biotechnology leader with decades of experience across both startup and global pharmaceutical environments, to explore what it really means to prepare for retirement while you’re still in your peak earning years.
Ciaran shares a real-world perspective on how mindset, career evolution, and small financial decisions compound over time. From navigating equity compensation and career transitions to managing risk, removing emotion from investing, and aligning money with life priorities, this conversation goes beyond numbers.
They unpack how high earners can avoid common pitfalls, build sustainable habits, and start thinking more intentionally about what “enough” really means, both financially and personally.
Connect With Danton Troyer:
- Moneta Group
- LinkedIn: Danton Troyer
- dtroyer@monetagroup.com
- (314) 735-9087
Connect with Kyle Luetters:
- Moneta Group
- LinkedIn: Kyle Luetters
- kluetters@monetagroup.com
- (314) 536-8297
Transcript
[00:00:00] Intro: Welcome to Wit, Wisdom, and What Matters Most with Danton Troyer and Kyle Luetters from Moneta Wealth Management. In this podcast, we help corporate executives and business leaders navigate the real life uncertainty around new financial life stages from complex benefits and career changes to retirement and legacy planning.
Join us as we explore these career and life-shaping moments with our guests, helping listeners find clarity so they can focus on what matters most to them.
[00:00:32] RJ Malyk: Hello and welcome to Wit, Wisdom, and What Matters Most Podcast with your hosts, Danton Troyer, and Kyle Luettters. I’m your podcast producer RJ Malyk. Danton, and Kyle, as always, good to see you.
Danton, why don’t you set everything up? Tell us what you’re gonna be talking about on this podcast and then introduce your guest.
[00:00:50] Danton Troyer: Yeah, certainly. Today our topic is preparing for retirement while you’re still in peak earnings. And so today we have Ciaran Brady, I think he’s preparing for [00:01:00] retirement as fast, I think, as he can.
And, and is certainly in that age range where you’re starting to get into your peak earnings season. Ciaran and I have actually worked together for several years now. I had the pleasure to come out to Boston and meet with him and his wife and have dinner, and we still haven’t got that round of golf in yet, but I think that’s coming.
So, Ciaran, maybe walk us through your background a little bit. It’s certainly unique in your industry. So maybe just a, a couple minutes on just how you got started in the industry and how you got to where you are.
[00:01:28] Ciaran Brady: Yeah. Thanks, Danton and Kyle. Yeah, it’s a real pleasure to be here today and to talk a little bit about my experiences, so thanks for having me.
Yeah. As you can tell from my accent, I’m not from the Midwest or the East Coast. I’m Irish. I grew up in Ireland and I moved to the US a long time ago now, 20, 27 years ago. Basically half of my life I’ve spent in the US. I’m a scientist slash engineer by background. I did all of my schooling in Ireland and my graduate programs in [00:02:00] Ireland.
And when I came to the US, I started working in this very unique and buzzy industry called Biotechnology. And that was something that really excited me when I was almost like a kid, the idea of being a scientist and doing amazing things to advance medicine in particular. So that was the, I knew very early on in my life that I wanted to get involved in that.
And I was very lucky to do it. So I, I came to the US; I’ve worked in a number of companies. I started my career in a small company in the Washington, DC area. I spent about 10 years there, and then I joined some larger pharmaceutical companies that folks may know. I worked for Eli Lilly for a number of years, which is when I met Danton actually, I was in the Midwest in Indianapolis.
I worked for Bristol Myers Squibb for a number of years, and now I work at a company called Vertex Pharmaceuticals in Boston, which is where I am today. I’ve, and my specialty is working in manufacturing, so I’ve worked in product development and [00:03:00] manufacturing primarily my entire career.
And basically in a very brief nutshell, we develop manufacturing processes and execute those manufacturing processes to make medicines for patients that are in need for some very serious diseases. So it’s a real pleasure to do what I do; it’s an honor and it excites me every day.
[00:03:21] Kyle Luetters: That is, before we get to the financial aspect of it and like planning for that, describe your journey a little bit throughout your career.
You’ve in a way kinda seen it all. You’ve worked for the small companies, with the big companies. Talk about how those environments are different, you know, maybe from the work environment also too, maybe benefits change at different places. I think some people sit there and go, yeah, you wanna go find a big company because the benefits are great. But maybe you can give us some perspective on small company, large company, and the arc of your career, what you’ve experienced in these different environments.
[00:03:56] Ciaran Brady: Yeah, that’s a great question and I’ll answer that two ways. I think when [00:04:00] you work at a smaller company, which was my experience in the early part of my career, by definition they’re small. So you work through relationships. You work through, you’re wearing multiple hats, you’re…
[00:04:12] Kyle Luetters: taking out the trash, maybe
[00:04:14] Ciaran Brady: You could be doing anything. That’s exactly right. And honestly, as a first experience for me in my career, that was the best learning ground I could’ve ever gotten because I got this huge diversity of experience.
And then conversely, when you move to a big pharma, you’re a little bit more, your workday and your work, your role is a little bit more defined. I think it’s probably fair to say that you have more processes, a little bit more bureaucracy for want of a better term, but of course, what you get with a smaller company is a very innovative mindset. What you get with a larger company is innovation, but more in a structured way.
And I suppose that the second way I’ll answer that is that kind of applies to your benefits – when you work for a smaller company, they put, they tend to put [00:05:00] more emphasis on things like stock options or, so there’s this upside to work for a company like that because you’re working in a smaller, more innovative environment and they’re trying to preserve their cash, so they’re less willing to go higher on salaries and kind of the more defined benefits 401k match, et cetera.
Whereas in the larger companies, they lean more towards giving cash and stronger benefits. But maybe less so in terms of the stock options and those types of things. So that’s how you might experience a smaller versus a larger company in my industry.
[00:05:37] Kyle Luetters: More of a steady Eddie thing versus, no pun intended, with what’s going on in the world right now, the moonshot, if you will. Because you do bring up a very interesting component here, because we have seen folks over time with that equity compensation, again, if the stars align, that is quite lucrative. And then also too, on the flip side, with the larger companies, you are correct, there is more dollars going into [00:06:00] more defined things, you see health insurance being a bit maybe more robust, 401k, that there’s just less things that are probably gonna move the needle a ton, but they’re there repeatedly and predictably.
[00:06:12] Ciaran Brady: Very solid, exactly, steady Eddie-type, very stable type of environment, whereas a little bit more risk involved with a smaller company, but more upside.
[00:06:24] Danton Troyer: Yeah, and I feel like this doesn’t necessarily apply to you, but maybe you know, some of the folks around you, where I felt like we met at a pretty good time to get things going as far as your career and just personal life as well.
But quite often from our perspective, when we see, especially high earners, they want to maybe delay planning and they push it off until you, like, I’ll deal with that when I retire. I’ll deal with that later basically. But have you seen, or maybe, what are your thoughts around why we see that so often?
[00:06:53] Ciaran Brady: Yeah, it’s a good question, Danton, and I think we’ve known each other a while. I think, given my [00:07:00] background, I am by nature a planner, so it’s a foreign concept to me because it’s basically how I think. I can imagine, and I think this is especially true for maybe folks in the earlier part of their career, and as they’re starting to move up into more lucrative roles, higher positions, et cetera, it’s easy to forget that you’re, you need to plan for the future, right?
It’s something that maybe folks don’t think about, they think about they’re at that phase of their life where they’re starting a family, that obviously comes with costs. You’re buying a home, you’re buying the cars. You’re gaining material possessions and looking for some as you’re building your family, as you’re building your life, if you will. Butas you start to make more money, I think maybe the natural instinct is, I make more money, I’m gonna spend more money.
But my more natural instinct is if I make more money, I’m gonna save more money and try to have that mindset without being [00:08:00] necessarily, like I never feel like I need anything. I don’t splurge, but I don’t hold, I’m not frugal really.
I try to live within my means, but, and I find that quite gratifying because I know that I have some stability for the future while I’m still able to enjoy my life and provide for my family. So I think it’s just a little bit of a mindset shift, but the earlier you do that in your career, the bigger impact it has.
[00:08:31] Kyle Luetters: Talk us through a little bit, you hit on some key notes there of it’s a moving target, but how do some of the small decisions that you make compound over time or how have you seen that manifest itself in your career, in your working lifetime?
[00:08:46] Ciaran Brady: Yeah, I think it, it, maybe it’s not necessarily a small decision, but I think even I would give this advice to early career folks, even if it’s only a relatively small amount, put some money away – that doing that [00:09:00] early in your career, it forms a good habit.
B. You’re gonna see that money grow, right? So you’re gonna be more motivated to continue to do it and, and c, once you do it, you won’t miss it. So if you get into the right habit, then you don’t even think about that money going away and going into savings or going into a fund. It’s just something that just happens; a small decision early on like that can have a really big impact.
And especially if you throw in the power of compounding and you get up to a particular number and then all of a sudden your portfolio is actually making more money than you are. Right, and that’s a very amazing thing to see, is if you make those decisions at the right time and early enough, you can see that growth happening.
That’s one thing I would say, I think people, when I say small decisions, I think it’s more people invest with emotion. I don’t think that’s good either. You have to take emotion out of [00:10:00] investing in a lot of ways, and I’ve said this to Danton many times, don’t tell me about what’s going on. I don’t want to know.
[00:10:09] Danton Troyer: That’s part of my job, but yeah.
[00:10:11] Ciaran Brady: Yeah. I don’t want to know, because obviously it’s great to see your money grow, but if the market takes a downturn, I honestly try to ignore it because if you act with emotion and you start saying I need to pull all my money outta this and do this, you can never time the market, right? That’s a really bad decision.
So I think removing emotion, trying to be cautious in respect to that, kind of playing out the long game, those kind of buzzy terms, but I think that’s important. And then again, maybe not necessarily a small decision, but I think a really important decision is, and I think this is especially true in the early part of your life, is don’t run up too much debt – debt is the killer.
Obviously having a mortgage and all that’s a good thing, so that’s not what I’m saying. But if you get into this kind of habit of just [00:11:00] spending everything and running up debt, credit cards, you name it, it’s really hard to come back from that and that’s where people can get into trouble, and then all of a sudden you just have nothing left to save.
Those are a few ways I’d answer, so yeah, don’t get into that. Don’t use too much emotion. Invest early and diversify. Maybe we’ll probably talk about that more, but this is where I’ve really learned from Danton, is the ability to diversify so you can even out the impact of up, but not just when the market’s going up, but more critically if it goes down.
[00:11:37] Danton Troyer: Yeah. And I think that’s one of the things that, you know, especially maybe earlier in your career, it could be difficult ’cause you start receiving, to your point, maybe some equity compensation and you can get very concentrated in your industry and especially when you know a lot about it, it seems like a pretty good deal.
And were there any assumptions you had leading up until where you’re at now that you look back on and say that that wasn’t the way I thought it was gonna [00:12:00] be, that maybe it created me a little more risk as far as just getting to retirement or, vice versa, that maybe helped as well.
[00:12:07] Ciaran Brady: Yeah, I, I think you just said it. If you’re not… the idea of diversification, what I didn’t really have a good grasp of until I started working with you, Danton, is diversification can really reduce that risk. And if you’re in a company and they offer stock and the temptation is to hold onto it because you, obviously you’re biased.
You think that, and you’re hoping, and in many cases it can happen that, that the company will do really well, the stock will go up, et cetera, et cetera, et cetera. And everybody’s happy. But likewise, it can also go down, and then you’re all, you’re leveraged into one stock that you have a lot of emotion around and you have a lot of vested interest in because it’s not just the stock, it’s the place that you work.
And again, it’s about taking some of that emotion out and being more objective [00:13:00] about it. And that’s a strategy that I think has worked pretty well for me over the years.
[00:13:06] Danton Troyer: Yeah. Was that difficult for you necessarily? And we, everybody’s maybe a little bit tied more mentally and emotionally to their company, but I’m just curious, we’ve had those conversations over the years as we were going through, was that ever a difficult decision to maybe sell some of those stocks and say, I’ve given up kind of? You were talking about those smaller companies, they got some big upside potentially, but also that risk is there, too. So I was just curious, kinda your mindset as we’re going through those kind of things, how did that feel and what were your thoughts around that?
[00:13:36] Ciaran Brady: Yeah, that was really tough when, again, in my younger years, which is a while ago, yeah, that again, I was relatively, relatively uneducated around the whole world of investing and when you’re young and stock options in your portfolio and you go, wow, look at this, and this could go up tenfold and I think it’s gonna go up tenfold. I think the company’s doing really well and we’ve got this huge upside [00:14:00] that the bottom line is you just can’t ever predict that. And so the emotion is certainly there, I think as I’ve matured a little bit, I think I’ve been successful in taking some of that out.
You can take the odd little bet as well without taking too much risk. So I think it’s a little bit around what you’re comfortable with yourself, but also it’s about having people advise and having the right information so you can make the right decisions
[00:14:29] Kyle Luetters: As you’re staring down what retirement or slowing down’s gonna look like… it’s not imminent, but it is on the horizon. What’s changed in your perspectives as to how you maybe look at finances, maybe how you look at money? What has shifted over these past couple of years, just as that horizon is starting to get a little bit bigger, brighter as to when you may not be doing this as much full-time anymore?
[00:14:59] Ciaran Brady: [00:15:00] Yeah, certainly as Danton said at the opening, I’m starting to hit that window where I certainly, at least I’m thinking about when that might happen. It’s probably several years away yet, and I still have plenty left to go, but I think your mindset does shift a little bit in terms of a. you’re not just thinking about yourself anymore, right? You’re thinking about your family, you’re thinking about your kids, making sure you have enough to get them through college and get them off to a good start in life, and really having that nest egg to comfortably retire. And what it’s gonna take to get there. And that, mindset is certainly much more prominent in me now than it was probably 10, 15 years ago for sure.
So yeah, it’s something I think about, but at the same time, I also think about what is the right time to do it? When is the right time to retire? Obviously having enough money is a really important piece of the equation,
[00:15:57] Kyle Luetters: Right?
[00:15:57] Ciaran Brady: But I also don’t want to retire when I’m [00:16:00] not able to enjoy my retirement.
Kyle Luetters: True.
Ciaran Brady: When you get to a certain age, and I’m away from it yet, knock on wood, but I think picking the right time for you and for your family is really important. And as much as I love what I do, and I certainly do enjoy it, I know I won’t be able to do it forever and I know there’s other things I want to do beyond working. So that’s something that’s…,I’m in my early fifties now, that’s something that’s come into my mind in terms of what’s the right time as well, so that can take a bit of thought. It can take a bit of advice, but it’s also a personal choice as well.
[00:16:38] Danton Troyer: Hmm. Deeply. Yeah. And you’ve got two boys gonna be entering college around that time-ish maybe. I’m certainly, to your point, it’s not just dollars and cents always; it’s, am I gonna be retired when my kids are in college or am I gonna wait till afterwards? And
[00:16:52] Ciaran Brady: Yeah.
[00:16:52] Danton Troyer: How does that look being retired? I’ve certainly had clients that have retired before their kids went to college, but it is a little [00:17:00] bit longer pause and thought about, is that the right time or not? As you get closer, what. if any, are maybe the mental roadblocks that you’re trying to work through now as you’re in that, again, not final phase of work by any means.
You, as you said, on the horizon as far as retirement goes. Is there mind shifts that have changed as far as things that are keeping you or maybe put up like those mental roadblocks as you approach retirement?
[00:17:25] Ciaran Brady: Yeah, I think everybody probably goes through the same conundrum of, do I have enough? When will I have enough?
You can run equations, you can run, I love Danton’s Monte Carlo analysis, that appeals to my soul being a scientist. But you know, you can run the numbers, but a lot of it is gut feel as well. So that’s a harder thing to pin down. But in terms of the mindset, I think you probably become a little bit more conservative, right? Especially in your investing approach, and you’re looking for more certainty, for more stability. Whereas probably earlier on you could take a little bit more risk. [00:18:00] So that certainly comes into the equation as well. But even just on a personal level, I think it’s about your health, it’s about your happiness, it’s about what feels right to you, what’s right for your family, is also part of the mindset.
And I do see people and they wanna work forever, and that’s fine, that’s a fit for them. I see people who want to retire the first day that they can, they think they can financially. That’s okay for them. I’m probably somewhere in the middle. So I think it’s a very personal thing as well in terms of what your mindset is, what your personal situation is, and it’s something to think about and talk to those around you too, that you’re comfortable with to give you some feedback.
[00:18:42] Kyle Luetters: You’ve mentioned earlier that you’ve spent roughly about half your life here. So that means you spent your half of your life somewhere else, and there’s different views on what retirement and the long game look like.
So if you can describe maybe what your parents and people of your parents’ generation went [00:19:00] through back home, what they viewed all of this as versus the way that you’re looking at this now, in a new place. Because I think that’s a unique perspective that you do have. It wasn’t like you left when you were little kid or this or that. You were aware of what was going on. You saw some things. What’s the difference and how is it viewed differently in the two different places?
[00:19:20] Ciaran Brady: Wow. That’s a very deep question.
[00:19:24] Kyle Luetters: I’m gonna start batting for a thousand here. Oh
[00:19:28] Ciaran Brady: Yeah, coming from a country like Ireland, I grew up in a very modest home, I actually grew up on a dairy farm.
[00:19:35] Kyle Luetters: Oh, wow.
[00:19:35] Ciaran Brady: Yeah. And you can imagine that environment is very different than the experience I have today working for, others
[00:19:44] Kyle Luetters: Hopefully you’re not getting up at 4:00 AM to milk cows anymore.
[00:19:47] Ciaran Brady: I’m not, but I’m getting up at 4:00 AM to beat traffic.
[00:19:52] Kyle Luetters: Different stressor,
[00:19:53] Ciaran Brady: right? Yeah, yeah, exactly.
[00:19:54] Danton Troyer: I might take the cows.
[00:19:55] Ciaran Brady: Yeah, exactly. But when I think about that, and probably there’s a little bit of a [00:20:00] society thing here as well, how society works in the US and how society works in Ireland is certainly different – where you pay more taxes over there, you get more maybe retirement benefits over there because of that. Here you have, you’re much more reliant on things like a 401k and investments to retire.
There’s a difference. There’s a pretty big difference there. Whereas in Ireland, you get more social assistance or pension funding from, based on that. But I guess my parents, if I were to think about my parents, there’s certainly of the generation, the generation before me, the boomers who think they can work forever. And they’re the type of people who don’t retire. My parents still live on the family farm and while they’re not working the farm, they’re still doing things, they’re still there, which is great. I think I love that, too. Maybe it’s a generational thing, but it’s also a society thing.
There is a different approach to work as well, I would say in Europe generally than there is in the US. The US is a very fast pace of work. Intensive. You work [00:21:00] hard over there, too, but the pace is a little different. And I think people can work a little bit longer into the latter part of their lives because of that over there. Here it’s, the pace is high and we have to think about what’s right in terms of going, how hard can you go for how long,
[00:21:18] Danton Troyer: And so as you’re approaching retirement, too, going back to conversations with Megan and your wife, how is your retirement and that conversation going, and I’m sure she’s supportive, obviously, but is she gonna be able to put up with you when you get to the retirement age?
[00:21:32] Ciaran Brady: No, she keeps telling me I can’t retire. Yeah, no, she, we talk about it. She’s very supportive. She’ll support whatever I want. Yeah. Megan is a working mother; she works, she’s a nursing supervisor and she’s got a pretty busy and hectic career herself and is very successful in her own right. So we support each other, but she obviously supports me tremendously and I do a lot of travel and I spend a lot of time in the office, [00:22:00] but we’re able to make it work. But I think we have actually very similar views in terms of when should we start to wind down and how might we go about doing it.
So in general, I don’t think that causes too much of any friction, and I think that’s important, right? You have to, it’s not a very good thing for one partner to think one way and the other partner to not think the same way, or at least along the same lines. I suppose it is useful as well, the fact that we have double careers.
I think one of us could work a bit longer if needed; there’s stability there, provides opportunity for one of us to maybe be home more while the other one works a little bit longer. We have that option if we need to do that. Yeah, the plan isn’t fully worked out, but I think we’re on the same wavelength.
[00:22:47] Danton Troyer: Honestly, I don’t think it ever is fully worked out, it’s always a work in progress, but yeah.
[00:22:52] Kyle Luetters: So on that topic, you mentioned your lovely wife. How important do you think the entire future and retirement [00:23:00] conversation is to have, not only each one of your own interests, but also some shared interests because you guys are painting this picture together.
How important is that as these conversations and these timelines start to come together? What are the things you guys are looking forward to doing together with this time that will be on your hands?
[00:23:20] Ciaran Brady: Oh yeah. I’m not sure we’ve really thought about that yet. And I actually have seen people who have retired and they haven’t thought about it. I’m not sure that’s great. They retire and then they go, what do I do now?
[00:23:36] Danton Troyer: Yeah.
[00:23:37] Ciaran Brady: So it’s probably a bit early for us to understand exactly how that looks, Kyle, but I agree that it is an important thing because it’s a big decision and it’s a big turning point in your life in terms of retiring and having, not necessarily a well laid out plan, but at least things that you’re gonna do that is gonna keep your body and your mind active and keep you [00:24:00] interested in moving is incredibly important. So we will have that, but we’ve got a lot of common interests. We both love to travel.
[00:24:06] Kyle Luetters: Good.
[00:24:07] Ciaran Brady: Which I’m sure will be part of it. We’ll be spending a lot of time with our kids, which they may or may not enjoy.,
[00:24:15] Kyle Luetters: Payback, right?
[00:24:15] Ciaran Brady: Yeah, exactly. Exactly. But, I think the travel piece, and we both have a really nice love of food and wine I would say; that exercise, we love to do that. And Danton mentioned, I’m a golfer; she’s not a golfer, but I’ll certainly be playing a lot of golf when I retire. But yeah, I think it’ll be to experience more of the world and to stay active.
[00:24:37] Danton Troyer: Well, as we start to wrap things up though, what would you say listeners should really start to think about and maybe reflect on as they are approaching retirement in their peak earnings? What do you think would be the best piece of advice or things that they should reflect on?
[00:24:52] Ciaran Brady: I do think it’s important to make sure that you have a plan in terms [00:25:00] of how you’re going to get to that point in retirement. Save as much money as you can, diversify that money so that you take that mental stress away, you remove the emotion from it, and you live within your means without being frugal to yourself. I think those are the things that, if I was to reflect on my own journey, I think that’s how, that’s how I feel comfortable with my plan today and how I am moving forward, is I was able to have that mindset relatively early save, then live within your means, remove the emotion, diversify, and you can get help. And that’s why Danton helps me. It takes away a lot of the mental stress from myself, the fact that we have you in our corner. Those are the things I would say. And enjoy the journey along the way.
[00:25:53] RJ Malyk: Okay, gentlemen, looks like we’re wrapping things up here.
[00:25:56] Danton Troyer: Yeah, I think so.
[00:25:58] RJ Malyk: Okay. How about some [00:26:00] contact information?
[00:26:01] Danton Troyer: Yeah, you can find us easiest at our website witwisdomandwhatmattersmost.com. Find all of our episodes there as well, and if you’d like to connect professionally, you can find a link to our team’s page there as well.
[00:26:13] RJ Malyk: Excellent. Okay, thanks again, Danton and Kyle. Looking forward to your next podcast.
And thank you for listening to today’s Wit, Wisdom, and What Matters Most Podcast please follow, share this podcast with friends and family and until our next Wit, Wisdom, and What Matters Most podcast, I’m RJ Malyk.
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