Cortburg Speaks Retirement

Spring: Time to Refresh Your Retirement Plan

March 22, 2023 Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® Season 2023 Episode 128
Spring: Time to Refresh Your Retirement Plan
Cortburg Speaks Retirement
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Cortburg Speaks Retirement
Spring: Time to Refresh Your Retirement Plan
Mar 22, 2023 Season 2023 Episode 128
Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

On this audio podcast, Miguel Gonzalez talks about Spring and how this is a good time to refresh your retirement plan.  

Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

CLICK HERE TO LISTEN TO MIGUEL'S LATEST PODCAST

FOLLOW US ON:


Show Notes Transcript

On this audio podcast, Miguel Gonzalez talks about Spring and how this is a good time to refresh your retirement plan.  

Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

CLICK HERE TO LISTEN TO MIGUEL'S LATEST PODCAST

FOLLOW US ON:


INTRODUCTION

Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

 

HOST

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

On this week’s audio podcast, I talk about Spring and how this is a good time to refresh your retirement plan.  

Spring can be a fantastic time to refresh your retirement plan and savings habits. With 2023 bringing increased limits for 401(k)s, individual retirement accounts (IRAs), Health Savings Accounts (HSAs), and other tax-advantaged accounts, it's worth taking a closer look at your retirement savings. Below, we discuss three ways to refresh your retirement plan this spring.

 

Maintain Consistent Savings

With inflation taking a bite out of just about everyone's paychecks, it can sometimes be tempting to decrease the amount you're contributing to retirement just to gain a bit of breathing room. However, maintaining a consistent rate of savings even through lean times can go a long way toward securing your financial future. When it comes to saving for retirement, time is on your side—and the more you can contribute at a younger age, the more time this money will have to grow.

 

If your savings rate has been at the same level for more than a few years, it may be time to revisit this contribution. You may discover that you can afford to set aside a little more; in other cases, it may make sense to switch from a tax-deferred account to a post-tax account like a Roth 401(k) or Roth IRA.

 

Review Your Asset Allocation

When it comes to investing for retirement through an employer plan, the options available to you may sometimes seem overwhelming. Far beyond mere "stocks vs. bonds," employees are asked to choose from accounts ranging from growth to stability, domestic to international, and tech to blue chips. For some plans, the default option is to put contributions into a money market account rather than investing them in the stock market.

 

Does your asset allocation appropriately reflect your risk tolerance and investment timeline? It can be tough to know.

 

Fortunately, you don't have to do it alone. A financial professional can work with you on your strategies and goals, making adjustments where necessary to keep you on the right path. Don't wait until you get closer to retirement to realize you haven't been investing as efficiently as you would have liked.

 

Check Your Beneficiaries

One last thing that is important to keep an eye on involves the disposition of your assets once you've passed away.

 

Many financial accounts like 401(k)s, IRAs, and even some bank accounts may require you to name a beneficiary. And for life insurance policies, the beneficiary is key—this is the person to whom the benefits pass, regardless what a marriage decree or executed will may say to the contrary.

If you've gotten married or divorced, had children recently, or if it's been more than a year since you evaluated your beneficiary designations, it's important to revisit each of your financial accounts to ensure your beneficiary designations continue to reflect your wishes. In many cases, a surviving family member has discovered too late that their loved one named an ex-spouse or estranged family member as their beneficiary, leaving those who depend on them in the lurch.

Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

 

DISCLOSURES  

Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

CRC conferred by The International Foundation for Retirement Education.

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.  

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.

Investing involves risk including possible loss of principal.

·         The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

·         Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.

·         The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change. 

·         An investment in the Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.  Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

·         Asset allocation does not ensure a profit or protect against a loss.

·         This article was prepared by WriterAccess.