Cortburg Speaks Retirement

4 Financial Goals for Older Individuals

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2023 • Episode 137

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In this audio podcast episode, Miguel Gonzalez talks about 4 financial goals that older individuals may consider for their money milestones.

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with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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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 share 4 financial goals that older individuals may consider.

If you saved for retirement for a while, you might look forward to a break from financial responsibility for the remaining portion of your life. But striving for economic betterment should not end when you hit retirement. You may continue to work toward new financial goals every year or every decade to manage the freedom you worked so hard to enable. Here are four financial goals that older individuals may consider.

 

Keep an Eye on Your Budget

With inflation hitting nearly double digits since the COVID pandemic, those planning for a steady 2% to 3% per year have found themselves adjusting to significant increases in consumer prices. It is important to keep a close eye on your budget so that you may quickly make adjustments to your committed expenses or your savings withdrawal rates. Sometimes, you may even need to reevaluate when to claim Social Security payments.

 

Plan for Gifts

You may want to begin distributing your assets to your children and other loved ones so you may watch them enjoy your hard-earned money. And by providing these gifts during your lifetime, you may be able to manage the value of your estate enough to avoid any estate tax.

However, not all gifts are equal. It is important to have a gifting plan so that you and the recipient might get the most out of your financial gift—whether this means avoiding taxes or even setting up a “spendthrift trust” to manage the spending of the money.

 

 

Watch Out for Fraud

Scams continue to become more sophisticated. The older you get, the fewer defenses you may have against a well-prepared scam artist. Take advantage of the resources available to guard against fraud, such as multi-factor authentication or an encrypted password manager. Above all, do not click on links in an email you do not recognize, and do not make payments in gift cards or untraceable money transfers.

 

Set Specific Goals

Whether you want to fund a home improvement project or lower your expenses to prepare for a move, it is important for any goals you set to have specific parameters and to break the goals down into stages. Not only may this make it easier for you to assess progress, but it might help you identify what works—and what does not—when it comes to sticking to a financial goal.

 

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.

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

·         LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

·         This article was prepared by WriterAccess.

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Miguel Gonzalez, MBA, AIF®, CPFA®, PPC®, CRC®

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