Cortburg Speaks Retirement

3 Ways Planning for Retirement is Like Planning For Summer Break

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2023 • Episode 140

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On this audio podcast episode of Cortburg Speaks Retirement, Miguel Gonzalez talks about how to plan and save for retirement, and how it can be like planning for your summer break.

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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 discuss how planning for retirement is like planning for your summer break.

For kids, teens, and college students, summer break often represents freedom from schedules, responsibilities, and all those other drains on your time. Retirement actually can provide a similar level of freedom, but only if you've adequately prepared, planned, and saved. Here, we discuss three ways that planning ahead for your retirement can be like scheduling your summer.

Deciding What to Do

After spending decades at a 9-to-5, you may struggle to find ways to fill your time after retirement. Just like summer break, a couple of weeks of well-deserved decompression may turn into boredom.

It's important to have a plan to transition into retirement. Whether this means having a list of vacation destinations, a hobby to turn to, or an organization to volunteer with, giving yourself some options can help you remain active and engaged instead of simply vegetating.

Deciding Where to Go

Many new retirees spend a lot of time traveling now that they no longer need to worry about coming back to a pile of work or rationing a limited number of vacation days. As you spend time traveling during your working years, take note of the destinations you'd like to return to.

Planning for retirement in general can look a lot like planning a vacation: you'll need a budget, a destination, a timeline, and a Plan B. More than just longer vacations, retirement may also mean traveling to a new home – whether downsizing, moving closer to family, or even heading to a senior living community.

When considering next steps, especially if debating an interstate move, take into account factors like:

●     The way your state treats and taxes retirement income

●     Whether the setup of your home allows you to "age in place"

●     Access to amenities

●     Access to necessities (like grocery stores and hospitals)

●     Transportation options

●     Cost of living

By keeping these factors in mind, you'll be able to find the best fit for your lifestyle now and in the future.

Deciding How to Pay For It

How do you afford your current lifestyle? What expenses do you expect to lose in retirement – and which ones might you gain?

Just like planning a vacation, planning how you'll fund your retirement can be an intricate process with many moving parts. Having a financial professional at your side can help streamline matters.

Your financial professional will probably help you work backward to create your retirement financial plan. This planning can begin by evaluating how much your retirement lifestyle will cost, then figuring out how much income you'll need to afford it. By looking at sources such as 401(k), IRA savings, a pension, Social Security, and taxable savings, your financial professional will scour all your potential areas of income and help you figure out the most tax-efficient way to fund your retirement.

Retirement planning can take time and effort – but just as you wouldn't embark on the vacation of a lifetime without doing a bit of preliminary research, you also don't want to leap into retirement without a plan.

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 advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

·         This article was prepared by WriterAccess.

 

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

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