Cortburg Speaks Retirement

Back to School Time for Retirement Planning

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2023 • Episode 150

Share episode

Cortburg Speaks Retirement - episode #150: Retirement Re-education_ It's Back to School Time for Retirement Planning / Investment in Stock Market, Financial Planning, Retirement Planning, Money Management

On this audio episode of Cortburg Speaks Retirement, Miguel Gonzalez talks about back-to-school retirement planning strategies.  Now is the time to consider a "retirement re-education" by reviewing your retirement plan and overall strategies to see if they still align with your greater plans and goals. 

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 share back to school retirement planning strategies.

 

Retirement planning is a constantly evolving process. Strategies that may have worked fine a few years ago may no longer be the optimal direction to continue. Your life may have taken unexpected turns, you may have different retirement goals you now wish to achieve, or you’ve realized your previous investments may not be working as well as anticipated to help you reach your financial goals.

Now is the time to consider a ‘retirement re-education’ by reviewing your retirement plan and overall strategies to see if they still align with your greater plans and goals.

Evaluating Your Current Plan

When sitting down to review your current retirement plan, you may want to:

●     Check your current investments: Markets have seen significant fluctuations throughout the years, so it is crucial to observe if your investments remain on track to get you toward your retirement goals. Make sure fund percentage balances are still appropriate and that your portfolio is well-diversified and in line with your current situation and future plans.

●     Check for contingencies: Ensure you have protection in place should the unexpected occur. This can start with insurance policies addressing long-term care, disability, and even death. You also want to ensure proper medical coverage to avoid being responsible for major medical expenses.

●     Ensure your retirement plan is tax-efficient: Seeking tax benefits will help you find ways to minimize taxes in your retirement portfolio. This focus can include placing taxable investments into tax-deferred accounts.

●     Evaluate changing family needs: If you have experienced recent adjustments in your family's situation, consider how those changes can affect future finances and if any adjustments need to be made.1

 

Why You May Need to Revise Your Retirement Plan

Giving your retirement plan a once-over every couple of years is generally a good practice, but there may be situations when revising it sooner may be more urgent. Reasons to consider a revamp include:

●     Life event changes: If you have had significant life event changes, such as a new marriage, a divorce, a serious illness, the birth of a child, providing for step-children or grandchildren, or the death of a spouse, you may need to make significant changes to your retirement plan to realign with your new future goals.

●     Lifestyle changes: Moving to a new state, having significant changes in housing and related costs, or considerable health changes all may warrant a change in direction with your retirement goals.

●     Dramatic economic fluctuations: If domestic or global financial conditions have become unpredictable or there have been significant market fluctuations recently, it’s smart to review possible effects on your retirement investments. Economic situations that may prompt an urgent review include rising or falling interest rates, inflation, recessions, and significant Social Security changes.1

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. 

·         Investing involves risks including possible loss of principal.

·         There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. 

·         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. 

·         All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

·         This article was prepared by WriterAccess.

·         Footnote:

o   1 5 Ways To Adjust Your Retirement Planning Annually, Forbes, https://www.forbes.com/sites/nextavenue/2020/03/05/5-ways-to-adjust-your-retirement-planning-annually/?sh=4110847f52af

People on this episode

Contributor

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

Host