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 episode, I will share retirement strategies to keep in mind throughout your life.
Retirement planning is a complex process requiring as much support and time as possible to reach the desired end. Retirement planning at all ages is important – the more time put into the process, the less investment is necessary to work towards your goals. A variety of strategies exist to help people to do this, but those strategies and methods change over time as well.
Making key decisions about investment strategies and plans is something to do with a financial professional who provides customized support. Here are some areas to consider at any stage of life.
Starting Young
Time can be a great wealth builder. Compounding interest1 may allow for investments to grow faster as the money builds on itself over and over again. For those who are starting young with investments, this can provide a key advantage. It takes cash invested into accounts to make a bigger impact when a person is ready to retire. Starting young may reduce the need to make constant large investments, but being consistent can be a valuable tool here.
Millennial and Investments
A key group of men and women at a prime time in their life to begin retirement investment is the millennial generation2. Establishing retirement goals now helps ensure there’s enough time for compounding interest to build. Not only should millennial investors put money aside now, but they should begin to make lifestyle changes to reduce debt-building.
Gen Xers
When it comes to Gen Xers, who are men and women in their 40s-50s, it may be time to get a bit more aggressive with retirement planning strategies. Many at this age are business owners who are working to establish a legacy to leave behind to their children as they reach adulthood. It is also a time when significant lifestyle changes occur due to children moving out of the home. At this point, having a retirement goal is essential, and funding strategies should include increasing contributions and working to minimize debt.
After 50s
For those who are between 50 years of age and retirement, there is a unique period in which managing financial goals becomes almost essential. This is the peak time to make changes to investment strategies to move away from more aggressive and high-risk methods towards stable growth opportunities. This does not mean that it is time to back down from investment. Much the opposite, it becomes necessary to invest more in stable and lower risk methods to establish more safety overall because there’s less time to recoup any losses that occur. It's also time to consider Social Security3 allotments.
After Retirement
Once a person leaves his or her job, it’s time to consider a new strategy for wealth building. This may be the time to sell off a company as business owners to add to retirement funding. Now is the time to work with financial professionals to determine when it is best to start pulling from various retirement investment vehicles such as retirement accounts, pensions, and other resources.
Done well and consistently, retirement planning at all ages4 doesn’t have to be aggressive or worrisome. The key here is to start young and work with a financial professional who can help you get the appropriate strategies in place for the future.
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, Retirement Specialist 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. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.
No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
1. https://www.investopedia.com/terms/c/compoundinterest.asp
2. https://www.investopedia.com/articles/financial-advisors/122815/how-much-millennials-should-save-retire-comfortably.asp
3. https://www.benefits.gov/compass/article/331
4. https://www.irs.gov/pub/irs-tege/savings_retirement.pdf