Cortburg Speaks Retirement

5 Common Misconceptions About Retirement

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2024 • Episode 190

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Join Miguel Gonzalez, CRC, this week as he debunks 5 common myths and offers practical tips for a fulfilling retirement.

Cortburg Speaks Retirement - episode #190
Landing page:  https://www.cortburgretirement.com/audio-podcast

 About Cortburg Retirement Advisors, Inc. 

Cortburg Retirement Advisors is a full-service, boutique financial planning firm - helping guide clients through turbulent and calm economies. Their goal is to help grow, protect, and preserve their assets from their first job through retirement. Cortburg’s “all in one house” capabilities mean that their experienced team can help with all financial needs - wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning.    

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

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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.   

This week, let's debunk five common misconceptions about retirement.

Retirement is not what you retire from, but what you retire to

When you plan for retirement, an exciting new phase of life, double-check your expectations. They may not match the reality.

Baby boomers, currently in their 50s and 60s, view retirement differently than the previous generations. Many boomers consider retirement as an opportunity to begin a new career, hobby or passion, which is a good thing. But the upcoming retirees may not take everything into account.

Here are five common misconceptions about retirement:

  1. Retirement is like a 30-year vacation. A life full of leisure must be great, right? Not really. Too much free time leaves many retirees feeling depressed and unimportant. Studies show that people who keep working after 65 tend to be happier whether or not they do so by choice.

Among all, voluntary part-time workers are the happiest. While money is the main reason for continuing to work in retirement, stimulation and satisfaction are just as important.

  1. Money is most important to happiness in retirement. The biggest key to a happy retirement is good health. If you have financial confidence, you have enough. Money may only correlate with happiness up to a certain point. You can still enjoy a happy and fulfilling retirement even if you are not a millionaire.
  2. Spending is consistent in retirement. People generally spend less in retirement, but that’s not always the case. Many spend the first few years traveling, and as years go by, the number of trips decreases while health care and family costs increase.

Many estimates suggest a couple needs $250,000 to cover medical expenses throughout retirement. Although health-care costs are retirees’ biggest concern, few spend much time planning for that.

  1. Retirement is a “couples” thing. Married couples face a new adjustment when entering retirement. One in three couples doesn’t agree on the ideal lifestyle they want to have in retirement. You need to be aware that your partner has his or her own needs and alone time.

Also, women have a life expectancy six years longer than men. Actually, 60% of American women over 65 are single, widowed or divorced, according to the Census Bureau.

  1. Financial planning stops at retirement. You may still have many issues that need to be dealt with during retirement. You need to continue the planning of your investments to help make sure that your money can last as long as you do. You may have estate concerns and health issues that require long-term care.

Retirement is not what you retire from, but what you retire to. Just because you reach a certain age, it does not mean you have to stop working. And to stop working does not mean you stop planning for your life.

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.

 

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

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