Should Retirement Be Hard Work?

 This week let's dive into the importance of retirement planning and how it can make all the difference in securing your financial future. Discover how early planning can help you maintain your desired lifestyle and outpace inflation. 

Cortburg Speaks Retirement - episode #195 

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.    

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

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Transcript

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 dive into the importance of retirement planning and how it can make all the difference in securing your financial future.

Ah, retirement! 

Finally, there will be opportunities to relax and enjoy life without the daily hustle and bustle of work. Many people think of retirement as a time to travel or pursue special interests—a welcome break from the 40-hour workweek. But without careful retirement planning, you may actually need to work harder and longer than you imagined during your so-called retirement years. It may be safe to say that, when it comes to retirement, the best-laid plans can be made well before the traditional retirement age of 65.

Know Your Resources

How many times have you said, “I’ll do that when I retire,” expecting plenty of free time to pursue your passions after liberation from the 9-5 work schedule? But, have you considered the cost of not working? A general rule of thumb is that you may need 60% to 80% of your pre-retirement income to maintain your lifestyle during retirement. Careful planning now can help you maintain your desired lifestyle during retirement, as well as help ensure that you have the resources in which to do so.

For many, Social Security, employer-sponsored retirement plans, and personal savings are the primary sources of retirement income. It is important to recognize that Social Security was designed not to be the sole source of income for retirees, but merely one component in the overall retirement income package. Therefore, many workers rely on an employer-sponsored retirement plan to provide substantial income. However, both of these sources may need to be supplemented with personal savings to help provide enough income to manage your retirement goals.

Put Time on Your Side

Early retirement planning can put time on your side. It is never too early to begin saving and never too late to start. In fact, one advantage of early retirement planning is that you have a longer period of time before retirement, which allows a great opportunity to increase your savings through potential growth.

An equally important consideration for retirement planning is the reality of inflation, which can affect even substantial savings. For example, a modest 4% inflation rate, maintained over 15 years, reduces the purchasing power of $250,000 to $138,816. Starting early may allow your savings to outpace inflation.

Although it can be difficult to imagine a time when you will not have to be at the office or worksite each morning, the day may arrive sooner than you think. Therefore, begin preparing for retirement now—even if it seems a long way off. With time on your side, the best-laid plans may help you work towards future financial well-being for you and your family.

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.