What Is an Investment Savings Plan and Why You Need One Now

In this episode, Certified Retirement Counselor Miguel Gonzalez breaks down Investment Savings Plans (ISP)—what they are, how they work, and how to create one that fits your financial goals. 

Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.

Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.


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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.

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

This week we’re covering everything about Investment Savings Plans (ISP).

Creating an ISP is essential for keeping you on track toward your goals and building wealth. Whether you're saving for retirement, a new home, or your children's or grandchildren’s education, an ISP can help you grow your money over time as you work toward specific goals.

So let’s talk about what an ISP is and how to create one that aligns with your financial objectives.

An ISP is a financial strategy that regularly sets aside money to invest in securities to help build wealth over time. 

ISPs take advantage of compound interest and the market's long-term growth potential. 

ISPs may change over time as you work toward goals. Part of this strategy is working with a financial professional to monitor investment performance and update your plan accordingly.

The first step in creating an ISP is establishing clear and realistic financial goals. Determine how much money you can invest, and the timeline for establishing these goals. 

Are you looking to generate passive income, build a retirement nest egg, or save for a significant purchase? Specific, measurable goals can help guide your decisions as you implement and monitor your ISP.

Setting the timeline for your ISP is also important. A timeline can help you stay motivated and focused, help you break down big goals into smaller tasks, and track your progress. It can also make you feel accountable for your progress and reduce the chance of procrastination.

Work with a financial professional.

A financial professional can provide personalized guidance based on your financial situation and goals. They can also help you update your ISP, monitor performance and risk, and determine a timeline for completing goals.

Evaluate your investing knowledge.

Assess your knowledge and understanding of different investment options. If you're new to investing, consider educating yourself on fundamental investment principles and learning about various investment vehicles. 

Assess your risk tolerance.

Understanding your risk tolerance—the degree of uncertainty you are willing to take on to accomplish your financial goals—is crucial in developing an ISP. Consider your comfort level with market fluctuations and potential investment losses. 

Select suitable investment strategies.

Carefully choose investment strategies for your ISP based on your financial goals, risk tolerance, and timeline. Using your investment knowledge, diversify your ISP portfolio across asset classes to help manage risk and better position your returns.

Investing in different investment strategies, sectors, and countries is key to spreading portfolio risk. Diversification helps offset losses if a particular strategy or sector performs poorly. A financial professional can help you spread risk across strategies as you work toward your ISP goals.

Monitor and adjust your ISP.

Once your ISP is in motion, regularly monitoring its performance is essential. Your circumstances and market conditions may change, so be prepared to adjust your ISP as needed. Periodic reviews with your financial professional and ISP adjustments can help you stay on track toward your goals. 

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.