Welcome to a new week here on the Retirement Quick Tips podcast! I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing over $300 million in client assets. I’m a Chartered Retirement Planning Counselor and I’m using my 15 years of experience as a financial advisor to help you gain clarity and make a plan for the retirement you envision. On this podcast, I cover everything from investing, to retirement spending, to taxes in retirement in just a few minutes each day, so if you’re 5-10 years on either side of retirement, and looking for some daily doses of retirement planning wisdom, stick around this week as I talk about: 5 Benefits of A Financial Plan For Retirement

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was: What Does Money Buy You In Retirement? In case you missed any episodes I talked about what you could expect retirement to loook like from an income and lifestyle standpoint with multiple different retirement savings scenarios: $500,000 $750,000 $1,000,000 $2,000,000

This week’s theme on the Retirement Quick Tips Podcast is: What Does Money Buy You In Retirement?   Today, I’m talking about what $5mm buys you in retirement.  

This week’s theme on the Retirement Quick Tips Podcast is: What Does Money Buy You In Retirement? My 8 year old likes watching Mr Beast on YouTube. If you don’t know Mr Beast, he is the most popular YouTuber in the world with over 150 million subscribers. She watched this episode last night where he gave $1mm to someone and they had to spend it in 24 hours. They bought a house, 2 cars, and hopefully invested some of it. I’m not sure, because I didn’t watch the whole thing, but I cringed because the first place he went was Best Buy. He bought multiple iPads, iphones, computers, a giant TV, playstations and nintendo switches - mostly for his family, which was a nice gesture, but still. I had to look away. Watching him blow over $23,000 at Best Buy was like watching a horrific car crash. I desperately wanted to look away, but I couldn’t. A lot of people think that if you retire with $2mm you have it made in the shade. You can have a really nice, comfortable retirement, but you couldn’t and shouldn't be dropping $23,000 at Best Buy either. 

This week’s theme on the Retirement Quick Tips Podcast is: What Does Money Buy You In Retirement? Today, I’m talking about how to retire with $1,000,000 in retirement savings and what kind of lifestyle and income you can expect with those assets.

This week’s theme on the Retirement Quick Tips Podcast is: What Does Money Buy You In Retirement? Today, I’m talking about how to retire with $750,000 in retirement savings.

This week’s theme on the Retirement Quick Tips Podcast is: What Does Money Buy You In Retirement? Today, I’m talking about how to retire with $500,000 in retirement savings.

Welcome to a new week here on the Retirement Quick Tips podcast! I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing over $300 million in client assets. I’m a Chartered Retirement Planning Counselor and I’m using my 15 years of experience as a financial advisor to help you gain clarity and make a plan for the retirement you envision. On this podcast, I cover everything from investing, to retirement spending, to taxes in retirement in just a few minutes each day, so if you’re 5-10 years on either side of retirement, and looking for some daily doses of retirement planning wisdom, stick around this week as I talk about: What Does Money Buy You In Retirement?

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was: How To Protect Yourself From Cyber Theft In case you missed any episodes Voice Cloning: The Latest Cyber Theft Nightmare How Cyber Criminals Steal Your Info & Your Money Top 3 Ways To Protect Yourself From Cyber Theft More Ways To Protect Yourself From Cyber Theft What To Do If You Become A Victim of Cyber Theft The most important takeaway from this week is the criminals keep getting more sophisticated, so if you’re not keeping up and being extra cautious about the various phishing and data breach scams, using a password manager, 2FA, and frequently checking your credit reports  As I was writing my show notes for this episode, I get a text that appears to be from Wells Fargo. Did I attempt a $343 charge in San Antonio Texas? Call this number if you didn’t. A phishing text. But my initial reaction is fear because maybe someone is using my card. So the thieves are using that initial fear response to trick me into clicking a link, calling a number, and providing them with my login information.  Tomorrow, I’m starting a brand new theme: What does money buy you in retirement?  I’ll be talking about multiple different scenarios, and the lifestyle you can afford with each of the following asset levels at the onset of retirement:  $500,000 $750,000 $1,000,000 $2,000,000 $5,000,000 So be sure to listen in next week to find out what a retirement in America with $500,000 or any other one of these numbers looks like.  Thank you so much for listening this week! If you’re enjoying the podcast, chances are someone else you know who is getting close to retirement could also benefit from checking it out, so please share the show with a friend, a neighbor, your sister, or your boss. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.  Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance  

This week’s theme on the Retirement Quick Tips Podcast is: How To Protect Yourself From Cyber Theft Today, I'm talking about what to do if you become a victim of cyber theft.  Millions of victims become victims of cyber theft every year, and like I talked about earlier this week with the sophisticated use of AI and voice cloning, the problem is only getting worse.  #1 Rule - don’t ignore or dismiss notifications about logins or credit card usage in unknown areas. The sooner you catch cyber theft, the easier it will be to restore order to your credit, which is why it's so helpful to check your credit report often for signs of fraud.  https://www.usa.gov/identity-theft  Steps to take: https://www.identitytheft.gov/#/Steps  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: How To Protect Yourself From Cyber Theft Yesterday I talked about some of the top 3 ways to protect yourself from online hackers and cyber theft: checking your credit reports often and protecting your passwords and online logins with a password manager and 2 factor authentication.  Today, I’m talking about a few more ways to protect yourself from cyber theft:  Freeze your credit reports. Freezing your credit reports makes it impossible for new accounts to be opened in your name unless you remove the freeze. Avoid using public WiFi. Or if you do, always use a VPN when you’re not at home or at work.  Shred your documents. The OG way to keep your identity safe is still relevant today.  Invest in security software. Antivirus and malware software can help you detect attempts to access your personal information by resourceful online scammers and many times, neutralize those threats. Annual fees can range from $35-$100. Be a bit less social. If you’re on social media, enable the strongest security measures available on your accounts to protect your account. Keep your friends list to people you only actually know in real life, and if you’re going to post, make sure only your friends and not the whole world can see what you’re up to. Using caution about posts about your dog Rocky, who also happens to be the base for all of your passwords - the thieves know this by the way - we’re not that clever. It’s a lot of kids and pet names and birthdate based passwords, so keep that in mind if that’s you. But other details too like your city of residence, employer and your own birth date can be great sources of information for thieves.  Sign up for free credit monitoring. Companies like Capital One and Discover offer free credit monitoring to their cardholders. You can also use free monitoring tools available from many of the credit bureaus or Credit Karma, which provides free credit monitoring of your Equifax and TransUnion credit reports. That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: How To Protect Yourself From Cyber Theft Today, I’m talking about some of the top ways you can protect yourself from cyber theft.  #1: Check your credit reports. You can get a free copy of your credit report every week. If you make it a habit to check regularly and often, you’ll catch any suspicious activity sooner before years pass and a lot of damage has been done.  #2: Password protection: Phone - For many of us, there is a lot of sensitive information on our phones. A plain notepad note with your social maybe? Apps for all of your bank accounts and every other account you frequently use. In 2018, Kaspersky Labs found that 52 percent of people don’t password-protect their phones. Turning on password or biometric identification (like fingerprints or facial recognition) can prevent a thief from accessing personal information on your phone. And use the longer 6 digit code. It will be harder to guess if someone does steal your phone.  Use a password manager - One of the ways hackers can steal your info is that they get one of your passwords, and then they test it on different sites to see if it works there. Most people use repeat passwords that aren’t very strong - password1. It takes like 12 seconds to guess weak passwords and then it’s just a matter of time before they are able to hack into your facebook, email, bank accounts, etc. So its critical to use a unique and strong password for every single online login account you have. Whether that’s Amazon, your bank, email, place you shop, etc. You don’t need to remember these passwords because they’re stored securely in the password manager. You only need to remember your master password, and make sure that it is strong and hard to guess. #3: 2FA - create another step for log in for your most sensitive log ins with 2FA. This is where you have to enter a code, similar for entering your pin when you use your debit card. It’s that extra step that can stop a thief from logging into your account if they do get your login credentials.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    --------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: How To Protect Yourself From Cyber Theft Today, I’m talking about the number 1 way that criminals steal your info and your money: phishing. Obviously, it’s not the only way scammers can steal your information, but since it is far and away the most common method scammers use, let’s focus on this one in today’s episode.  In 2022, the most common type of cyber crime reported to the United States Internet Crime Complaint Center was phishing, affecting approximately 300,000 people in the US. #2 was personal data breaches - which mostly happen when your account information is exposed and scammers gain access to your accounts.  Obviously it’s important to be aware of the multitude of ways cyber theives can scam you, but since phishing is far and away the most common - more popular than most other tactics combined - let’s focus on that in today’s episode. Phishing is the fraudulent practice of sending emails or other messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers. The first thing to look for is an unsolicited email or text message. You’ve probably seen these and hopefully recognize them by now. Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or even a co-worker or someone else you know. The scary part is that they’re really good at making their emails look legit. They include the actual branding and logos of real companies you actually do business with.  Or maybe it’s from an online payment website or app. The message could be from a scammer, who might  say they’ve noticed some suspicious activity or log-in attempts claim there’s a problem with your account or your payment information say you need to confirm some personal or financial information include an invoice you don’t recognize want you to click on a link to make a payment say you’re eligible to register for a government refund offer a coupon for free stuff It’s important to recognize that while real companies might communicate with you by email, legitimate companies won’t email or text with a link to update your payment or login information. And always be cautious about clicking on links and attachments in any emails, even if they appear to be from legitimate sources.  And never provide any personal sensitive information via email. It’s always best to assume that any information you send via email can and will be seen by others, so that assumption will help you be more careful about what you send via email.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance  

This week’s theme on the Retirement Quick Tips Podcast is: How To Protect Yourself From Cyber Theft Today I’m talking about the latest cybertheft nightmare: voice cloning With the help of AI-software, cybercriminals can now clone voices so accurately that family members and even voice recognition software cannot tell that it is not the actual person who is speaking.  The problem is for many of us, the horse has left the barn. If you have video posted online like on Facebook of you talking, or worse, if you’re like me and you have literally hundreds of hours of your voice posed online because of this podcast, then you’re at risk for your own voice to be cloned and used by scammers.  But it doesn’t have to even be your own voice. A mom in AZ was nearly tricked into wiring $50,000 to scammers who claimed to have kidnapped her 15 yo daughter. They used AI to clone the daughters voice. ““Mom! I messed up!” screamed a girl’s voice.” The mom told CNN recently: “The voice sounded just like Brie’s, the inflection, everything,”  The lesson here to be guarded about any information, videos, or even names of family you share online, and to be careful about answering the phone when you don’t recognize the number. Scammers found the daughter's voice and mom’s phone number in order to stage a fake kidnapping for ransom. But it’s not just social media. Simply answering the phone now can open you up to a potential voice cloning scam. The Federal Trade Commission cautions: “If you answer a phone call from an unknown number, let the caller speak first. Whoever is on the other end of the line could be recording snippets of your voice — and later using it to impersonate you in a very convincing manner.” That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance  

Welcome to a new week here on the Retirement Quick Tips podcast! I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing over $300 million in client assets. I’m a Chartered Retirement Planning Counselor and I’m using my 15 years of experience as a financial advisor to help you gain clarity and make a plan for the retirement you envision. On this podcast, I cover everything from investing, to retirement spending, to taxes in retirement in just a few minutes each day, so if you’re 5-10 years on either side of retirement, and looking for some daily doses of retirement planning wisdom, stick around this week as I talk about how to protect yourself from cyber theft. [story about client who had 10s of thousands of dollars stolen from her bank account] According to a February 2021 report from the Federal Trade Commission, Americans reported losing $3.3 billion to fraud in 2020–a significant jump from the $1.8 billion reported in 2019.  The number of Americans reporting losing money to fraud is also on the rise, with 34% of 2020 fraud reports citing loss of money, versus 23% in 2019. And sometimes like with my client, there’s no way to get your money back and worse, the breach of a criminal getting access to your sensitive info like your social security number can haunt you and expose you to new risks for years to come.  So this week on the podcast, I’ll share with you the top ways cyber criminals can steal your information and your money, and the best ways to protect yourself That’s it for today. Thanks for listening! My name is Ashley Micciche...and this is the Retirement Quick Tips podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP   >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was: Debt Ceiling 2023: What It Means For You In case you missed any episodes What Is The Debt Ceiling And Why Does It Matter? Debt Ceiling Deadline 2023: 3 Scenarios Betting On The Most Probable Scenario Is This The Straw That Breaks The Economy’s Back? How To Invest In a Debt Ceiling Standoff The most important takeaway from this week is Tomorrow, I’m starting a brand new theme: how to protect yourself from cyber theft. Criminals are getting very good at tricking consumers, where it’s now possible to impersonate you over the phone, tricking even your own family members into thinking it’s you on the phone. And with AI getting more sophisticated, the potential for cyber theft is even scarier.  So next week, I’ll talk about the top ways you can protect your money from cyber theft.  Thank you so much for listening this week! If you’re enjoying the podcast, chances are someone else you know who is getting close to retirement could also benefit from checking it out, so please share the show with a friend, a neighbor, your sister, or your boss. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.  Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Debt Ceiling 2023: What It Means For You Today, I’m talking about how to invest in this volatile environment: Don’t panic and sell. Stocks will likely do poorly during this process until it’s resolved, but then they should have a decent bounce back, so you’ll just have to stomach some extra volatility for a while. Especially vulnerable will be companies with weak financials or companies tied to the US government, but I’ve been saying focus on quality since the dawn of time, so if this causes you to re-examine your holdings and get rid of the dogs, so be it.  Short-term winners: Bonds and precious metals should do well - flock to safety and benefits will likely subside once a deal is reached If you have cash to invest, DCA If you were planning to retire, I would wait if you can until we’re out of the woods on the current market and likely economic recession we’ll soon find ourselves in.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Debt Ceiling 2023: What It Means For You Today, I’m talking about whether or not the debt ceiling will be the straw that finally breaks the economy’s back and sends us into a recession. [Discuss chart]: The rattling of consumers and businesses' confidence in the aftermath of a deal that hasn't yet happened should be enough to worsen the outlook for the economy and send us into a recession we’ve been flirting with since mid-2022. [Recording before June 1st], so if you’re listening when this episode goes live, a deal hasn’t been reached, and the stock market is behaving badly as a result, it’s likely because it doesn’t believe that the US will actually default, but that a coming recession is pretty much certain now.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.        ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Debt Ceiling 2023: What It Means For You Today, I’m talking more in depth about the most likely scenario with the debt limit debacle, and it’s a good day for this, because June 1st - the day this show is published and probably the day you’re listening, is the deadline. If no agreement is reached by today, then there will likely be some turmoil and consequences for the markets and the economy. The extent of those consequences depend on how long it takes to reach some sort of deal.  Yesterday, I said the most likely scenario is the deadline comes and goes but there will be a deal after the deadline.  If you look back to 2011, it took a few months to reach a deal after negotiations started in May. A deal was finally reached in August, but the damage was done. Stocks dropped about 15% during that time, and finally recovered a few months later.  Bond prices and precious metals should hold up better if we have a repeat of 2011 with a deal coming sometime after the deadline.  I hope I’m wrong and that a deal is struck by today, but if not, expect at least a few months of turmoil in the markets and in your investment portfolio…possibly longer if the debt ceiling becomes the straw that breaks the US economy’s back and sends us into a recession…I’ll talk more about that tomorrow.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    --------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Debt Ceiling 2023: What It Means For You Because I record these episodes at least a week before they’re published, my hope is by the time you listen to this episode, the debt ceiling issue will be resolved with very little stress on the markets. That’s my hope, but let’s talk about 3 possible scenarios, since June 1st may come and go without a solution. There was a great article in the WSJ published on 5/20 that outlines 3 main scenarios for the debt ceiling standoff.  If you want to read the article in more detail, I’ll link to it in the show notes: https://www.wsj.com/articles/debt-ceiling-standoff-could-start-a-recession-but-default-would-be-worse-d536c3f3?st=po79c6mhgrpzzcv&reflink=desktopwebshare_permalink  3 main scenarios: Last minute deal - best case scenario, they come to an agreement before June 1st. In this scenario, there should be little impact on financial markets, and perhaps a big jump in stocks this week if that happens and as markets breathe a sigh of relief Deal after deadline - this is what I think is the most likely scenario. June 1st comes and goes and there hasn’t been a deal struck. Negotiations are contentious and power is divided, and this looks a lot like the debt ceiling debacle in 2011.if this happens, you’ll likely see a severe reaction from the stock market.   According to the WSJ: “If consumers’ retirement and investment accounts suddenly shrink, they could sharply curtail their spending, the lifeblood of the U.S. economy. Businesses could pause hiring and investment plans.” Debt payments would have to be prioritized and you’ll likely hear stories about veterans not getting their benefit checks on time or federal employees being furloughed. The government would have to prioritize their payments and would need to decide where to keep the lights on and where to stop paying the bills.  No deal - Absolute worst case scenario. “There would be chaos in the global financial system” says Wendy Edelberg, an economist at the Brookings Institution.  According to the WSJ: Missed payments would disrupt multitrillion-dollar global flows in short-term dollar borrowing, which are critical to how banks and companies fund operations. Investment funds, companies and banks all hold Treasurys. Their falling value would hammer balance sheets. Recent bank runs were sparked by falling values of Treasury debt, and the declines could be much steeper in a default. Analysts also say many investors would flee from risky assets of all sorts. The stock market would plummet 45% in the following months, and unemployment would shoot up by 5 percentage points, a White House report said. UBS said a month-long impasse would cause the economy to contract for four-straight quarters.” No deal is also political suicide for all involved, so while I don’t think those in power at the top are especially competent, they do like being in power, so they’ll at least be motivated to come to an agreement as the pressure mounts.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    ---------- >>> Subscribe on Apple Podcasts: httpstr://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Debt Ceiling 2023: What It Means For You Today I’m talking about what the debt limit or the debt ceiling is and why it’s important. What is the debt limit:  The debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.  If the U.S. Treasury reaches its debt ceiling and runs out of cash, it would be unable to pay all its bills. A failure to pay bills would represent a default by the U.S. Government. Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents. Much of the time they raise the debt ceiling without much fanfare. But sometimes when there are opposing sides in power in the White House and Congress, the debt ceiling is used for negotiating on spending and borrowing by the Federal Government and things get contentious as the deadline approaches, which is what’s happening now.  Why it matters: Failure to raise the debt limit and reach a deal means that the government basically won’t be able to pay its bills. And not being able to pay its bills means defaulting on our debt, and if that happens, a broader global financial crisis that analysts at Earnst & Young predict would be worse than the Global Financial Crisis in 2008.  So it’s serious, but it’s also important to keep in mind that not reaching a deal would mean political suicide for those at the top, so even though the worst case scenario is possible, I don’t think it’s probable.  When making decisions, especially financial and investment decisions, it’s important to think in terms of what is probable or likely, and not in terms of what is possible. If you think more in terms of what’s possible - especially those worst case scenarios - you’d never leave your house and any money you have would just get stockpiled under your mattress. We can’t have that, so best to think in terms of probabilities - and for that, I’ll dive deeper tomorrow into 3 different scenarios for the debt ceiling standoff tomorrow.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance  

Welcome to a new week here on the Retirement Quick Tips podcast! I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing over $300 million in client assets. I’m a Chartered Retirement Planning Counselor and I’m using my 15 years of experience as a financial advisor to help you gain clarity and make a plan for the retirement you envision. On this podcast, I cover everything from investing, to retirement spending, to taxes in retirement in just a few minutes each day, so if you’re 5-10 years on either side of retirement, and looking for some daily doses of retirement planning wisdom, stick around this week as I talk about the Debt Ceiling 2023: What It Means For You Originally this week, I was planning to talk about cyber theft and how you can prepare yourself. But with the debt ceiling looming and the U.S. government possibly exhausting its ability to borrow money as early as June 1st without a debt ceiling extension, I decided to cover a more timely and potentially very impactful topic this week.  Since you hear plenty about the debt ceiling in the news, you don’t need me to report on the issue for you. Better sources than me exist for that. However, the debt ceiling is nothing new, and this years debt ceiling negotiations have potentially direct consequences for your retirement investments - everything from a few days to a few weeks of market turmoil to a full blown recession and chaos in the global financial system in the worst case scenario.  With that in mind, what does all of this mean for you and what if anything should you do about it? That’s what I’ll cover this week. That’s it for today. Thanks for listening! Come on back tomorrow where I’ll talk about what the debt ceiling is and why it matters My name is Ashley Micciche...and this is the Retirement Quick Tips podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP   >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was: Best Personal Finance Books To Read This Summer In case you missed any episodes, here are my top summer book recommendations: The Total Money Makeover by Dave Ramsey The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel The Millionaire Next Door by Thomas J. Stanley A Random Walk Down Wall Street by Burton Malkiel Managing God's Money: A Biblical Guide by Randy Alcorn The most important takeaway from this week is…managing your money well is about understanding the basics well, and being disciplined - both with your spending and saving habits, and with your emotions and how you react to what’s happening with your investments and in the economy.  The lessons learned in these books are enduring lessons that I have carried with me over the years, and the knowledge you’ll gain if you read any or all these books will serve you well for years to come.  Tomorrow, I’m starting a brand new theme: how to protect yourself from cyber theft. Criminals are getting very good at tricking consumers, where it’s now possible to impersonate you over the phone, tricking even your own family members into thinking it’s you on the phone. And with AI getting more sophisticated, the potential for cyber theft is even scarier.  So next week, I’ll talk about the top ways you can protect your money from cyber theft.  Thank you so much for listening this week! If you’re enjoying the podcast, chances are someone else you know who is getting close to retirement could also benefit from checking it out, so please share the show with a friend, a neighbor, your sister, or your boss. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.  Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Best Personal Finance Books To Read This Summer Today’s book choice is: Managing God's Money: A Biblical Guide by Randy Alcorn Did you know that Jesus says more about how we are to view and handle money and possessions than about any other topic—including both heaven and hell. In Managing God's Money, Randy Alcorn breaks down exactly what the Bible has to say about how we are to handle our money and possessions in a simple, easy-to-follow format.  If you’re a believing Christian, then you should definitely care what God wants you to do with the money and material blessings He has given you. And Managing God’s Money by Randy Alcorn will help you gain a solid biblical understanding of money, possessions, and eternity. It will also help you understand the problems with the all-too-common “health and wealth” heresy that many of today’s popular Christian preachers are promoting.  When I read this book in 2019, it inspired me to create something like a family money manifesto that addressed the principles around money for our family. It’s our guide for lifestyle choices, how we view income and work, giving, what we’ll teach our kids about money, and what we’ll do with wealth that’s accumulated and our estate planning.  These principles guide our decisions about money in a way that’s intended to honor God, rather than get swept up in accumulating more money, and getting more stuff, which is definitely contrary to God’s plan for us. So if you’re at all unclear about how God wants you to handle His money, then I highly recommend this book Pairs well with: This book isn’t technical or complicated, so it’s perfect for a beach or vacation read or something to unwind with before bed.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Best Personal Finance Books To Read This Summer Today’s book choice is: A Random Walk Down Wall Street by Burton Malkiel Who should read it: An investing classic, it’s a great book for those of you who are interested in learning the basic principles of investing and applying them to how you invest. The book  Description (from Amazon): In a time of rampant misinformation about ways of growing your money, Burton G. Malkiel’s gimmick-free investment guide is more necessary than ever. Whether you’re considering your first 401k contribution or contemplating retirement, the fully updated, fiftieth anniversary edition of A Random Walk Down Wall Street remains the best investment guide money can buy. Drawing on his experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who saves consistently over time and buys a diversified set of index funds can achieve above-average investment results. He addresses current investment fads and critically analyzes cryptocurrencies, NFTs, and meme stocks. Malkiel reveals how to be a tax smart investor and how to make sense of recently popular investment management techniques, including factor investing, risk parity, and ESG portfolios. Investors of every age, experience level, and risk tolerance will find the step-by-step guidance they need to protect and grow their dollars. Why I like it so much: Although I disagree with his diehard adherence to indexing as the best way to make money in the stock market - because it’s not actually true - the lessons in this book  Pairs well with: The most complex and textbook-like book that I’m recommending this week, this book pairs best with water - definitely no alcohol to distract you or dull your sharp wits.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.        ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance  

This week’s theme on the Retirement Quick Tips Podcast is: Best Personal Finance Books To Read This Summer Today’s book choice is another classic, published in 1996, that I read 2 decades ago while I was in college - The Millionaire Next Door.  Who should read it: If you spend too much or fall into the trap of trying to keep up with the Joneses, this book is for you.   Description: The millionaire next door is a compilation of research and lessons learned about what makes millionaires different. It wasn’t inherited or flashy wealth but fostering good habits over decades that made most millionaires.  These habits might be easily dismissed by most people, because they’re common sense habits. Habits like spending less than what you make, not “acting” rich by buying things you really can’t afford, and using your income to accumulate assets that grow in value, rather than blowing your money on stupid stuff.  But common sense isn’t so common, and as Stanley says in his book: “[Americans] are debt-prone and are on earn-and-consume treadmills”, which is why The Millionaire Next Door deserves a spot on every bookshelf - so you can read it, and read it again whenever you need a reminder of these important wealth-building habits.  One of the most memorable stories I’ve ever read in any book is the picture Stanley painted of 2 successful doctors. Both doctors were in their 50s, had a high income - but they were opposites in terms of their net worth. One of the doctors used his high income to buy assets that grew in value (i.e. investments). The other doctor was up to his eyeballs in debt because he was living the flashy lifestyle he thought someone with his income should be living. The problem was that he had a negative net worth, and no hope of retirement unless he drastically altered his lifestyle and spending habits. Pairs well with: This book is full of good stories and lessons, so it’s perfect for a relaxing vacation or bedtime read or listening to as an audiobook on your next road trip.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     --------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance  

This week’s theme on the Retirement Quick Tips Podcast is: Best Personal Finance Books To Read This Summer Today’s book choice is: The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel Published in 2020, this book is a modern classic. In fact, at some point, I’m going to devote an entire week on the podcast to this book because there are so many lightbulbs that went off for me when I read this book and many of the insights I read in this book were new to me - which is saying something since I do this finance stuff for a living, and I devote a lot more time to learning and researching topics in this area compared to the average advisor because of this podcast.  Who should read it: Honestly, everyone. Whether you’re money savvy or not, old or young, you will benefit from reading this book.  Description (from Amazon): Money - investing, personal finance, and business decisions - is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together.   In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics. Why I like it so much: It talks about things that you don’t normally read in personal finance books - many of which tend to be solely focused on accumulating more money. Instead, Housel talks about why being humble and controlling your envy, greed, and other negative emotional traps is so important to making good money decisions and avoiding the sloppy decisions that can be ruinous.  Pairs well with: your favorite beer or wine. It’s actually a fun read, and something that I would definitely read while relaxing on your patio with your favorite beverage. The content isn’t super heavy, so you can afford to have a drink in hand while you read - even if that means you’ll forget a little of what you read.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: httpstr://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Best Personal Finance Books To Read This Summer Today’s book choice is a book that I first read in college. It really opened my eyes to debt, how damaging it can be, and the importance of priorities when it comes to how you manage your money. It’s one of the reasons why I became a financial advisor - to help people and to change lives like Dave Ramsey was doing through his book and radio show.  The Total Money Makeover by Dave Ramsey is best for those of you who are stressed out by money or trying to get out of debt. His baby steps and inspirational stories highlighted in the book will create a roadmap for getting out and staying out of debt.  Description: There’s a reason why this book has been a long-time bestseller, and his show has more than 16 million weekly listeners - it’s because his advice is straightforward and simple and if you follow it Why I like it so much: The advice is timeless and because there’s so many books in circulation, you can find a decent used one for around $5 Pairs well with: coffee, a highlighter and a notebook (taking notes) - you can also buy a companion notebook. You can read this one on the beach, especially with all the stories that are sprinkled throughout the book, but you’re going to want to make sure you understand the practical advice and baby steps, and for that, you’ll want to take some notes or buy the workbook that goes with it.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

Welcome to a new week here on the Retirement Quick Tips podcast! I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing over $300 million in client assets. I’m a Chartered Retirement Planning Counselor and I’m using my 15 years of experience as a financial advisor to help you gain clarity and make a plan for the retirement you envision. On this podcast, I cover everything from investing, to retirement spending, to taxes in retirement in just a few minutes each day, so if you’re 5-10 years on either side of retirement, and looking for some daily doses of retirement planning wisdom, stick around this week as I talk about the Best Personal Finance Books To Read This Summer When most people think of a fun beach or summer read, they typically think of a good mystery or a romance novel, not a book on personal finance. But with that additional time that many of us seem to have to relax and vacation in the summer, there’s definitely room to add in a book or 2 that can help increase your net worth as well this summer.  So with that in mind, I’ve curated my top picks for books you should check out. Some of these books are classics, some are newer, and I’m sure there’s at least one that you’ve never heard of. So stick around this week as I share with you my best picks for the beach or wherever you’re planning to pick up a book this summer.  That’s it for today. Thanks for listening! Come on back tomorrow where I’ll talk about the personal finance book I first read in college that helped inspire me to become a financial advisor.  My name is Ashley Micciche...and this is the Retirement Quick Tips podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP   >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was: Retire Never? In case you missed any episodes, here’s what we discussed this week… Retire? Why More Americans Over 60 Are Saying Never  The Pandemic Dichotomy Of Retirement Decisions The Financial Math Improves With Age Why Retire Never Just Doesn’t Work The Goal: Work Optional The most important takeaway from this week is… Tomorrow, I’m starting a brand new theme: Best Personal Finance Books To Read This Summer Thank you so much for listening this week! If you’re enjoying the podcast, chances are someone else you know who is getting close to retirement could also benefit from checking it out, so please share the show with a friend, a neighbor, your sister, or your boss. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.  Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Retire…Never? Today, I’m talking about reframing the retire never idea with the work optional idea instead.  Saving and investing with the idea that you could retire sometime between 60-65, regardless of when you actually do retire, should be the goal. You’ll save enough and have the ability to retire, but there’s no pressure to keep working and you could retire at any time without a significant financial cost or downgrade in lifestyle if you happen to retire sooner than planned. There’s tremendous strength and freedom that comes with work optional. There’s no pressure to keep working or hold on tightly to a career or a job you currently have, because you could take it or leave it.  It’s the detachment that gives you the freedom to enjoy your last working years and focus instead on what you enjoy doing, and what brings you the most satisfaction and meaning.  And it’s only by saving as if you’ll retire sooner than you planned that you’ll get there.   That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Retire…Never? Today, I’m talking about why Retire Never isn't really a plan and why it’s unlikely to work.  The primary reason it just won’t work is because of life. Stuff happens. You get sick, and you can no longer work. That’s actually the number 1 reason people retire earlier than they planned.  The reality is, far more people end up retiring sooner than they planned - by a significant margin. Expectations vs. reality (4x difference!):   This disconnect between expectations and reality leads to people not making the appropriate plans, just assuming that everything will be ok, and they’ll have full control over the timing.  [401k employees - no plans - leads to some sad outcomes - layoffs, business closing, late career hard to find work, mom needs full time care, get a diagnosis that prevents them from working, mental or physical decline that prevents working] If you plan to work past the age of 70, what are the chances that you’ll be among the 7% of workers who ACTUALLY retire later than 70. I’d say the odds are slim…around 7%.   Instead, it’s better that people prepare for retirement with the idea that they would like to be work optional, and that’s what I’ll be discussing tomorrow.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Retire…Never? Today, I’m talking about one of the most common reasons why people continue to work or plan to never retire, and that is they simply can’t afford to retire.  If you’re married, there’s a 50% chance that at least 1 of you will live to age 90. So if you retire by age 60-65, which is when most people end up retiring, that’s 25-30 years to make your money last, which is a tall order.  And since most Americans are behind on saving for retirement, the retire never or retire much later option is very attractive - especially if you don’t hate your job - for shoring that up. Retiring later is the single best thing you can do later in your working years, to remedy a shortfall in retirement savings.  The ripple effect of retiring later is powerful Saving more in peak earning years Delay social security and other pensions Compounding of existing retirement savings for longer Less years you’ll rely in nest egg in retirement So powerful that the combination of these factors can make a huge difference in the long run just by delaying retirement by a year or two.  The problem is that you may not have control over when you retire if a health issue or life circumstances alter your plans, and that’s what I’ll talk about tomorrow.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     --------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Retire…Never? Today, I’m talking about how the pandemic has altered many retirement decisions - in 2 very opposite directions. Retiring early - 1 million extra people retired each year of the pandemic from 2020-2022, so there was a huge boom of people retiring earlier than expected. Reasons - Financially possible, fears about getting sick or dying of Covid if they kept working. Many viewed the risks outweigh the rewards of continuing to work and called it quits.  But for many Americans close to retirement, the pandemic has had the opposite effect, especially for people with jobs that allow for remote work.  Many older Americans are still very much in demand, with the tightest labor market in decades. Many people have the opportunity to be part time or full time remote. I have a client who used to have an hour each way to commute to his job. Then covid hit and he’s been fully remote for 3 years now, and has no plans to retire until they tell him he needs to come back to the office.  He may never need to, and ditching his commute while simultaneously having more flexibility to travel and take time off because of his remote work setup, shifts how he thinks about continuing to work.  It’s much more sustainable for Americans now who maybe enjoyed their work, but didn’t enjoy their commute.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: httpstr://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Retire…Never? Today, I’m talking about why more Americans are saying never to retirement.  According to the Employee Benefit Research Institute, 29% of workers expect to work to age 70 or like Jay Simons - the 100 year old attorney I talked about yesterday, have decided to never retire.  In my own life, I can certainly name several people who worked well into their 70s and beyond. I have clients well into their normal retirement years who are still working. My dad turns 70 this year with no plans to retire, and my father in law still works part time at the age of 75.  The WSJ profiled several readers in a recent article on this topic. What I found as the most common thread among why people continue to work past the normal retirement age came down to purpose and meaning in work, that they didn’t think they would have in retirement if they stopped working all together.  Kristine Arlitt, age 73, said: “I started formally working at 14. As I sit here today, age 73 and feeling like 30, I simply cannot imagine not working. I just enjoy it too much. I made the decision a few years ago to change how I do it. I left my old firm and took control. Now, I select the clients, the cases I find interesting. I am now able to do a lot of pro bono work for people who simply cannot afford professional services but are desperately in need of them. I enjoy being relevant, productive and making contributions. I enjoy being happy. I will continue to work as long as I am in control. Slowing down—YES. Changing how I work—ABSOLUTELY. Actually retiring—NEVER!” That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

Welcome to a new week here on the Retirement Quick Tips podcast! I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor and I’m using my 15 years of experience as a financial advisor to help you gain clarity and make a plan for the retirement you envision. On this podcast, I cover everything from investing, to retirement spending, to taxes in retirement in just a few minutes each day, so if you’re 5-10 years on either side of retirement, and looking for some daily doses of retirement planning wisdom, stick around this week as I talk about Retire…Never. Today, many Americans are choosing the never option when it comes to retirement.  Jay Simons (SI-muns), an 100 year old attorney still practicing law in Florida is an extreme example of this.  [background/story about the 100 year old attorney] https://www.cbsnews.com/miami/news/at-100-years-old-south-florida-lawyer-may-be-oldest-practicing-attorney-in-the-state/  While the vast majority of Americans do retire sometime in their 60s, that may not be a decision you’re comfortable with, and it seems to be an increasing trend among Americans for a variety of reasons. So this week, we’ll explore the drivers behind people choosing the never retire option, and the pros, cons, and limitations of this decision. That’s it for today. Thanks for listening! Come on back tomorrow where I’ll talk about… My name is Ashley Micciche...and this is the Retirement Quick Tips podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP   >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was: Setting Up Your College Grad For Financial Success In case you missed any episodes, here’s what we discussed this week… Teach Budgeting Best Practices Technology is Your Money’s Best Friend Paying Bills (On Their Own!) Helping Your Grad Focus On Long-Term Goals Building A Good Credit Score The most important takeaway from this week is… Tomorrow, I’m starting a brand new theme: Retire Never?  A growing segment of Americans over 60 say they have no plans to retire, so next week we’ll talk about why more Americans will just keep working and some potential hazards with this no retire option.  Thank you so much for listening this week! If you’re enjoying the podcast, chances are someone else you know who is getting close to retirement could also benefit from checking it out, so please share the show with a friend, a neighbor, your sister, or your boss. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.  Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Setting Up Your College Grad For Financial Success Today… How to build a good credit score: https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-and-keep-a-good-credit-score-en-318/  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Setting Up Your College Grad For Financial Success Today… Many college grads are more concerned with finding a job, buying a car, and paying down student loans then they are with saving for retirement. Those are all important goals, but the problem I see is that because retirement is still a long way off for your young adult child, saving for retirement is often dead last in their priority list.  And then they’re 40 before it occurs to them to start saving for retirement. And it’s just not enough time for most. So start early, save consistently is the goal. As their parent, you can help them prioritize the right goals and incentivize them to save for the long-term.  A couple ways to go about doing that:  Gifting a few shares of a stock they’re interested in. My 5 year old loves Tesla cars. Don’t know why, he just does. Every time he spots one on the road (which is a lot) he shouts Tesla! Maybe for his 6th birthday I’ll buy him a few shares of Tesla stock :)  Same rules apply for college grads. Whether it’s their favorite Starbucks coffee, car company, or they’re in love with all things Apple, it’s a great way to get them interested in investing.  Better yet, match their IRA contributions and savings they’re able to sock away if you can afford to do that. 2023 Gift limits for these matching contributions allow you to provide matching contributions up to $17,000 per recipient, or $34,000 if you’re married and giving as a couple.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Setting Up Your College Grad For Financial Success Today… Setting up auto-pay for bills Why: Setting up your essential bills on auto-pay will help remove the stress of remembering to pay your bills. You can often have some control over when those bills are paid, allowing you to pay bills automatically shortly after your child gets paid, ensuring they’ll have the funds available to cover the basic and mandatory monthly bills Stop paying their bills. If you’re still helping with cell phone bills, car insurance, rent, and grocery money, it’s time to cut most or all of that off once they’re working. Talked about this before. Many 20 and 30 somethings are still dependent on mom and dad financially well after their schooling years end, and that creates problems for both them and you.  Stopping the deposits from the bank of mom and dad, will help ensure that your child is incentivized to work and find meaningful employment and a career of their own. Making it too easy for children to live comfortably with your assistance will not help them learn to manage their own money or be financially independent in the long-run. That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  --------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Setting Up Your College Grad For Financial Success Today, I’m talking about teaching your young adult child how to use technology to budget. Now I’d be willing to be your twenty something is a lot better at using the gram or tik tok, or whatever the kids are into these days. But chances are, they haven’t yet figured out how to apply those tech skills to their money, which is where you can help them. Technology can be your child’s best friend when it comes to managing their finances. If you think about how different things were when you were there age, they have many more tools to help them be successful. Even I remember a time when it was cumbersome to know and track the status of my money in my checking account. But now, it’s all on my smart phone and I can see how much I have in my bank account all at my fingertips. Taking it a step further, college grads who are learning to manage their money need to learn how to track their spending and spend within a budget. Yet, many college grads have no idea how to budget. So work with them to select a technology tool to help with that. Here is just a short list of some  popular options: Bank accounts - many will categorize spending to make budgeting easier Mint, for just about everything YNAB, for hands-on zero-based budgeting Goodbudget, for hands-on envelope budgeting EveryDollar, for simple zero-based budgeting PocketGuard, for a simplified budgeting snapshot Fudget, for budgeting without syncing accounts That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    ---------- >>> Subscribe on Apple Podcasts: httpstr://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Setting Up Your College Grad For Financial Success Today…I’m talking about the most important thing you can do to set your young adult child up for success: teach them how to budget. How to track their income coming in, spending and money going out, and make sure that the latter never exceeds the former.  Some parents aren’t comfortable with helping their child in this area, because maybe you’ve never budgeted yourself or feel that your not great with money. Not to worry.  There are so many amazing resources out there, and it can be an opportunity for learning together. As a graduation gift, pay for enrollment in an online or in person class to learn best practices. It can be something fun that you can learn and do together.  If you and your grad love to read, there are great books on budgeting you can read and learn together, bonding over budgets!  Most courses and books are inexpensive and the financial reward of understanding how to keep finances in check will serve them well for decades, with potential generational impact as they will be able to pass on what they learn and good financial habits to their own children.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

Welcome to a new week here on the Retirement Quick Tips podcast! I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor and I’m using my 15 years of experience as a financial advisor to help you gain clarity and make a plan for the retirement you envision. On this podcast, I cover everything from investing, to retirement spending, to taxes in retirement in just a few minutes each day, so if you’re 5-10 years on either side of retirement, and looking for some daily doses of retirement planning wisdom, stick around this week as I talk about Setting Up Your College Grad For Financial Success [Zero coupon bonds…a few thousand dollars of unused funds became the seed money for my retirement investments at age 22] That’s it for today. Thanks for listening! Come on back tomorrow where I’ll talk about… My name is Ashley Micciche...and this is the Retirement Quick Tips podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP   >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance  

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was: Top 5 Money Traps To Avoid In case you missed any episodes, here’s what we discussed this week… Buy Now, Pay Later Debt Consolidation Loans Adjustable Rate Mortgages Timeshares 401(k) Loans A couple of close contenders that didn’t make the cut: car leases, certain types of life insurance and annuities, and virtually any type of debt that’s not a mortgage: student loans, pay day loans, credit card debt, etc.  The most important takeaway from this week is…the biggest money traps are almost always tied to debt. Whether it’s a 401k loan or a buy now pay later scheme, taking on more debt to fund a particular lifestyle comes home to roost eventually, and it’s concerning the amount of people who are still up to their eyeballs in debt, especially when you’re close to retirement. So pay attention and be aware of these money traps so you can steer clear.  Tomorrow, I’m starting a brand new theme: Setting Up Your College Grad For Financial Success It’s graduation season! If you have a child graduating college this year, congratulations! Many of you listening have a recent college grad, or a child (perhaps multiple children) who will be graduating college in the next few years. So with that in mind, I’m sharing with you my best ideas for how you can set up your college grad for financial success.  Thank you so much for listening this week! If you’re enjoying the podcast, chances are someone else you know who is getting close to retirement could also benefit from checking it out, so please share the show with a friend, a neighbor, your sister, or your boss. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.  Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance  

This week’s theme on the Retirement Quick Tips Podcast is: Top 5 Money Traps To Avoid Today, I’m talking about a money trap that may not seem like a money trap at first glance: the 401k loan.  The 401k loan is essentially a loan you take from yourself. You’re borrowing from your own 401k balance, and then when you re-pay the loan, you’ll pay interest, but that interest on the 401k loan, you’re paying to yourself.  So it sounds like the loan is free and low risk. But here’s why 401k loans are money traps:  They’re tempting for the reasons I just mentioned. For this reason, people who use 401k loans tend to view their 401k as a piggy bank to tap into whenever they need, not as an account set aside for retirement. Viewing it this way causes many borrowers to tap into their 401k more often and borrow at higher amounts.  When you borrow money from your 401k, you’re losing out on the investment earnings you otherwise would have had if they money stayed in  hte account and stayed invested. That wouldn’t have been a problem in 2022 when your 401k went down in value, but what if you had a 401k loan outstanding in 2019-2021. The S&P 500 was up 29% in 2019, 16% in 2020, and 27% in 2021. The cost of the loan is essentially equal to those returns you missed out on while your money wasnt invested, making the real cost quite significant.  You repay your loan using after-tax money. That’s a horrible financial tradeoff when most of the time, your original contributions were made on a pre-tax basis. Think of it this way: if you’re in the 24% tax bracket, you now have to work about 1/4 more to get the money back into your 401k, compared to when you made the original contributions.  I work with a lot of 401k plans, so I see firsthand what people tend to do when they take a loan. And very often, they stop contributing to their 401k while they’re repaying the loan. We’re talking potentially tens of thousands if not more in a lower 401k balance because of lower or no contributions while repaying the loan.  All kinds of problems if you change jobs or get laid off or fired. The loan becomes due by the time you file for your next tax return. And if you default, you’re looking at taxes and penalties on the loan. So despite seeming attractive on the surface, a 401k loan is definitely a big money trap, and should only be used for a true emergency, and paid back as soon as possible.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Top 5 Money Traps To Avoid Today, I’m talking about money trap of timeshares. Despite hearing horror stories about timeshares and learning as a kid even that these are money traps, I am still continually surprised by how often I hear about a client or a friend or just someone I know who has a timeshare. And usually I only hear about it when they’re trying to get out or they made a mistake buying in the first place after they succumbed to the hard sell in exchange for the free round of golf. Here are 10 reasons, according to Nolo.com, why timeshares should be avoided: https://www.nolo.com/legal-encyclopedia/top-ten-reasons-think-twice-before-buying-timeshare.html#:~:text=But%20read%20the%20fine%20print,can%20 foreclose%20on%20your%20 timeshare.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Top 5 Money Traps To Avoid Today, I’m talking about the money trap of adjustable rate mortgages. With higher interest rates over the past year, these mortgage products which brings back haunting memories from the Great Recession, are surging in popularity. From early 2020 through early 2022, adjustable-rate loans made up less than 5% of all mortgage applications, according to the Mortgage Bankers Association, a nonprofit organization representing the U.S. mortgage finance industry. But by mid-2022, they made up more than 10% of mortgage applications. By October 2022, nearly 12% of mortgage applications were for adjustable-rate loans. During the housing boom from 2004-2007, adjustable-rate mortgages made up over a third of mortgage applications each year, before plummeting to less than 5% across parts of 2008 and 2009, and remaining under 10% until recently. What makes adjustable mortgages more popular, especially right now, is that the rate you’ll start out paying on your mortgage is lower than a fixed rate mortgage. Right now, the interest rate on a ARM that adjusts in 5 years is 5.81%, compared to the 30 year fixed at 6.94%.  So it’s easy to see why a lot of borrowers are getting sucked into this money trap when rates are so much lower on the ARM. Depending on the size of the loan, you’re looking at thousands of dollars less every year that you’ll pay on the loan, and with many buyers still struggling to afford a house, a ARM looks especially attractive. The problem is, that if you buy a house today using an adjustable rate, you’re betting that you’ll move in the next 5 years, or that rates have declined AND you have enough equity in your house AND you can afford all the refi fees. That’s a pretty big uncertainty and a pretty big bet that everything will be in your favor when you fast forward 5 years.  If rates are still high in 5 years or housing prices have decreased and you don’t have the equity to refinance, and you’re hit with a higher payment when your mortgage rate adjusts that you can’t afford, that's how you get yourself into a serious mess like we saw with the mortgage mess, foreclosures, and housing crisis back in 2008.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     --------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance  

This week’s theme on the Retirement Quick Tips Podcast is: Top 5 Money Traps To Avoid Today, I’m talking about the debt consolidation loan money trap. If you have multiple debts to repay, the debt consolidation loan can be a helpful way to get multiple debts merged into one loan with a fixed interest and a single monthly payment, reducing the stress of managing multiple debts and multiple payments.  Sounds like a great idea, right? While there are some definite upsides of debt consolidation - the streamlining of your payments, & potentially securing a lower interest rate with the new loan, there are quite a few downsides too, making this a money trap. Doesn’t address the underlying issue of potential spending problems and mismanagement of finances. Debt consolidation loan might not help much if you find yourself in the same situation next year because you didn’t address the root cause of your debts  Temporary decline in your credit score, because applying for the new loan is considered a hard credit inquiry Sneaky added costs that make it difficult to understand the real cost of the loan:  origination fees, balance transfer fees, closing costs and annual fees.  If the interest rate on the new loan isn’t less than what you’re currently paying, you’ll lock in a higher rate and pay more in interest for the convenience of consolidating your debt According to Forbes: “you could still pay more in interest over the life of the new loan. When you consolidate debt, the repayment timeline starts from day one and may extend as long as seven years. Your overall monthly payment may be lower than you’re used to, but interest will accrue for a longer period of time.” That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: httpstr://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance