Retirement Quick Tips with Ashley

The theme this week on the Retirement Quick Tips Podcast is: When Should I Hire A Financial Advisor?

Today, I’m talking about some of the key benefits of hiring a financial advisor. It’s hard to know what exactly you’re getting when you’re paying for the services of a financial advisor as there’s not always a deliverable at the end.

At least when you hire an attorney or a CPA, you get a trust or other estate planning documents at the end of it or your tax return is filed.

But when you hire a financial advisor, most of the time you’re hiring someone to manage your investments, and help you with ongoing financial and retirement planning decisions. Quantifying that advice and weighing it against the cost can be fuzzy at best.

To help quantify the value of financial advise to weigh against the ongoing cost of hiring an advisor, Vanguard does an annual study that looks at different services advisors provide and quantifies the value of each.

In short, here are the key areas where an advisor provides the most value:

• Suitable asset allocation using broadly diversified funds/ETFs
• Cost-effective implementation (expense ratios)
• Rebalancing
• Behavioral coaching
• Asset location
• Spending strategy (withdrawal order)
• Total return versus income investing

The total estimated annual value of these key areas is around 3% in increased returns per year.

So if your advisor is charging a 1% fee on your total assets to manage your investments and provide financial advice, the benefit outweighs the cost 3 to 1.

The key though is finding a proactive, sharp, and qualified advisor who will actually do these things and do them well.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

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>>> Visit the podcast page: https://truenorthra.com/podcast/

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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 started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision.

The theme this week on the podcast is: Inflation is sticking around...now what?

Back in August 2020, over 2 years ago, when schools were still shut down and much of the economy was still in a coma, I dedicated a weekly theme to inflation. I said that “I think higher inflation, even problematic inflation is a real possibility due to our skyrocketing national debt and the lack of discipline of our elected officials on both sides to properly deal with it.”

While I said that you shouldn’t be concerned about inflation “yet”, I was still confident that the Federal reserve board’s decision making ability to manage inflation.

I also thought that the economic growth we would experience coming out of the recession would help to offset higher prices due to inflation and help everyday Americans better keep pace with price increases.

I didn’t anticipate sustained inflation in the 7-9% range, and so here we are 2 years later and that’s the reality we’re faced with now.

That’s it for today. Thanks for listening! Come on back tomorrow where I’ll talk about what that end goal is.

My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.

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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/

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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: The theme this week on the Retirement Quick Tips Podcast was Nowhere to Hide.

In case you missed any episodes, here’s what we discussed this week...

• Sell This, Not That
• Don't Abandon Your Plan
• Ideal Time For A Little DCA
• Keep It Short-Term With Your Bond Portfolio
• It's All About Quality, Stupid!

The most important takeaway from this week is: Some of the greatest opportunities present themselves when the economy and markets are in a state of chaos. Most people are hunkered down and too afraid to do anything...and when they do act, they often make the wrong decisions based on fear - like selling all of their stocks or stopping all of their retirement contributions. You may not be able to control interest rates, the economy, inflation, or how much the stock market drops this month, but if you keep a cool head, you can still take action on things you can control, and that’s been the focus this week.

Tomorrow I’m starting a brand new weekly theme: 5 Personality Traits of Self-Made Millionaires. Do you know what traits differentiate a millionaire - especially the self-made ones - from the rest of the population? A recent study points to 5 key traits and we’ll cover each of these traits and why they’re important for building wealth, next week.

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.

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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

The theme this week on the Retirement Quick Tips Podcast is: Why You Shouldn’t Retire in 2022

Roughly 2 million more people than expected have joined the ranks of the retired during the pandemic, according to The New School's Schwartz Center for Economic Policy Analysis.

2 million extra people are now retired compared to what would be expected since the pandemic began...that’s a lot of people who decided to accelerate their retirement and call it quits over the last couple of years, and that’s in addition to the roughly 2 million people who retire each year in the US.

The typical story behind an accelerated retirement goes something like this: I’m burned out at work, I had a health scare last year, I’m worried about Covid, I don’t want to get vaxxed but my employer is making me....these are all reasons I’ve heard in just the last few months of why some of my clients are retiring earlier than they planned. We run the numbers and find they can afford to retire now, so they put in their notice and call it quits.

And there’s nothing wrong with this. If you would rather be retired and not working anymore and you can afford to retire, great! But I think one of the problems facing early retirees right now, is that they are lulled into a false sense of security because they feel pretty rich right now. Their investment portfolios are fat and growing (at least they were until January of this year), and we really haven’t had a bad recession or a prolonged downturn in the stock market since 2008...that’s 13 years ago now. 13 years of steady growth and the last 3 years have been double digit earning years for most people. Covid counts as a bad recession, but it was over so quickly and recovered so soon that most didn’t feel any real pain. You’re in your peak earning years, likely with the highest income you’ve ever had. Your house is worth way more than it probably should be and so most people close to retirement feel pretty rich right now.

That’s a problem, because if your plans don’t take into account the possibility that we could have a recession and a major downturn in the market in your first couple years of retirement, you could be setting yourself up for a retirement that’s very different from the one you envisioned.

I’ll continue with this topic tomorrow and I’ll talk more about why you don’t want your retirement accounts to lull you into a false sense of security.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/

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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: Know Thyself

In case you missed any episodes, here’s what I covered this week...

The most important takeaway from this week is: Thinking through some important questions about how you’ll spend your resources in retirement - both your time and money, will help you live a more intentional retirement that is meaningful and fulfilling.

I hope that these questions I posed to you this week will erase any FOMO you might have in retirement, since it will help you live your retirement with more purpose and guide future decisions you’ll make.

Tomorrow I’m starting a brand new weekly theme: What to do with a $300,000 inheritance. According to Federal Reserve data, the average inheritance is around $295,000. Obviously many people receive much less than that, and some receive much more. While less than 1% of you will receive an inheritance of $1,000,000 or more, if your parents are still alive, chances are you’ll receive something when they pass, so it’s important to make a smart plan for what to with that inheritance before you’re faced with the stress of making decisions in the real world.

So next week, I’ll talk through some important considerations when dealing with an inheritance.

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.

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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance