Retire With Ashley

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.   

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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.   

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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.   

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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.    

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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 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.

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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: 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.

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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:

1. 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. 

2. Short-term winners: Bonds and precious metals should do well - flock to safety and benefits will likely subside once a deal is reached

3. If you have cash to invest, DCA

4. 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.    

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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.       

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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.   

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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:

1. 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

2. 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. 

1. 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.   

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