Retire With Ashley

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.    

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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: 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.    

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

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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

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.    

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

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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

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.    

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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

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.    

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

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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’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.

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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

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.

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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

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. 

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

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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

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.    

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

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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

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. 

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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