The theme this week on the Retirement Quick Tips Podcast is: New Retirement Plan Limits For 2023

Today, I’m talking about increases to catchup contributions for retirement plan accounts in 2023. If you’re over 50, you’re already maxing out your retirement plan contributions but you want to do more, then consider catch up contributions. 

The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased by $1000 for 2023 - to $7,500, up from $6,500. 

This means that if you participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan and you max out both your regular contributions and your catchup, you can reach an important threshold and save $30,000 in your employer-sponsored retirement accounts starting in 2023.

Some important things to know about the catchup that you’ll want to pay attention to. Oftentimes you have to opt into it specifically and your payroll or retirement plan provider won’t automatically let you make the catchup contributions unless you opt in. Every providers is different so just make sure you find out how to max out both your regular and catchup contributions if you decide to go that route. 

As I mentioned yesterday, if you’re listening to this podcast, you probably are over 50 and in your peak earnings years, so trying to max out your retirement plan contributions will help provide a nice boost in your last several working years before retirement. 

Catchup contributions are also going up for SIMPLE IRA accounts, by $500 - from $3000 to $3500, but it’s important to note that the catchup contribution for Traditional and Roth IRA accounts remains unchanged for 2023, and remains at $1000. 

I’ll talk more specifically about Traditional and Roth IRA accounts on Friday.

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

The theme this week on the Retirement Quick Tips Podcast is: New Retirement Plan Limits For 2023

Today, I’m talking about the massive increases for workplace retirement plans in 2023. 

If you work for a company that sponsors a workplace retirement savings plan, the IRS announced the largest ever increase in retirement plan contribution limits for 2023 thanks to high inflation this year. 

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500, up from $20,500.

If you’re covered by a SIMPLE IRA, you can contribute up to $15,500 in 2023, up from $14,000 this year. 

The biggest mistake I see people make…[not paying attention to these changes and making the necessary adjustments to payroll contributions]

• Don’t assume that it will happen automatically. I’ve had people tell me that they’re maxing out, only to find out that they were maxing out…like 5 years ago, but haven’t made the adjustments since and lost out on tens of thousands of additional contributions and growth that they otherwise would have had in their retirement account. 
• Find out what steps you need to take now, so your contribution increases can go into effect in January

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

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast

This week the theme was: How To Fire Your Financial Advisor

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

• How To Select A New Advisor
• Understanding The Account Transfer Process
• You’ve Left Your Financial Advisor For Someone New. What’s Next? 

The most important takeaway from this week is…

Tomorrow I’m starting a brand new weekly theme: New Retirement Plan Limits For 2023

One thing that we can thank inflation for as we close out the year is that the IRS recently announced huge bumps in retirement savings limits for 2023. So next week, I’ll talk about what’s changing for your 401k, IRA, and Health Savings accounts, and how you can best take advantage of these higher contribution rates. 

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: How To Fire Your Financial Advisor

Today, I’m talking about what happens in the days & weeks after you change advisors and what you need to know about switching things around post-transfer. 

• What happens post-transfer
• Advisor will let you know when the funds arrive and usually by this time, you’ve discussed and agreed on the changes that they’ll be making in your investment accounts
• Dealing carefully with taxable accounts because of gains 
• Implement financial planning recommendations they’ve made 

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

The theme this week on the Retirement Quick Tips Podcast is: How To Fire Your Financial Advisor

Today, I’m continuing with the nuts and bolts of the actual account transfer process to help you know what to expect, and to help you see it’s not as much of a headache as you might think. That’s mostly because the new advisor or brokerage firm you’re working with is going to do most of the work for you. 

• Paperwork you’ll sign 
• 2 step process - 
• Notifying your advisor is optional - your advisor can handle this for you if it’s too uncomfortable. 
• Why it’s a good idea - worked with them for a long time. If the advisor is rude or tries to intimidate you to stay, that’s rare, but you can take that as verification that you’ve made the right decision in leaving. Most good advisors will appreciate honest feedback in what went wrong. All advisors lose clients. The best advisors only have 1-2% of their clients leave in a given year, but it does still happen. I always ask when someone leaves and I appreciate knowing what went wrong so I can identify any patterns and make sure it doesn’t happen again.
• ACAT is all back-office (advisors are not involved. Timeline is usually a couple weeks and everything stays invested with in-kind, so you’re not out of the market for several weeks. 

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/ 

----------

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

The theme this week on the Retirement Quick Tips Podcast is: How To Fire Your Financial Advisor

Today, I’m talking about what you need to know about the actual transfer process

• Usually fees are minimal ($75-$100/account transfer charge) and no advance notice is required. Once you’ve selected the company you’ll be working with, you’ll provide them with account statements. At this point, they should be able to tell you what fees or potential issues could be involved with the transfer once they see how the accounts are invested. 
• 9 out of 10 times it’s pretty simple because you can usually transfer everything in-kind (explain), but there are exceptions: 
• Annuities not out of surrender
• Proprietary funds that can’t be held elsewhere
• Illiquid investments 

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/ 

----------

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

The theme this week on the Retirement Quick Tips Podcast is: How To Fire Your Financial Advisor

Today, I’m talking about how to select a new advisor

• decide what type of investor you are (diy on your own, hybrid with some help and portfolio model or a robo-advisor, or full service working with a financial advisor 
• choose an advisor/custodian - don't rely on fancy marketing. Interview each option you're seriously 
• Questions to ask - did an entire weekly theme on this topic in May 2019. Here are 5 questions to ask potential new advisors:
• #1 question - are you a fiduciary at all times? Don’t hire an advisor who won’t or can’t be a fiduciary. 
• What does your typical client look like? Many advisors only serve high-net worth clients, or have special expertise in working with a particular subset of clients - here at True North, we specialize in working with business owners looking to exit their business in the next 5-10 years. Be sure that your advisor specializes in and has other clients like you.
• How long have you been an advisor? Experience counts for a lot. I’ve been doing this for 15 years and I’m always learning something new. Don’t pick an advisor who graduated college last week. On the flip side, consider the age of your advisor. If they’re 70 years old, how much longer will they be around to manage your portfolio. If they are closer to retirement, that’s ok. Just make sure they still have some fire left in the belly and a succession plan in place.
• Who will be my day-to-day contact? Ideally, the financial advisor you worked with initially is also your ongoing advisor. But that’s not always the case. Ask to meet all the members of the team and how each of them will be involved with you after you become a client. 
• What’s your investment philosophy? Make sure this is clearly articulated, makes sense to you, and is consistent with your goals. 
• What are your fees? And just as important, what is the all-in cost of you managing my money? There are fees you pay your advisor, underlying fees for the investments you own, and often transaction fees as well. Be sure your advisor clearly explains the all-in cost, not just their fee, and make sure that fee seems fair and reasonable based on what they will be doing for you on an ongoing basis. 

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

The theme this week on the Retirement Quick Tips Podcast is: How to fire your financial advisor. 

Today, I’m talking about why clients leave their advisor

• Bear market: Spotlight on high fees, poor communication, or bad performance
• Biggest problem I see is neglect of the relationship by the advisor. Lazy and complacent after they reach a point of success. Story of working in a large office with a lot of experienced advisors
• #1 reason - poor communication. They’re not proactive or responsive if you reach out. Client who has $2 million with another advisor, but he’s heard from them maybe 3 times in the last 10 years. I remind him that based on the assets invested there, they’ve made probably $100,000 in fees over that time. You’d think that they could at least take the time to reach out once in a while. 
• Could be more subtle than that - they ignore your spouse in meetings. You seem even more confused after talking to them and they don’t articulate the why behind their recommendations well. They consistently over-promise and under-deliver and they’re not meeting your expectations.

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

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>>> 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 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: How to fire your financial advisor

Many investors who work with a financial advisor aren’t satisfied with the relationship,  and plenty of DIY investors may not be that satisfied with the relationship of the investment company they’re working with, and would prefer to move their accounts and work with someone else, but if that sounds like you, a lot of roadblocks prevent you from making a change. 

You may think that it sounds like too big of a headache to move your accounts or you worry about triggering taxes or penalties because of your move. Or maybe you’ve been working with your advisor for a long time, and you consider them a friend, you’re afraid of the damage that making the switch will do to the relationship. Guilt or fear of the unknown keeps you from making the change. 

Believe me, I understand. I love the gal who does my hair, but her salon is in one of the worst parts of downtown Portland, where you’ve seen boarded up buildings, riots, and homeless encampments. I'm convinced that every time I go see her that I will return to my car with a window smashed in, but I won’t leave her. 

So this week I’ll talk about why clients will leave their financial advisor, the steps you should take if you’re ready to make a change, and why it might be easier to make the switch than you might think. 

That’s it for today. Thanks for listening! Come on back tomorrow…

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/ 

----------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: Are You Sabotaging Your Investments Because Of Your Political Views?

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

• Election day
• Too Early On ESG
• The Sky Is Falling Bias
• Do Elections Really Impact Your Investment Portfolio? 
• Why The 2022 Midterm Election Results Won’t Matter Much For Your Portfolio

The most important takeaway from this week is…

Tomorrow I’m starting a brand new weekly theme: How to fire your financial advisor. 

Poor communication or a lack of communication and responsiveness is the main reason why a client will drop their financial advisor. That’s often a forgivable offense when times are good, but  poor communication coupled with poor performance often leads investors to consider looking elsewhere for a new advisor. Many don’t make the leap though, because it seems like too much of a hassle and you’re not really sure if the grass is truly greener on the other side. So next week I’ll talk about what you need to know if you’d like to fire your financial advisor, and why it’s easier than you might think. 

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