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

It also happens to be my birthday today! I love Italian red wine, titleist prov1 golf balls, and dark chocolate and my address is…

This week the theme was: Best Retirement Savings Accounts in 2022...And How To Fund Each One

In case you missed any episodes, here is the order of priority that you’ll want to save in your retirement accounts in 2022:

• HSA
• Workplace retirement savings plan
• Focus on paying down debts like car loans and your mortgage
• Fund your IRA
• Fund any taxable accounts 

The most important takeaway from this week is: There is a specific order in which you’ll want to save in your retirement accounts in 2022, and knowing that order is important for taking full advantage of your employer matches and minimizing your taxes both now and in the future. As with any financial planning recommendation, this order won’t apply to all people in all circumstances but it will apply to most people, so keep that in mind as you’re applying this funding order to your unique situation. 

Tomorrow, come on back, because we’re starting a brand new theme: Stock Market Correction Is Here…What To Do Now

Earlier this month, the Dow Jones Industrial Average entered correction territory, which is defined as a drop of 10% or more. While corrections are a healthy and normal part of typical market cycles, this correction seems more perilous than most I’ve experienced thus far in my 14 year career as a financial advisor. 

Inflation, higher interest rates, the war in Ukraine, continued economic dislocations and supply chain issues from Covid - none of which appear to be going away anytime soon. 

So whether this is just a brief hiccup or the start of worse to come for stocks, I’ll share with you what I share with clients every day on how to weather the current storm that we find ourselves in. 

Thank you so much for listening this week! If this podcast is valuable for you, please share the show with a friend, a neighbor, your brother, or co-worker who is getting close to retirement. 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

The theme this week on the Retirement Quick Tips Podcast is: Best Retirement Savings Accounts in 2022...And How To Fund Each One

Today, I’m talking about funding the account that should come last in your retirement savings accounts priorities - a taxable account. This could be a joint, trust, or single brokerage account in your name.

The best thing about funding a taxable account is that of all of the investment accounts you can fund for your retirement, it’s the most flexible. There’s no income or funding limits, so if you have a high income, they’re a great way to sock away additional funds for retirement once you max out your HSA, 401k, pay down debts, and fund your IRA - which is what I’ve been talking about so far this week. 

The downside of the taxable account and why it’s last on the list is that it’s taxable. You don’t get any tax breaks on money going into the account like many of the other retirement savings vehicles, and you’ll be taxed every year on dividends, capital gains, and interest that is generated within the account. 

Great for specific savings goals or earmarked funds for other purchases. Beyond the fact that there is no limit to what you can save inside of a taxable account each year, this is where taxable accounts shine the most. 

• Withdrawal restrictions & penalties on 401k, IRA, and HSA accounts
• You can withdraw any amount at any time, and your tax bite is limited to your capital gains from what you sell, which is taxed at lower rates compared to your income tax rate in most cases. 

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: Best Retirement Savings Accounts in 2022...And How To Fund Each One

Today, I’m talking about funding your IRA in 2022. Surprisingly, for most people this is going to come toward the bottom - after you’ve funded your HSA, your workplace retirement savings plan, and made a dent in your car or mortgage debt for the year. 

Why so low on the priority list? Unlike the HSA and 401k which likely have matching dollars from your employer, the IRA has no additional match benefit and the contribution limits are much lower compared to most retirement plan accounts that you have at work. 

There are some other reasons too - like depending on your income and whether or not you or your spouse are covered by other retirement savings plans - you may not even be able to save in an IRA. 

But if you do make it this far in the retirement savings hierarchy for 2022, here’s what you’ll need to know about funding your IRA:

• Again - eligibility and income limits apply to IRAs, so make sure you’re eligible first
• If your income is below the threshold you’ll most often want to consider funding a Roth IRA first, before funding a traditional IRA
• Max contribution for IRA and Roth IRA in 2022: 
• $6,000 (under 50)
• $1,000 catch up if 50 or older

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: Best Retirement Savings Accounts in 2022...And How To Fund Each One

So far this week, we’ve talked about which accounts you’ll want to fund first and prioritize in 2022 - those are your HSA and 401k or other workplace retirement savings plans. Once you’ve check the boxes on those, we can move on to something else entirely, which is paying down debts. 

On Monday, I mentioned that if you don’t have emergency savings or you’re paying 22% on your credit card debt, those areas need to be addressed before you should be adding more to your long-term retirement savings accounts like a HSA or 401k. 

But what do you do if you already have an emergency fund, no high interest debt, you’ve funded your health savings account, and your 401k? 

What I would recommend doing next is focusing on paying down your lower interest rate debts like car loans and your mortgage. If you’ve been listening to the podcast for a while, you probably know by now that I’m a big fan of zero debt in retirement. In fact, I think that you’d be much better off focusing on aggressively paying down your mortgage in your final working years, even if it means you don’t save as much in your 401k. So finding the right balance of saving enough and paying down your mortgage is key.

But if you’re on track for your retirement savings, knocking out your other debts is a great next place to maximize your long-term retirement savings, since it will help set you up for lower expenses in retirement. 

You’ll want to focus on debts before saving more in your IRA and taxable accounts, which is what I’ll turn to tomorrow and Saturday. 

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: Best Retirement Savings Accounts in 2022...And How To Fund Each One. I’m talking about which accounts you’ll want to max out first, which accounts should be lower on the priority list and in which order you’ll want to save in each one.

Yesterday, I talked about prioritizing your health savings account contribution first for long-term retirement savings. Once you’ve checked the HSA box, which account comes next? 

Your workplace retirement savings account comes next. Whether it’s a 401k, 403b, SEP IRA, SIMPLE IRA, or some type of state or federal government savings plan, hopefully you have access to a retirement savings plan through your work. 

At a minimum, you’ll want to save at least enough to maximize your employer match. So make sure you know what the minimum contribution is for you to maximize your employer’s match.

• Common safe harbor match formula 
• Example of multiplying your savings with the employer match layered on
• Ideally, if you can max out your retirement savings accounts, you’ll want to do that before you look at saving in your IRA or a taxable account
• Max contribution for 401k = $20,500 in 2022 with an additional $6,500 catch up if you’re over 50
• Consider at least a portion into a Roth too, especially if you have most of your retirement investment portfolio in pre-tax or traditional 401k or IRA accounts

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: Best Retirement Savings Accounts in 2022...And How To Fund Each One. I’m talking about which accounts you’ll want to save in first, which accounts should be lower on the priority list and in which order you’ll want to save in each one.

Today, I’m talking about the first account you’ll want to fund in 2022 - your health savings account. 

• Why the HSA - triple tax benefit
• Don’t leave it in cash…max the growth potential with investing it
• Eligibility is dependent on a HDHP
• Minimum = fund up to the match
• Maximum = $3,650: Annual HSA contribution limit for individuals
• Those with family plans will be able to stash up to $7,300 in their health savings account in 2022
• Employees 55 and older can contribute an extra $1,000 to their health savings account in 2022

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 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: Best Retirement Savings Accounts in 2022...And How To Fund Each One

A common question I get from clients is how to prioritize saving for retirement. They might have a 401k, a Roth IRA, a taxable brokerage account, and a HSA. So this week on the podcast, I’ll talk about which accounts to prioritize with your long term savings and how and why you should fund each one in a particular order. 

One important point about this week’s tips is that I’m assuming you’ve already established an emergency fund and you have a healthy amount of savings in the bank. I’m also assuming that you don’t carry any high interest rate debt and your debt level overall is low.

If you don’t have emergency savings or you’re paying 22% on your credit card debt, those areas need to be addressed before you should be adding more to your long-term retirement savings accounts, so please keep that in mind when you’re listening to the podcast this week. 

I hope what I have to share with you this week will help you make smart and thoughtful decisions with your retirement, and help provide more clarity on which accounts you should fund first and which accounts you should fund last. 

And while I am careful to not lead you astray, personal finance is not an exact science. There is no one-size-fits-all solution for everyone, so I encourage you to disregard anything I say that may not be helpful for you, and to consult your own financial, tax, and legal advisors regarding your own individual situation. 

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 on the podcast, I sat down for an interview with Matt Mahaffey, principal broker with the Mahaffey Real Estate Group in Portland, OR. For over 17 years, Matt has had the opportunity to serve well over 500 families in the process of buying and selling real estate. He’s advised clients on everything from first-time home purchases, to rental properties, to selling a 74-acre farm stand business. 

He’s a true professional and has a deep understanding of the real estate market. I really enjoyed our conversation and he had some valuable insights to share with me on buying real estate in the current market. 

Tomorrow, come on back, because we’re starting a brand new theme: Surprise! TBD… :)

Thank you so much for listening this week! If this podcast is valuable for you (and hopefully it is otherwise you wouldn’t be listening), please share the show with a friend or co-worker who is getting close to retirement. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to a friend and say, “I love this podcast and thought you might enjoy a listen.”

Thanks for sharing the love and spreading the word. My name is Ashley Micciche, and I hope you have a blessed Sunday.

----------

>>> 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

This week on the Retirement Quick Tips Podcast, I’m bringing you segments of an interview I did with Matt Mahaffey, principal broker with the Mahaffey Real Estate Group in Portland, OR. In this interview, he and I talk about the current real estate climate and whether or not it’s too late to buy real estate in 2022.

Here is today’s interview segment with Matt Mahaffey…

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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

This week on the Retirement Quick Tips Podcast, I’m bringing you segments of an interview I did with Matt Mahaffey, principal broker with the Mahaffey Real Estate Group in Portland, OR. In this interview, he and I talk about the current real estate climate and whether or not it’s too late to buy real estate in 2022.

Here is today’s interview segment with Matt Mahaffey…

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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