It’s Sunday, which means...It’s recap time! This week, I shared with you how you can grow your income in retirement. 

Here’s what we covered in each episode this week. 

• How waiting to take social security is arguably the best boost to your income in retirement for most Americans
• Why dividend growing companies should be the bedrock of your portfolio for their income growth potential, and the qualities to look for in these types of companies 
• And then I talked about how to grow your income, especially in the early years of retirement with a side gig
• Lastly, I talked about how moving to a state with a lower cost of living can be a great back door way to grow your income in retirement, because you’re stretching your dollar further in a locale with a lower cost of living in retirement. 

Hopefully after listening to the One Minute Retirement Tip this week, you aren’t so concerned about interest rates being so low, and bonds, CDs, and savings accounts paying pennies on the dollar, and you see that there are other options for growing your income in retirement that also don’t force you to take on too much risk.

Tomorrow, we are starting a brand new theme: social security retirement benefits explained. I’ll talk about the ideal age to start social security, mistakes to avoid, the social security taxation trap, and more! 

And if you haven’t already, be sure to check out my YouTube channel - True North Retirement, where I cover a wide variety of retirement planning topics - everything from should you pay off your mortgage before retirement to the hidden danger of index funds. Just search for True North Retirement on YouTube. 

That’s it for this week! Thanks for listening and I hope you have a blessed Sunday! 

My name is Ashley Micciche and this is the “One Minute Retirement Tip”.

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how to grow your income in retirement.

Today, I’m talking about how you can grow your income in retirement in an unexpected way. It’s not something that comes to mind first, because it’s more about cutting expenses that finding new or growing sources of income...but it’s just as impactful.

And that is moving to a lower cost state. I live in Oregon, which is a pretty expensive place to live. Housing is expensive here and the state income tax is pretty high as well. Food, gas and other essentials vary, but I ran the numbers and if I moved to Boise, Idaho, my cost of living would drop by about 10%. For a family making $100,000/year, taxes in Boise are lower by 12%, housing is 16% lower, and food costs are about the same. 

I would only need $90,000 instead of your $100,000 to enjoy the same lifestyle that I enjoy here in Oregon. Translated on a monthly basis, that $833 more dollars in my pocket, which is a nice way to back into growing your income in retirement.

So if you’re considering move to another state as a way to make your retirement nest egg stretch further, rest assured that it’s a powerful option to make a significant impact on your lifestyle and expenses. And if you would like to run the numbers for your own situation, there is a great cost of living calculator on smartasset.com, which I’ll link to in the show notes: 

https://smartasset.com/mortgage/cost-of-living-calculator

You can find the show notes in Apple podcasts or by going to www.retirementtip.libsyn.com. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how to grow your income in retirement.

Today, I’m talking about how you can grow your income in retirement and work on your terms with a side gig. 

It’s becoming more and more common for retired people these days to not actually retire. And that’s great news, because staying productive in your retirement years, has well-documented health and psychological benefits, and it also has financial benefits as well. 

Taking on a part-time job in retirement could help you bridge the gap if you haven’t saved enough for retirement, and it can also help you delay starting social security, which as I talked about earlier in the week, is one of the best ways (if not THE best way) to grow your income in retirement. 

So what are some side gigs you can start in retirement? The answer varies for everyone, but if you have a specialized skill set and decades of knowledge and experience, consulting work is one of the best side gigs you can take on in retirement. You could also become an uber driver, work at your favorite non-profit, become a mediator or a professional organizer. If you know a foreign language fluently you could become a translator, or perhaps there is an opportunity to continue working in your current profession only 10-20 hours a week.

The opportunities are endless, and the good news is that usually by the time you hit retirement age, you have a good grasp on the intersection of what you’re good at, what you are passionate about, and what the world needs that could also provide you with additional income in retirement. 

That’s it for today, but before you go...If you haven’t already left a review for the One Minute Retirement Tip, please consider leaving an honest review in Amazon or Apple Podcasts. I read them all, so feel free to leave any feedback or topic suggestions there too. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how to grow your income in retirement.

Yesterday I talked about how dividends are one of the best and most consistent ways to grow your income in retirement. My preferred way to invest in dividend growth companies is to build a portfolio of individual companies that pay growing dividends. However, that’s not the only way to invest in dividend growing stocks. 

There are a number of mutual funds and ETFs (or exchange traded funds) that have a dividend growth focus. There are a few key criteria that you’ll want to look for in a dividend-growth focused investment - whether that be an individual company, a mutual fund, or an ETF. 

Here’s what you’ll want to look for or what you’ll want to look for in the strategy of the mutual fund of ETF that you invest in with a dividend focus: 

• Consistent and growing dividends over at least the last 10 years, with no dividend cuts over that time. So if a company just started paying a dividend 2 years ago, you’ll want to wait for a more established history before investing. 
• Stable and growing cash flow. Cash flow is king in business for good reason, and strong cash flow is equally important for dividend growth over time. 
• Quality business with a dominant position in their market and solid management team in place
• Moderate to low levels of debt. Companies saddled with debt are quick to run into troubles and cut their dividends during economic downturns. And the last thing you want in retirement is to invest in companies that cut their dividends and shrink your income stream as a result.

One of the great things about investing in mutual funds and ETFs with a dividend focus is that the portfolio managers of these funds will do all of the homework to identify which companies fit the criteria. But it’s still important to understand how the mutual fund or the ETF picks those stocks to include in the fund, which is why you’ll want to know what you’re looking for and what to expect if you’re going to outsource the stock picking to someone else. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how to grow your income in retirement.

Today, I’m talking about one of my favorite investment topics and frankly, it’s not one I cover enough here on the One Minute Retirement Tip. But I should, because this is one of the best ways to passively grow your income in retirement, and I believe this investment strategy should be the bedrock of every retiree’s portfolio.

What am I talking about? Growing dividend stocks. 

Many companies that you can invest in today pay dividends and many of these same companies also grow their dividends year in and year out, and have been for decades. 

A dividend is simply a sum of money paid regularly (usually quarterly) by a company to its shareholders out of its profits. When you buy companies that pay a growing dividend, not only do you benefit from the growth in the stock price (hopefully), but you also benefit from a growing stream of income.

My preferred way of buying dividend growing stocks is buying the individual stocks themselves. You can build a nice portfolio full of high-quality dividend growing stocks, or pay a professional to build one for you, that generates a dividend yield of about 2.5% to 3% a year. That means on a $500,000 portfolio, you can generate about $1,250 a month in income. That doesn’t even include the growth that you will hopefully achieve as well.

In addition to that, a strategically invested dividend portfolio is also capable of generating dividend growth rates of about 10% a year. That means in about 7 years, you could be generating twice that monthly income or about $2,500 a month from your dividend portfolio. 

Dividend paying stocks aren’t sexy and when a company announces a dividend increase, it’s rarely the top story on the investment news stations, but believe me, dividends are one of the best and most consistent ways to grow your income in retirement. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how to grow your income in retirement.

Today, I’m talking about one of the most impactful ways to grow your income in retirement, which is to delay starting social security for as long as possible. 

If you were born in 1960 or later and you wait to take social security until age 70, you can multiply your benefit at your full retirement age by 124%. If you’re older than that, it’s likely to be an even greater % increase. So let’s say your social security at full retirement age at 67 is $2,500/month. 

If you wait another 3 years to start collecting your checks, your monthly benefit goes from $2,500 to $3,100/mo.$600 more a month in income is pretty substantial. That’s about the same impact as saving another $200,000 for retirement when you look at what it would otherwise take to take another $600/month in income. 

When you extend this income difference over your lifetime, we’re talking well into a 6-figure increase in lifetime income if you wait. Anecdotally in working with clients, I’ve seen the lifetime income increase by as much as $400,000 or more compared to taking social security income as early as possible. 

The bottom line here is if you need more income in retirement, try to wait for as long as you possibly can to collect social security up to the age of 70, because every month that you delay will lock in a higher lifetime income amount. 

That’s it for today’s tip, but before you go let’s talk about something that’s top of mind - especially if you’re listening to my podcast... 

Here’s the reality - Planning for your retirement can be both exhilarating and terrifying. With all the excitement of thinking about the future comes an underlying worry--am I ready? That’s where my Retirement Success Forecaster comes in. Using data from this simple questionnaire, I’ll be able to tell you if you’re on track for retirement, and if not, what adjustments you can make today to live the retirement you envisioned.  

Getting a customized retirement forecast is easy. Just send me an email - [email protected]. I’ll send you the forecaster to complete, and once you send it back to me, you’ll receive your personalized results - for free!

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

Welcome to a new week and a new theme here on the One Minute Retirement Tip! 

This week I’m talking about how to grow your income in retirement. Interest rates are extremely low right now, and the Fed is likely to keep rates low for possibly many years to come. So with savings accounts, bonds, and CDs paying so little, how can you find income in this environment? That’s what I’ll be talking about this week. 

You can always find more income, but more income usually equates to more risk. My aim then is to show you ways to invest your retirement portfolio to generate a growing stream of income in this low-rate environment without taking on too much risk. 

It’s a tall order, but it’s something that I’ve been doing for clients for over a decade, so I plan to share my income-generating secrets with you here on the One Minute Retirement Tip podcast this week. 

That’s it for today. But before you go...you probably know someone who is close to retirement and could benefit from listening to this podcast. If so, please share this podcast with them and encourage them to check it out by adding it to their flash briefing in Alexa or subscribing wherever they listen to podcasts!

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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>>> Subscribe on iTunes: https://apple.co/2DI2LSP

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

It’s Sunday, which means...It’s recap time! This week, I shared with you my predictions about How Covid Will Change How You Plan For Retirement. With so many drastic changes since the emergence of Covid, and many of those changes having a lasting and permanent impact on how we live our lives, I think it’s a relevant time for us to look at this topic and how Covid will change your retirement.

Here’s what we covered in each episode this week. 

• How Covid will accelerate early retirements
• How covid will change where you might live in retirement and the implications for your lifestyle and taxes
• How covid could permanently shift how you allocate your time, money, and energy and the bright spot of this pandemic, which is that it has helped many of us decipher between what matters most and what matters least. 

Hopefully after listening to the One Minute Retirement Tip this week, you’ve been able to reflect on how Covid will change how you plan for retirement and how that will influence everything from your spending habits to how you spend your time. 

Tomorrow, we are starting a brand new theme: how to grow your income in retirement. 

Interest rates are extremely low right now, and the Fed is likely to keep rates low for possibly many years to come. So with savings accounts, bonds, and CDs paying so little, how can you find income in this environment? That’s what I’ll be talking about next week. 

And if you haven’t already, be sure to check out my YouTube channel - True North Retirement, where I cover a wide variety of retirement planning topics - everything from should you pay off your mortgage before retirement to the hidden danger of index funds. Just search for True North Retirement on YouTube. 

That’s it for this week! Thanks for listening and I hope you have a blessed Sunday! 

My name is Ashley Micciche and this is the “One Minute Retirement Tip”.

----------

>>> Subscribe on iTunes: https://apple.co/2DI2LSP

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----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how Covid will change how you plan for retirement. 

Today, I’m talking about how covid will help you focus on what matters most. 

One of my favorite questions to ask clients and people I know well right now is: what is the hardest thing for you about this pandemic? So I’ll ask you the same question....what’s been the hardest thing to cope with during this challenging time. 

When I first started asking people this question, I expected lamentations about having their spring and summer travel plans cancelled, or not being able to eat out at their favorite restaurants, or the struggles of trying to work from home. 

But by far the most common response I heard was that they just missed spending time with family and friends, and found the social isolation very difficult. I talked to a soon to be first time grandmother who wouldn’t be able to see her newborn grandchild because she would have to travel and her son and daughter in law were nervous about exposing their newborn to anyone outside the household. Weddings, graduations, baptisms, and birthdays - all the special occasions that we want to share with those we love the most. All cancelled or significantly altered. 

Which brings me back to the topic of today’s tip - how will covid help you focus on what matters most? Perhaps you realize that you want to live closer to family or spending more of your free time and hard-earned money cooking at home for friends and family. It’s so important to be ever-mindful of what matters most and what matters least and then to allocate our precious time and money toward what matters most and to forget about everything else.

Of course, it’s easier said than done, but hopefully Covid has helped you shine a light on what really matters to you so you can make that a priority in how you spend your time and money. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how Covid will change how you plan for retirement. 

Today, I’m talking about how Covid will change your spending habits in retirement. Over the last several months there has been a dramatic shift in where Americans are spending their money. It’s no surprise that Amazon stock has doubled in price since mid-March when the shutdown took effect. E-Commerce spending is way up, grocery spending is also up as people are eating and cooking at home. Online grocery, gaming, and food delivery spending are all up over 50% compared to a year ago. 

It’s no surprise that travel, fitness, clothing, and movie theater spending have all dropped 50-90% compared to a year ago. 

A lot of this spending will shift a Covid eventually subsides, but it’s important to consider how your spending habits will permanently change because of Covid. Do you find that you really enjoy cooking at home vs. eating out and you plan to continue that post-pandemic. That will change how you spend your money and how much you budget for eating out. 

What about travel? Some of you are probably desperate to resume air travel, while others may have discovered a love for camping and road travel, which will also change how much you spend over the long-term. 

So consider how this pandemic has shifted your current spending habits and what’s likely to stick post-pandemic. And then take a look at your budget and total spending to see how that shift may alter your spending and lifestyle choices in retirement. 

That’s it for today, but before you go...If you haven’t already left a review for the One Minute Retirement Tip, please consider leaving an honest review in Amazon or iTunes. I read them all, so feel free to leave any feedback or topic suggestions there too. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

----------

>>> Subscribe on iTune: https://apple.co/2DI2LSP

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----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast