This week’s topic is the danger of retiring during a recession. The problem with retiring during a recession is that your investment portfolio may also drop, 10, 20, or 30%, and can derail your plans for retirement.

Today, we’re wrapping up the weekly theme on the Danger of Retiring During a Recession, but before we slide into home base with our Sunday recap tomorrow, I have one last tip for you on this topic:

Be flexible with your withdrawals. In addition to keeping enough cash on hand to help you weather a potential recession in the early years of retirement, another way you can protect yourself is by remaining flexible.

Here’s what I mean by that: what are you willing to do to lessen the impact of a stock market downturn and a recession on your retirement portfolio? Are you willing to reduce your income from your portfolio? Are you willing to go back to work or work part-time?

Cutting back or stopping your portfolio withdrawals can be huge for helping you weather the storm of a recession in early retirement. Are you willing to work part time, scale back your lifestyle? It’s important to think through what you would be willing to do to lessen the impact of a stock market drop on your portfolio, before you’re faced with the decision to drive an Uber every day just to buy groceries.

So I encourage you today to think about how flexibility with your portfolio withdrawals in the face of a recession and a market downturn can help protect you, and what you would be willing to do in order to cut back or better yet, completely stop withdrawals during a stock market downturn.

That’s it for today. Thanks for listening. Tomorrow, we’re going to recap the week and I’m going to give you a little preview of next week’s theme.

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

----------

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

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, retiring soon, retirement concerns, recession

This week, I’m talking about the danger of retiring during a recession. The problem with retiring during a recession is that your investment portfolio will also likely drop - 10, 20, or even 30% or more, which can derail your plans for retirement.

Each day this week, I’m sharing with you how you can protect yourself from a stock market drop either just before or just after you retire - which can be devastating for your retirement and significantly increase your chances of running out of money later in life.

Today, I’m focusing on a wise and practical way to protect yourself from a stock market drop in the early years of retirement - keeping enough cash on hand to weather the storm.

The typical stock market drop lasts about 18 months. Even the massive stock market decline in 2008 only lasted about 18 months. When you have enough cash on hand to get you through the big drops without making the problem worse by withdrawing money from your portfolio when it’s cratering, you give your portfolio a better chance of recovering and recovering quicker.

One smart way to deal with this problem is to keep 1-2 years of cash on hand in a money market fund, that you can draw from, so you don’t have to tap into your portfolio when the stock market it dropping and the economy is in the tank. Most of the time, 1-2 years worth of cash is enough to see you through, so consider sidelining some of your retirement portfolio in the later years of working and the early years of retirement to see you through a potential recession.

That’s it for today. Thanks for listening!

Before you continue on with your day, please take a moment to leave a review for the One Minute Retirement Tip in Amazon. If you’re getting any value from these tips, it’s a great way to share the love. And thank you to those of you who have already taken the time to write a review.

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

----------

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

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, retiring soon, retirement concerns, recession

This week, I’m talking about the danger of retiring during a recession. The problem with retiring during a recession is that your investment portfolio will also likely drop - 10, 20, or even 30% or more, which can derail your plans for retirement.

Today, let’s talk about stress testing your retirement. By stress test, I mean that you take a look at your portfolio as it’s invested today and you backtest it by looking at how much it dropped during all of the last market crises of the last 20 years. This includes the Great Recession of 2008, the WTC attacks, the tech bubble, as well as a handful of other big drops in the stock market.

This is an important exercise, since understanding how your currently portfolio would have held up (or didn’t hold up) in a number of stock market drops, you’ll better understand how risky your current portfolio is and how to take steps to lower your risk if you find that your current portfolio dropped more than you would be comfortable with.

We stress test all of our client portfolios, and it’s a key part of our review process for clients. If you would like me to stress test your portfolio - no strings attached - just send me an email at [email protected] , that’s [email protected] to get started.

That’s it for today. Thanks for listening!

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

---------

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

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, retiring soon, retirement concerns, recession

This week, I’m talking about the danger of retiring during a recession. The problem with retiring during a recession is that your investment portfolio will also likely drop - 10, 20, or even 30% or more, which can derail your plans for retirement.

Today, I’m sharing with you the best piece of advice I can give you right now - which is to look seriously at rebalancing your portfolio now. And I mean now. Seriously, do it now if you have too much in stocks. I’m not messing around, here. The stock market is near it’s all time highs. And as I tell clients all the time, the point of maximum optimism is also the point of maximum risk.

A lot of people get into trouble because they are close to retirement, yet they haven’t rebalanced their portfolio and they are still 80, 90, or even 100% in stocks. Yes, the stock market could continue to go up from here, but now is the time to re-balance your portfolio to ensure you have the right mix of stocks and bonds for your age and proximity to retirement.

If you want to know the mix of stocks that we recommend for our clients by age, you can email me and I will send you our age-based asset allocation cheat sheet. It’s a guide to what your stock and bond mix should be for your age, and it’s the foundation that we when building portfolios for all of our clients.

Just shoot me an email - [email protected]. That’s [email protected] and I’ll send you your free age-based asset allocation cheat sheet, to help you determine the right mix of stocks and bonds for your portfolio.

That’s it for today! Thanks for listening.

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

----------

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

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, retiring soon, retirement concerns, recession

This week, I’m talking about the danger of retiring during a recession. The problem with retiring during a recession is that your investment portfolio will also likely drop - 10, 20, or even 30% or more, which can derail your plans for retirement.

Today, I want to clarify why a drop in your retirement portfolio a couple of years on either side of retirement is problematic.

I’m going to throw some numbers at you so stick with me. Let’s say you have $1,000,000 saved for retirement, and the next recession hits and your portfolio drops 20%. That means you don’t have $1,000,000 for retirement anymore. You now have $800,000. The result is that you’ll either need to live off of less income every month - about $660 dollars/month less. Or, if you don’t cut back on your spending, you run the real risk of running out of money.

So, for the rest of this week, I’m going to share with you practical ways you can protect yourself and make sure that the next recession won’t derail your plans for retirement or force you to work longer than you hoped, but today, my goal is to show you that you how important it is to prepare for the possibility of a stock market drop around the time you retire.

The reality is, if you just stick your head in the sand, just let it ride, and don’t take steps to protect yourself, it could mean the difference between financial security and relying on social security in the later years of your retirement.

I don’t want to scare you, but the reality is that a big drop in your portfolio in the early years of retirement can have lasting and serious consequences, so I want you to take this seriously. On that note, thanks for listening!

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

----------

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

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, retiring soon, retirement concerns, recession

Welcome to a brand new week of the One Minute Retirement Tip. This week, I am talking about the danger of retiring during a recession. The problem with retiring during a recession is that your investment portfolio may also drop, 10, 20, or 30%, and can derail your plans for retirement.

So this week, I’ll share with you why a bad timing decision with your retirement can be so devastating for your portfolio, and what you can do about it.  

Hopefully after listening to the tips this week, you will better understand what you can do to protect yourself in the early years of retirement from a stock market drop, and what to do if a recession hits just before or just after you retire - which, by the way, if you plan to retire in the next 5 years - is a very real and likely possibility.

That’s it for today. Thanks for listening!

Before you go, please take a minute to leave a review for the One Minute Retirement Tip in Amazon or iTunes. If you find these tips valuable, or if you have feedback for me or topic suggestions, it’s a great way to share the love and share your ideas with me! And thanks to all of you who have taken the time to leave a review.

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

----------

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

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, retiring soon, retirement concerns, recession

It’s Sunday, which means...It’s recap time!

The theme for this week was: Must-listen-to podcasts on money.

Unfortunately, it seems like every money podcast out there today is for millenials - how to crush your student loans, how to flee the country so you don’t have to pay back your student loans, how to make six figures as a youtube star.

But what about you, my loyal baby boomer and Gen X listeners? Where can you find helpful money advice and entertaining podcasts geared toward you?

That’s what we focused on this week -  podcasts to help you on your path to smart money decisions and a fulfilled retirement where you don’t run out of money. Podcasts that speak to your in your stage in life to help you crush not your student loans, but crush your retirement.

Here’s what we covered this week:

• Must-Listen-To Podcast if You Like Dave Ramsey
• Must-Listen-To Podcast for Thoughtful Investors
• Must-Listen-To Classic Money Podcast
• Must-Listen-To Podcast for Side Hustlers
• And finally, the Must-Listen-To Podcast if You Like To Mix It Up

If you missed any of these episodes, you can find them on iTunes or Google Play by searching for the “One Minute Retirement Tip with Ashley”.

Tomorrow, come on back, because we’re starting a brand new theme: The Danger of Retiring in a Down Market. This is a timely an important topic, for anyone, but especially for those of you who are within a few years of retirement. The economy is still growing but showing signs of slowing down, and a recession and coinciding stock market drop can be devastating for your retirement plans if it happens during the early years of retirement. So I’ll share with you how you can protect yourself if a bear market decides to show up when you collect your gold watch.

That’s it for this week! Thanks for listening.

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

----------

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

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, money podcast, making money podcast, financial podcast, best financial podcasts, best investing podcasts

This week, I’m talking about my must-listen-to podcasts on money. It’s actually pretty hard to find a podcast on money that isn’t geared toward millennials, but red beans and rice!, I think I’ve done it!

Each day this week, I’m sharing with you one of my must listen-to podcasts on money that will help you on your path to financial security it retirement.

Today, I’m bringing you the “Must-Listen-To Podcast if you like to mix it up” - Jill On Money

Now Jill has a lot of street cred - she is an Emmy-nominated Business Analyst for CBS News. In addition to her podcast, she is a regular on CBS and NPR, wrote a book last year, and spent 14 years in the investment advisory business.

Of all the shows I’ve featured this week, her topics are the most broad. She covers topics like leadership, insurance, whether to rent or own your home, student loans, and how to preserve your assets. So some of the episodes may not always be relevant to you, but she has great guests and her show is very well done.

Ok, so a bit more about the show...new episodes are published every Tuesday and Thursday, and episodes vary widely in length. Some are under 10 minutes, and others are as long as 40 minutes.

I’ll link to his podcast in today’s show notes, which you can find over on iTunes under episode 251 of the One Minute Retirement Tip:

https://podcasts.apple.com/us/podcast/jill-on-money-with-jill-schlesinger/id431167790?ign-mpt=uo%3D4

I’ll also link to a sampling of a couple of recent episode that you might like:

1. Dumb Things Smart People Do with Their Money
2. How Much Do I Need for Retirement

Happy Listening! That’s it for today. Tomorrow, we’re going to recap the week and I’m going to give you a little preview of next week’s theme.

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

----------

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

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, money podcast, making money podcast, financial podcast, best financial podcasts, best investing podcasts

This week, I’m talking about my must-listen-to podcasts on money. It’s actually pretty hard to find a podcast on money that isn’t geared toward millennials, but Yowza!, I think I’ve done it!

Each day this week, I’m sharing with you one of my must listen-to podcasts on money that will help you on your path to financial security it retirement.

Today is the “Must-Listen-To Podcast for Side Hustlers” - The Side Hustle Show

Here’s why I like this topic for pre-retirees: Many of you will be working part-time in retirement, and many people dream about turning their retirement years into a 2nd career. This show is a treasure trove of ideas and tips, covering all aspects of starting a business and making money. The show also has deep archives with over 300 episodes for you to binge on.

And guess what? If you’re listening to me on Alexa, you can also find Nick Loper and another version of his show - the Money Making Minute - on Amazon Alexa.

Ok, so a bit more about the show...new episodes are published weekly, and most episodes are between 30-45 minutes long.

I’ll link to his podcast in today’s show notes, which you can find over on iTunes under episode 250 of the One Minute Retirement Tip:

https://podcasts.apple.com/us/podcast/the-side-hustle-show/id655135292?ign-mpt=uo%3D4

I’ll also link to a sampling of a couple of recent episode that you might like:

1. Multi Six-Figure Consulting on the Side - who wouldn’t want that in retirement, right?
2. The Million Dollar Hobby: How to Monetize What You’re Already Interested In

That’s it for today. Thanks for listening!

Before you continue on with your day, please take a moment to leave a review for the One Minute Retirement Tip in Amazon. If you’re getting any value from these tips, it’s a great way to share the love. And thank you to those of you who have already taken the time to write a review.

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

----------

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

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, money podcast, making money podcast, financial podcast, best financial podcasts, best investing podcasts

This week, I’m talking about my must-listen-to podcasts on money. It’s actually pretty hard to find a podcast on money that isn’t geared toward millennials, but holy cannoli, I think I’ve done it!

Each day this week, I’m sharing with you one of my must listen-to podcasts on money that will help you on your path to financial security it retirement.

Today is the “Must-Listen-To Classic Money Podcast” - the Clark Howard Podcast

Clark Howard has been a personal finance radio personality for years, dispensing advice to help his listeners save more, spend less, and avoid ripoffs.

What I like most about Clark Howard is that he covers topics on his show that I wouldn’t have thought about, like whether or not I actually need premium gas, and how to shop for travel insurance. He also talks a lot about scams and cybersecurity, which I am personally very interested in as you might have noticed if you listened to my tips from 2 weeks ago, where I talked about how to protect you and your wallet from hackers.

Ok, so a bit more about the show...a new episode comes out each weekday, and each one is exactly 38 minutes long.

I’ll link to his podcast in today’s show notes, which you can find over on iTunes under episode 249 of the One Minute Retirement Tip: https://podcasts.apple.com/us/podcast/the-clark-howard-podcast/id207724573?ign-mpt=uo%3D4

I’ll also link to a sampling of a couple of recent episode that you might like:

1. Facial recognition to speed up travel; Why annuities are so bad
2. Another school lunch issue arises; New Airbnb scam; Where to put your savings now

That’s it for today. Thanks for listening!

Before you go, please leave a review for the One Minute Retirement Tip in Amazon, iTunes, or wherever you’re listening to this podcast. Reviews are the best way to share the love if you’re enjoying this show and it’s helping you on your path to retirement.

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

---------

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

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, money podcast, making money podcast, financial podcast, best financial podcasts, best investing podcasts