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

The theme for this week was: The Best of...Most Downloaded episodes for the archives of the one minute retirement tip. Today is episode 189, so there are a lot of topics to sort through.

Hopefully after listening to the tips this week, you have been introduced to a new idea or two and some new episodes that you might have missed along the way. Hey, even my own mother misses most of these episodes, so chances are you have missed a few yourself and heard something new this week.

Here’s what we covered this week:

• The most downloaded episode of the One Minute Retirement Tip so far...and it’s all about the scary long term care statistics
• How to avoid the comparison trap
• Asset allocation as the foundation of every well-built portfolio
• Charitable bunching
• and...Why invest in bonds

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 continuing with the “best of” theme...but next week, we’re doing something a little different...I’m handpicking my favorites among over 180 episodes. These are the episodes address some of the biggest challenges you face as you plan for your retirement.

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

This week, we’re going back through the archives of the One Minute Retirement Tip to cover the most downloaded episodes, and covering a wide range of retirement topics that you might have missed along the way.

Today we’re revisiting episode 135 - Why Invest in Bonds.

Bonds will likely be a critical component for your investment portfolio in retirement, so today I’m sharing with you what I’ve learned from working with clients over the last 11 years, and buying and selling what I estimate to be about $100 million dollars worth of bonds for clients over that time.

Why should you consider investing in bonds for your retirement in the first place? Some people object to bonds because the returns are lower than stocks. And that’s true. Over the long-run, you might only expect to receive about ½ of the amount in return that you could earn from investing in stocks.

But here’s why owning bonds is worthwhile: Bonds provide income and stability - two very important characteristics for an investment portfolio in retirement. So let’s talk about each one of these separately:

• Income - Bonds provide steady and reliable income as long as you invest in high quality bonds. This becomes critically important in retirement, as you’ll want to make sure that if you need to pull out $40,000 of income annually from your investments, that a significant portion of that is coming from the income that’s already baked in. That way, you won’t have to rely solely on growth to provide the income you might need from your investments.
• The other key benefit of owning bonds is that they provide stability during downturns in the stock market and the economy. As long as you stick with high-quality bonds, you won’t have to worry too much about your bond portfolio cratering in value in the next recession. But rather, it provides some much needed stability from your stock portfolio that’s gyrating more than a drunk girl at a bachelorette party when the economy heads south.

There are a lot of other reasons to own bonds in retirement - like diversification and tax advantages if you own tax-free municipal bonds, but income and stability are the key characteristics that I always come back to when clients ask me why they can’t just put everything in the stock market.

That’s it for today, Thanks for listening!

Tomorrow we’re going to recap the week and I’m going to let you know what’s on the horizon for 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, investing in bonds, investing in bond funds, benefits of investing in bonds, are bonds a safe investment, fixed income, fixed income vs equity, fixed income mutual funds, types of fixed income, fixed income examples, why invest in bonds, bonds investment definition, what are bonds

This week, we’re going back through the archives of the One Minute Retirement Tip to cover the most downloaded episodes, and covering a wide range of retirement topics that you might have missed along the way.

Today we’re revisiting the topic of charitable giving and talking about charitable bunching. I really don’t want you to get your panties all in a bunch over it, because it’s actually a pretty cool strategy.

And by the end of this tip today, you’re going to be like “Wow, that’s genius, Ashley!” Well, yes, I know...it is genius, but I have a little secret - I didn’t come up with this. I’m just bringin the bunching to the people!

Ok, enough messing around...here’s how charitable bunching works and how it might be relevant for you:

Depending on your tax situation, and the fact that the standard deduction has shot up for 2018, many people won’t benefit from the tax deduction on charitable contributions, like you may have in years past.

Enter charitable bunching. It’s a strategy where you lump your charitable donations into one year, so instead of donating to charity every year, you would donate more dollars less often. So for example, if you donate $5,000 every year to charity, but switch to donating $15,000 every 3 years instead, you would still donate the same amount, but by donating a higher amount in a given year, the strategy of lumping or bunching those contributions into one year can help you qualify for itemized deductions and hence, allow you to continue to receive a tax deduction on those charitable contributions in the years that you bunch.

Thanks for listening today. Tomorrow we’re going to talk investing in bonds.

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

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, charitable contributions limit, charitable bunching, retirement, investing, money, finance, stock market,charitable donations, charitable donations 2018, charitable donations tax deduction, new tax bill charitable deductions

This week, we’re going back through the archives of the One Minute Retirement Tip to cover the most downloaded episodes, and covering a wide range of retirement topics that you might have missed along the way.

Today we’re revisiting another popular episode from the archives - Asset allocation is the foundation of every well-built portfolio.

Ah, asset allocation. I could devote a month’s worth of tips to this topic alone. Probably more, actually. It’s the principle that we focus on the most with our clients. Asset allocation comes up in nearly every discussion with every client, and we’re zealots when it comes to our adherence to this principle.

An asset allocation that is aligned with your age, goals, and risk tolerance is the foundation of every well-built portfolio.

In its most simple form, asset allocation is the mix of stocks, bonds, and cash in your portfolio. Getting to the right mix of stocks, bonds, and cash should consider 3 factors:

1. Your age
2. Your goals
3. Your tolerance for risk

The starting point here is age. And this makes sense. I don’t care if you are afraid of your shadow and you have no clue what your goals are. If you’re younger than 45, you should have as much of your portfolio invested in the stock market as you can handle. And for most, that means upwards of 100% in stocks and no less than 80% in stocks.

If you’re 65, planning to retire this year, and you’re going to start taking money out of your investment portfolio, then being 100% in stocks is a really bad idea. You probably can’t afford to see your portfolio drop by 40% in a down market. So most of our clients are invested closer to 50% stocks and 50% bonds and cash by the time they are ready to transition into retirement.

At True North, we have guidelines for asset allocation based on age that we use as a starting place for determining the right mix of stocks and bonds for each client. If you want a copy of our age-based asset allocation cheat sheet, just email me - [email protected]. That’s [email protected].

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, investment principles, how to be a good investor, stock market, stock market investing, disciplined investing, timing investments, stock market downturn, recession, bear market, bull market, how to make money in the stock market, how to make money in stocks, asset allocation, asset allocation by age, asset allocation formula, asset allocation model, why is asset allocation important, why asset allocation matters

This week, we’re going back through the archives of the One Minute Retirement Tip to cover the most downloaded episodes, and covering a wide range of retirement topics that you might have missed along the way.

Today we're revisiting the comparison trap. Comparing yourself to others is natural, and is something we all do all the time. The problem with comparing ourselves to others is that it leads to one of two miserable places: “pride or envy. You’re always going to either find somebody who’s doing a better job than you, and you get full of envy, or you’re going to find that you’re doing a better job than somebody, and you get full of pride.” That’s according to Rick Warren, the author of The Purpose Driven Life, who first introduced me to the concept of the Comparison Trap many years ago.

But guess what? The Comparison Trap, fueled by feelings of pride or envy can also lead to some pretty terrible money decisions.

How many people have bought houses, cars, shoes, and driven themselves into bankruptcy in a desperate attempt to keep up with others.

How many people have you met that have this repulsive air about them. They think they’re smarter, richer, and cooler than you and they’re quite proud of themselves. You are probably calling to mind a specific person right now, aren’t you! That jerk cousin of yours who thinks he’s better than everyone!

How would your life be different if you stopped comparing ourselves to others, stopped allowing yourself to be eaten up by envy or pride, and instead, just tried to be a better version of ourselves?

There is always someone who is richer than you, better looking than you, who can kick your butt at whatever sport or talent you’re best at. It’s a fool’s errand allowing ourselves to fall into the comparison trap!

So here is my challenge for you today: You will inevitably see something today that makes you green with envy -  a car on the road that you lust after, a friend posting pictures on Facebook of their perfect vacation in Hawaii (it’s freezing, it’s February, and they’re staying at the Ritz!), another friend on instagram who just got back to her high school weight, or a neighbor who’s lawn is always green and lush!

Just for today, catch yourself. Replace your jealousy with gratitude for what you have, and even if you have to force yourself, practice being genuinely happy for that person.

Before you go, please leave a review for the One Minute Retirement Tip in Amazon. Your review is important – potentially thousands of people will read your review and decide to enable (or not) based on your feedback. Plus, the more reviews the Tip gets, the more exposure Amazon gives it.

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, the comparison trap, jealousy, envy, pride, 7 deadly sins, rick warren, the purpose driven life book, comparing yourself to others, how to stop comparing yourself to others, comparing yourself to others psychology, comparing yourself to others bible

This week, we’re going back through the archives of the One Minute Retirement Tip to cover the most downloaded episodes, and covering a wide range of retirement topics that you might have missed along the way.

Today we're revisiting the most downloaded episode of the one minute retirement tip -  the statistics about long-term care to help you understand the harsh and expensive reality of paying for long-term care.

First of all, let’s talk about the likelihood that you’ll need long-term care in the first place. According to a 2017 study by AARP, if you’re 65 or older, there is a 52% chance that you will need some type of long-term care in your lifetime. 52%. Toss a coin and it could go either way. So the odds are pretty high.

If you’re a woman, the odds are even higher - it’s a 58% chance that you’ll need long-term care.

On average, a man will need long-term care for 1 ½ years while a woman will need long-term care for 2 ½ years. One of the downsides of living longer for us women is that we will usually require long-term care more often and for longer periods of time.

Now let’s talk about the financial cost of long-term care.

The median annual cost for long-term care ranges from $18,000 for adult day care to $97,000 for a private room in a nursing home.

If you require long-term care for an extended period or if you develop dementia or Altzheimer’s, the costs skyrocket. The estimated lifetime cost of care for someone with dementia is $341,840.

And 15% of us will spend more than $250,000 on long-term care in our lifetime.

Those costs can wipe out your wealth, which is why it’s so important to understand your options and protect yourself.

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, long term care, long term care insurance, long term care definition, long term care cost, what is long term care facility, long term care options, long term care insurance, long term care insurance cost, alternatives to long term care insurance, long term care insurance quotes, long term care insurance definition, pros and cons of long term care insurance, probability of needing long term care, long term care insurance companies, when to buy long term care insurance

Here at the one minute retirement tip, we get a lot of new listeners every week. Now that we are on episode #183 of the OMRT, chances are you’ve missed many episodes along the way.

So here’s what we’re going to do for the next 2 weeks. I’m going to go back to the most popular and most useful tips from the first 183 episodes. We’ll revisit 14 episodes of pure retirement planning gold.

We’ll cover the best of social security, Roth IRAs, taxes, health savings accounts, millionaire habits, charitable giving strategies, your 401k, the psychology of retirement and lots more.

It’s going to be two weeks jam-packed of the most valuable content since I started these tips last October to get you thinking about the most important decisions you’ll make when planning your retirement.

That’s it for today. Thanks for listening! Tomorrow we’re going to dive in with the most downloaded episode of the one minute retirement tip - The Long-Term Care Statistics Don’t Lie

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

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

The theme for this week was: The Best Age to Retire.

Hopefully after listening to the tips this week, you are better prepared to make one of the most important decisions you'll ever make - when to retire! It’s a decision that has financial, psychological, and health consequences that could impact you for the rest of your life, so the decision about when to retire must be carefully considered.

Here’s what we covered this week:

• When do people actually retire?
• 3 signs you’re ready to retire
• How Many Margaritas You Can Drink in a Beach Hammock
• 3 Reasons Not to Retire
• And...How to Test Drive Your Retirement

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 Best of the One Minute Retirement Tip.

Here at the One Minute Retirement Tip, a lot of new listeners come into the fold every week. This is very exciting, but now that we’re on episode #182 of the OMRT (as I like to call it), chances are you’ve missed many an episode along the way.

So here’s what we’re going to do for the next 2 weeks. I’m going to go back to the most popular and most useful tips from the first 182 episodes, and we’ll revisit 14 episodes of pure retirement planning gold!

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, best age to retire, retirement age, how to decide when to retire, what age do people retire, best age to retire for longevity, what is the best age to stop working

The theme for this week is the best age to retire. The timing of your retirement is one of the most important decisions you’ll make. Period. It’s a decision that has financial, psychological, and health consequences that could impact you for the rest of your life, so the decision about when to retire must be carefully considered.

I want to wrap up this week’s tips with a suggestion that might help you determine the best time for you to retire: test drive your retirement.

Not everyone will be able to do this, but if your job allows you to take a sabbatical, or downshift to 3 days a week, or work remotely for 3 months out of the year so you can spend winter in a warmer climate, this is the perfect opportunity to test drive your retirement plans.

If you own a business or are a senior executive, this is a great way for you to gradually shift responsibility to a successor and see how things go in your absence before you transition out for good.

A retirement test drive can help scratch the retirement itch by giving you more flexibility and free time, while allowing you to keep working in a career that you enjoy and are fulfilled by - a win win! A retirement test drive will also help you experience a pseudo-retirement lifestyle to help you determine if this is what you really want before you quit and buy one of those houses that you saw in Aruba on House Hunters International.

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, best age to retire, retirement age, how to decide when to retire, what age do people retire, best age to retire for longevity, what is the best age to stop working

The theme for this week is the best age to retire. The timing of your retirement is one of the most important decisions you’ll make. Period. It’s a decision that has financial, psychological, and health consequences that could impact you for the rest of your life, so the decision about when to retire must be carefully considered.

Earlier this week, we talked about 3 signs you’re ready to retire. Today, I want to flip that around and talk about 3 reasons why you may want to keep working, even if you’ve reached the age of retirement, which traditionally is in your early to mid 60s.

An obvious reason why you shouldn’t retire is that you’re not financially ready to retire. So that’s a given. You definitely don’t want to retire if you’re not financially prepared, so let’s focus today on 3 other important reasons why you may not want to retire just yet.

#1 - You still enjoy work. Who says you have to collect your gold watch and walk outta there at 63? Many people love working, they love what they do, and work brings them a sense of fulfillment. I recently read an article about an 106 year old attorney in New York who is still working. According to the article in the New York Law Journal, “Until [Mordie Rochlin] contracted pneumonia at age 102, he worked in his tidy office on the 32nd floor three or more days a week reading company email, working with his assistant, attending partner lunches, telling stories about the early days and sharing the keys to his longevity.” If you’re like Mordie, I say ignore what everyone tells you about when you should retire and just keep working, baby!

#2 - You can’t seem to get a clear vision of your retirement. If you don’t yet know what you’ll do in retirement - how you’ll spend your time and with who, and you don’t have a strong vision for retirement, that could be a clear sign that you’re not ready to stop working yet. It’s important to have a clear vision and sense of purpose for your retirement, because that will determine your goals and ultimately the day-to-day lifestyle of your retirement. Try to get crystal clear on your retirement vision before you make the leap into retirement.

#3 - Working longer may help you live longer. A study from the Center for Retirement Research at Boston College found that working past the age of 65 reducing the risk of healthy people dying by 11 percent and unhealthy people by 9 percent for each year of continued work. Research also points to a decline in cognitive abilities after retirement, that people who are still working are less likely to experience. Work provides many opportunities for engaging your mind -  learning, problem-solving, and reasoning - all of which help to combat the effect of aging on your brain. Work also helps to keep us physically active, which has many health benefits.

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, best age to retire, retirement age, how to decide when to retire, what age do people retire, best age to retire for longevity, what is the best age to stop working