Richon Planning LLC: Recent Episodes
Richon Planning
An independent financial, investment, and retirement planner. Identifying opportunities and protecting what's important. We help you protect your paycheck through all walks of life and manage assets to help you achieve your retirement goals.
A new study from the Center for Retirement Research at Boston College found that nearly 1 in 5 married couples aren't coordinating their retirement savings, and it could be costing them about $760 every year. 😳
So how does this happen… even when both spouses are contributing?
In this interview, Peter Richon with Richon Planning and Erin Kennedy break down: ✔️ What it really means to coordinate retirement savings as a couple ✔️ How employer matches can slip through the cracks ✔️ Smart strategies when one spouse has better benefits ✔️ The key conversations every couple should be having
📊 Bottom line: Retirement planning isn't just personal... it's a team sport. To ensure you're not leaving money on the table, give Peter a call at 919-300-5886 or visit www.401kdistributions.com
What worked for your retirement plan years ago… might not be the best fit today. And making the wrong move could cost you. ⚠️ In this interview, Peter Richon with Richon Planning and Erin Kennedy break down: ✔️ The difference between surrendering vs. replacing an annuity ✔️ When it actually makes sense to consider a change ✔️ Common (and costly) mistakes to avoid ✔️ Tips to make the process smooth and efficient ✔️ Where to start if you're feeling unsure 💡 The key? Don't make a move without understanding the full picture. If you'd like to talk through whether surrendering or replacing an annuity makes sense, or if you'd like a second opinion, please give Peter a call at 919-300-5886 or visit www.TopAnnuityIncome.com
Here's a number that should change how you think about retirement: 12. That's about how long a healthy 60-year-old has before mobility, energy, and independence begin to decline. Let that sink in. Too many financial plans are built around steady, flat income over 25–30 years. But real life doesn't work that way. As Peter Richon with Richon Planning explains to Erin Kennedy, spending tends to follow a pattern: "Go-Go" years: Travel, experiences, living fully "Slow-Go" years: Less activity, more time at home "No-Go" years: Healthcare and essentials take priority In fact, research shows spending on travel and leisure often peaks around age 75, then declines… not because the money is gone, but because the ability to enjoy it changes. And here's the challenge: Most people are wired to save and be cautious… so they underspend in the years that matter most. The takeaway: Retirement planning isn't just about how much you save… …it's about when you spend it. To create a retirement plan and spending plan that supports the life you actually want to live, please give Peter a call at 919-300-5886 or visit www.RichonPlanning.com
Thinking about paying off your mortgage before retirement? Not so fast… Going into retirement debt-free sounds like the dream, but should you tap your retirement savings to make it happen? In this interview, Peter with Richon Planning and Erin Kennedy break it down When it does make sense to pay off your mortgage How to balance the numbers vs. peace of mind Why pulling from retirement accounts could backfire The hidden risks: taxes, reduced liquidity, and even higher Medicare premiums Bottom line: A paid-off house feels great… but the strategy behind it matters even more. Before you write that final check, give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
The good news? A smart strategy now can make a BIG difference later. In this video, Peter with Richon Planning and Erin Kennedy lay out your 4-step action plan to retire with confidence: Max out tax-advantaged accounts (don't forget catch-up contributions!) Open & fully fund an IRA — and consider going Roth for tax-free growth Leverage HSAs (triple tax advantage + future healthcare funding!) Understand RMDs — because taxes in retirement may NOT be lower BONUS: Work with a financial advisor to tie it all together and avoid costly missteps Your future income, taxes, and lifestyle depend on the moves you make today. To put together your unique action plan, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com Act now to get ahead of the curve.
When it comes to Medicare, most people focus on coverage… but not enough attention is paid to what you'll actually pay. As Peter with Richon Planning explains to Erin Kennedy, if you're considered a "high-income beneficiary" by the Social Security Administration, you could be hit with an extra charge called IRMAA (Income-Related Monthly Adjustment Amount)… and it can significantly increase your Medicare Part B premiums. Here's what you need to know 👇 ✔️ How high is "high-income"? Even a modest increase in income can push you into a higher bracket. ✔️ It's a cliff, not a slope Go just $1 over the threshold, and you could pay hundreds more per year in premiums. ✔️ One-time events can trigger it Selling a home, taking an RMD, Roth conversions, or realizing large capital gains can unexpectedly spike your income. ✔️ Planning is everything Strategies like Roth conversions, Health Savings Accounts (HSAs), and Qualified Charitable Distributions (QCDs) can help reduce or even avoid IRMAA. The bottom line: Without careful planning, you could end up paying more for Medicare than necessary. 📞 Want to make sure IRMAA doesn't catch you off guard? Call Peter at (919) 300-5886 or visit www.RichonPlanning.com to put a plan together that could save you thousands in health insurance.
🚨 Social Security is facing a major deadline. A new report projects the trust fund could be depleted by 2032… which may mean benefit cuts of up to 22%. 📉 So what does that actually mean for you? In this conversation, Peter with Richon Planning and Erin Kennedy break down: 👉 Is Social Security really "going away"? 👉 Should you claim early at 62? 👉 What changes could be coming from Washington 👉 How to plan now so you're not caught off guard The bottom line: Social Security isn't disappearing, but relying on it alone could leave a gap in your retirement income. To understand what's ahead, and how to prepare, give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
Divorce isn't just emotionally difficult... it can be financially overwhelming if you're not prepared. If you're considering a divorce, Peter with Richon Planning and Erin Kennedy break down three major costs people often underestimate: ⚖️ Legal Fees The average divorce costs $15,000–$20,000, but contested cases can exceed $100,000. Planning ahead can make a big difference. 🏠 Cost of Living Going from one household to two can significantly increase expenses, often requiring tough lifestyle adjustments. 📈 Professional Development After divorce, many women see their income drop by around 20%, making it critical to reassess earning potential and career opportunities. The bottom line: Preparation is power. Understanding these costs now can help you protect your financial future later. To learn how to navigate this transition with confidence, call Peter at (919) 300-5886 or visit www.RichonPlanning.com
Everyone's talking about SpaceX... and for good reason. The innovation is real. The technology is groundbreaking. And under Elon Musk, it's become one of the most talked-about companies in the world. But is it a great investment? In this video, Peter with Richon Planning and Erin Kennedy offer this reality check: • Nearly 60% of IPOs since 1980 delivered zero or negative returns over 3 years • Hype doesn't eliminate valuation risk • And even the most innovative companies can be overpriced If you'd like to talk through the hype and the opportunity with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com
Retirement readiness isn't just about how much you've saved... it's about how you want to live. In this conversation, Peter with Richon Planning and Erin kennedy break down a simple, 5-step checklist to help you prepare for your next chapter: ✔️ Define what retirement actually looks like for you ✔️ Take stock of your financial and personal assets ✔️ Prioritize your health (it affects more than you think) ✔️ Build a realistic retirement budget ✔️ Decide when to claim Social Security The earlier you start planning, the more freedom you have to actually achieve your goals. If you'd like to talk with Peter to start building a retirement plan that aligns with your life, not just your balance sheet, feel free to give him a call at (919) 300-5886 or visit www.RichonPlanning.com
$133,000 — gone. So what's really going on here? And more importantly… how can families avoid it? In this interview, @peter with @richonplanning and @erinkennedy break down: • Why inheritances are spent faster than other financial windfalls • The biggest mistakes families make when passing down wealth • Smart strategies to help ensure your legacy actually lasts Receiving an inheritance often comes with more than just financial decisions... it can carry real emotional weight. The best way to protect your family and make thoughtful choices is to have a plan in place ahead of time. Connect with Peter at xxx or visit www.RichonPlanning.com to start building a strategy that supports your family's future.
It sounds like a smart move: claim your Social Security early, invest the checks, and get ahead. But for many high earners, that strategy can backfire… and cost far more than expected. As Peter with Richon Planning and Erin Kennedy discuss, claiming early and investing the benefit isn't as simple as it sounds. 🎯 We also break down: • How the Social Security earnings test can wipe out your benefit while you're still working • The true cost of claiming at 62 vs. waiting until full retirement age, or even 70 • The often-overlooked impact on your spouse, especially survivor benefits 💡 Bottom line: Timing when you claim Social Security isn't just about getting paid sooner, it's about maximizing income, protecting your spouse, and avoiding costly mistakes. It's one of the most important decisions you will make in retirement, and it's something Peter specializes in. To determine when you should claim, call (919) 300-5886 or visit www.RichonPlanning.com
Most people planning for early retirement focus on investments… But the real shock? Healthcare. Starting in 2026, a little-known rule under the Affordable Care Act could create a massive financial trap: earn just one extra dollar, and your health insurance premiums could jump by tens of thousands. 🎯 In this interview, Peter with Richon Planning and Erin Kennedy break down: • Why marketplace insurance is tied directly to your income—and how that catches retirees off guard • What changes as enhanced ACA subsidies expire • Who's most at risk for major premium spikes • Smart strategies to help avoid this hidden income trap • Why income planning is now just as important for healthcare as it is for taxes 💡 Bottom line: Income in retirement isn't just about what you keep after taxes anymore… It can determine what you pay for healthcare, too. If you'd like to retire before you're eligible for Medicare, start planning now. To create a holistic financial plan that incorporates income, taxes, health care, and your legacy, please call Peter at (919) 300-5886 or visit www.RichoPlanning.com
Planning for retirement isn't just about growing your investments... it's about preparing for the expenses that can quietly eat away at your nest egg. In this interview, Peter with Richon Planning and Erin Kennedy break down 5 costs that are rising faster than many people expect... and what you can do now to stay ahead: • Health care expenses (because Medicare doesn't cover everything) • Home modifications for aging in place • Car expenses that don't disappear in retirement • Home insurance premiums climbing year after year • Relocation costs that can catch you off guard 🎯 The reality? Even a well-built plan can be thrown off by rising costs, but with the right strategy, you can protect what you've worked so hard to build. To speak with Peter to learn how to prepare, plan, and stay in control of your future, please call (919) 300-5886 or visit www.RichonPlanning.com
If you're thinking about retirement income, the real question isn't "Are annuities good or bad?" — it's "Are they right for you?" In this interview, Peter with Richon Planning and Erin Kennedy break down: ✔️ Why annuities get such mixed reactions ✔️ The difference between fixed, indexed, and variable annuities ✔️ How to know which (if any) fits your plan ✔️ When the right time to buy might be ✔️ And how all of this connects to your Social Security strategy Because retirement income isn't just about growth—it's about creating confidence, consistency, and a plan that lasts. If you'd like to compare annuity rates and get free, personalized quotes from top-rated insurance carriers, check out www.TopAnnuityIncome.com to see how much monthly income your investment could generate — in just minutes.
From oil embargoes to global pandemics, the S&P 500 has faced decades of uncertainty, and historically, come out stronger on the other side. But what does that mean for your portfolio right now? In today's video, Peter with Richon Planning and Erin Kennedy talk through: • How markets have responded to major global events over time • When it actually makes sense to adjust your investments... and when it doesn't • What changes (if any) pre-retirees and retirees should consider • ⚠️ The real risk retirees face in a down market: sequence risk • 🛡️ Strategies to help protect your income during volatility 💡 The big takeaway: Your financial plan should be built around your life and your goals... not the latest headline. If recent market news has you feeling uneasy, please feel free to give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com to create a financial plan tailored to your goals and risk tolerance.
A 401(k) can be one of your most powerful retirement tools, but timing those withdrawals matters more than most people realize. As Peter with Richon Planning explains to Erin Kennedy if you take money out too early, you could face penalties. But on the other hand, if you wait too long, required minimum distributions could push you into a higher tax bracket. So how do you strike the right balance? In this interview, we break down: ✔️ Why tax-deferred savings matter ✔️ The rules around early withdrawals (and what they cost you) ✔️ How withdrawals are taxed after 59½ ✔️ What you need to know about RMDs ✔️ Strategies to create income without creating a tax headache The goal isn't just to save, it's to shoot for higher returns by being "tax smart." If you'd like to determine your withdrawal strategy and how it affects when you claim Social Security and what you'll pay for Medicare, please give Peter a call at (919) 300-5886 or visit www.401kDistributions.com
A growing number of Americans are heading back to work after retiring... not by choice, but by necessity. A new survey from AARP found that 7% of retirees re-entered the workforce in the past six months, up from 6% in summer 2025. The biggest reason? The rising cost of living. In fact, as Peter with Richon Planning and Erin Kennedy discuss: 💰 48% say they returned to work because they need the money or feel uncertain about the economy 📈 41% say everyday living costs are the biggest financial pressure ⚠️ 67% believe it would be difficult to find a new job today This trend, sometimes called "unretiring," highlights an important reality: retirement planning isn't just about saving enough… it's about building a plan that can withstand inflation, market volatility, and unexpected expenses. In this interview, we break down: ✔️ Why more retirees are returning to work ✔️ How inflation can quietly undermine retirement plans ✔️ The risk of assuming you can always go back to work ✔️ Strategies to stress-test a retirement income plan Planning ahead can help ensure retirement remains a choice — not a financial necessity. To stress test your retirement income plan, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
Life insurance is often seen as something you set up later in life... after marriage, kids, or buying a home. But waiting could mean missing out on some key benefits. In this interview, Peter with Richon Planning and Erin Kennedy break down three important reasons young adults may want to consider life insurance sooner rather than later: ✔️ Lower costs: Policies are often significantly cheaper when you're younger. In fact, term life insurance can be 50–70% less expensive in your 20s versus your 40s, according to NerdWallet. ✔️ Peace of mind during major life milestones: Starting a family or getting married comes with new responsibilities; life insurance can help provide financial protection. ✔️ Protection when you least expect it: Life insurance isn't just about long-term legacy planning. It can help cover things like debts, co-signed loans, or final expenses. If you're balancing priorities like student loans, saving, and building an emergency fund, Peter can help you prioritize your savings while still figuring out how life insurance can fit into your financial plan. Please call (919) 300-5886 or visit www.RichonPlanning.com with any questions.
Turning 59½ can unlock a powerful (and often misunderstood) retirement planning option: the in-service rollover. Many workplace plans allow you to move part of your 401(k) into an IRA while you're still working, under rules set by the Internal Revenue Service. But is it actually better than staying in your employer plan? In this video, Peter with Richon Planning and Erin Kennedy break down: 👉 What an in-service rollover really is 👉 When it makes sense — and when it doesn't 👉 What to compare before making a move (hint: fees, investments, advice, and protections) If you're approaching (or already past) 59½, the in-service rollover can be a powerful strategy to help you prepare for retirement. To talk through the pros and cons with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com
Social media platforms like TikTok are changing how people learn about money, but not always for the better. According to the FINRA Investor Education Foundation, 25% of adults now turn to social media for investing advice, and that number jumps to 61% for people age 35 and under. In this interview, Peter with Richon Planning and Erin Kennedy break down why short, viral money tips can oversimplify risk and blur the line between education and advertising. Keep in mind, building wealth and disciplined investing rarely isn't all that exciting; it's built on discipline, diversification, and time. 🎯 If you (or your kids) are getting financial advice from social feeds, and you'd like to talk to a real human who understands your unique goals and risk tolerance, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
Global tensions can rattle markets, but history shows the impact is often temporary. In this video, Peter with Richon Planning and Erin Kennedy take a closer look at decades of data to put current headlines into context. Even though the conflict in Iran has pushed oil prices higher and caused short-term volatility, historically, the market has shown remarkable resilience after geopolitical shocks. In this interview, we break down: ✔️ Why stocks often drop first when global tensions rise ✔️ What past geopolitical events can teach us about market recoveries ✔️ Why emotional investing can lead to costly mistakes ✔️ The perspective long-term investors should keep during uncertain times 📊 When working with an experienced financial advisor, you should feel confident knowing that volatility has already been built into your portfolio, not only to weather these geopolitical events, but to capitalize on them. If you have any questions, please feel free to call Peter at (919) 300-5886 or visit www.RichonPlanning.com
Trusts can feel complicated, and for many families, unnecessary. But in the right situation, a trust can be a powerful tool to protect your assets, avoid probate, and keep control in the right hands. In this conversation, Peter with Richon Planning and Erin Kennedy break down when a trust makes sense, when it doesn't, and why beneficiary designations can be just as important as the estate plan itself. If you'd like to sit down with Peter to talk through whether a trust makes sense for you and your family, please call (919) 300 - 5886 or schedule a complimentary appointment by visiting www.RichonPlanning.com
A recent case involving a Georgia advisor who pleaded guilty to a $380 million Ponzi scheme is a scary reminder: trust matters... and so does transparency. ⚠️ In this interview, Peter with Richon Planning and Erin Kennedy walk through how investors can evaluate whether their advisor is truly acting in their best interest, what red flags to watch for 🚩, and what questions every client should feel comfortable asking. Because protecting your financial future starts with choosing the right advisor. 🔐If you'd like a second opinion, or if you'd simply like to work with an advisor who values transparency and making sure clients feel educated and empowered, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
There are a few birthdays that matter a lot more than the candles on the cake 🎂
Certain ages can unlock benefits, or create costly mistakes, if you don't plan ahead. In this interview, Peter with Richon Planning and Erin Kennedy break down the key ages every investor and retiree should know, including:
• 62 – When Social Security becomes available… but should you claim?
• 59½ – Penalty-free withdrawals and in-service rollovers
• 65 – Medicare eligibility (and why missing this can be expensive)
• 70½ – A powerful opportunity for charitable giving with QCDs
• 73 – When Required Minimum Distributions begin
Whether retirement is right around the corner or still on the horizon, understanding these milestones can make a meaningful difference in your long-term plan. To talk to Peter to learn what to do, and what to avoid, at every stage, call (919) 300-5886 or visit www.RichonPlanning.com
The loss of a spouse is emotionally overwhelming, and for many families, it also brings unexpected financial stress. In this interview, Peter with Richon Planning and Erin Kennedy walk through five common financial blind spots that often surface after a spouse's death... and the proactive steps couples can take now to protect each other later: • Surprise Debt – Financial obligations that catch surviving spouses off guard • Being Locked Out of Accounts – When assets are frozen or tied up in probate • Invisible Credit Records – Why some widows discover they have little or no credit history • The Reality of a New Budget – Understanding true household expenses after loss • Higher Tax Brackets After Loss – The "widow's tax" and how planning ahead can help These are difficult topics, but addressing them early can spare surviving spouses from added stress during an already painful time. To sit down with Peter to ensure your spouse is financially secure, no matter what happens, call (919) 300-5886 or visit www.RichonPlanning.com
Improving your investment performance doesn't always mean taking more risk... or chasing the latest trend.
In this video, Peter with Richon Planning and Erin Kennedy break down 4 simple, fundamentals-based ways to improve results without adding complexity:
✔️ Automate and get out of your own way
✔️ Consolidate old accounts
✔️ Define your time horizon before investing
✔️ Save a little more each year
Sometimes the biggest gains come from doing the basics consistently, and avoiding the mistakes that could derail long-term plans. If you'd like to make sure your fundamentals are in place, or if you'd like to talk more advanced planning, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
You've heard a lot about the stress of taking on too much risk in retirement. But as Peter with Richon Planning talks through with Erin Kennedy, playing it too safe can create just as much financial pressure.
In this interview, we walk through three warning signs your portfolio may be holding you back:
🔹 You constantly worry about running out of money Being overly conservative can limit growth—especially during a long retirement.
🔹 Your money isn't working for you If your portfolio barely moves while inflation keeps rising, your purchasing power may be shrinking.
🔹 You avoid financial decisions out of fear
Hesitating to make adjustments—even when they make sense—can be a sign fear is driving strategy. We also explain why investing too conservatively can be just as dangerous as taking on too much risk—and how finding the right balance matters more than ever. If you'd like to sit down with Peter to determine if your retirement plan may be playing defense when it should be playing offense, give him a call at (919) 300-5886 or visit www.RichonPlanning.com
A new provision in President Trump's tax bill is getting a lot of attention: a government-funded $1,000 savings account for children, now known as "Trump Accounts."
But as with most things in tax policy, the details matter. In this interview, Peter with Richonplanning and Erin Kennedy break down:
Who's eligible — and how families actually receive the money
Who can contribute and how much
How these accounts are invested
How tax-deferred growth and capital-gains treatment compare to other options
When it makes sense to fund a Trump Account vs. a 529 plan or custodial account
If you're a parent, grandparent, or loved one who wants to learn more about setting your child up for success, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
How old is too old to buy an annuity? It typically doesn't make sense to buy one if you're under 50, and most insurance companies stop selling them once you hit 90. But as Americans live longer, our fear of outliving our savings has pushed sales of annuities to record highs. In fact, annuity sales topped $432 billion in 2024, but as Peter with Richon Planning and Erin Kennedy discuss, that doesn't mean they're right for everyone. In this interview, we break down: 🔹 When an annuity actually makes sense — and why timing is everything 🔹 The core problem annuities solve 🔹 How much liquidity you should keep before locking money up 🔹 The tax implications for you and your heirs 🔹 And what to consider if you're too young or too old for an annuity If you've ever wondered whether an annuity fits into your retirement income plan, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com to learn more.
Risk isn't just a number on a chart... it's how you feel when markets move. If you've ever wondered whether your portfolio matches your true risk tolerance, Peter with Richon Planning and Erin Kennedy lay out four red flags to pay attention to:
🔹 You check your accounts constantly. How often is too often? If market swings dictate your mood, it may be time to reassess.
🔹 Market drops keep you up at night. The headlines are loud, and it's hard to tune out the noise.
🔹 You've made panic-driven decisions before. Emotional investing is one of the biggest threats to long-term returns.
🔹 You feel pressure to "chase" returns.
FOMO can push you into taking risks you're not comfortable with.
The good news? Peter can help align your investments with your true risk tolerance, keeping you disciplined, diversified, and focused on the long-term plan (not the daily swings). If you'd like to find a plan that's in line with your goals and your tolerance, please call (919) 300-5886 or visit www.RichonPlanning.com
Most people are so focused on saving for retirement that they overlook the everyday habits that can derail it. According to Kiplinger, only 44% of Americans have calculated what they'll need to live on in retirement, and without that number, it's easy to overspend or take on risks that shrink your nest egg. In this week's interview, Peter with Richon Planning and Erin Kennedy break down the three most common pitfalls pre-retirees face:
🚫 Maintaining Debt Many retirees carry credit cards, car loans, mortgages, sometimes totaling $55,000. We discuss why entering retirement debt-free is so critical and what steps to take now to get there.
👨👩👧 Helping the Kids Half of parents are providing financial support to their adult children... averaging $1,500 a month. How do you help family without sacrificing your own financial future? 💳 Living "Large"
Are you spending more than you should? We lay out how to realistically evaluate your lifestyle so you don't outlive your savings.
If you'd like to learn how small decisions and simple habits today can protect your retirement, please call Peter at (919) 300 - 5886 or visit www.RichonPlanning.com
Thinking about a Roth conversion before age 59½? It can be a smart move... but only if you handle the tax bill the right way. As Peter with Richon Planning and Erin Kennedy explain, using retirement funds to pay those taxes could trigger a 10% early withdrawal penalty, and that's a mistake we want younger investors to avoid. In this week's interview, we break down: Why paying taxes with outside, after-tax money is essential How Peter helps clients decide if a Roth Conversion makes sense And why Roth conversions are so popular right now If you'd like to determine if a Roth Conversion is right for you, please call Peter at (919) 300-5886 , or visit www.RichonPlanning.com... a little planning now can save you a big penalty.
The end of the year is fast approaching, and so is the deadline for the tax moves that can lower your 2025 tax bill. In this video, Peter with RIchon Planning and Erin Kennedy break down the top five simple steps to help keep more money in your pocket, including:
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Max Out Your 401(k)
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Contribute to Your HSA
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Max Out Your Roth IRA
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Harvest Your Investment Losses
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Donate to Charity
This easy checklist can make a big difference come tax time. And keep in mind, it's never too late (or too early) to start thinking about how you can earn more and save more next year. And if you'd like to have a conversation with Peter about how to save more in taxes over the course of your lifetime (not just the filing year), please give him a call at (919) 300-5886 or visit www.RichonPlanning.com
The holidays bring families together... multiple generations under one roof, to share stories and look ahead. And as Peter with Richon Planning explains to Erin Kennedy it's also an ideal time to start meaningful conversations about family finances and the legacy you want to leave behind. The truth is, 60% of wealth transfers fail simply because families never talk about them. Opening the door to that conversation now can reduce stress later and help protect the people you care about most.
If your family is ready to take that first step, Peter is here to help start that discussion and make the process feel simple, supportive, and clear. To set up a complimentary appointment, please call (919) 300-5886 or visit www.RichonPlanning.com
Good news for retirees! The Social Security Administration just announced a cost-of-living adjustment (COLA) of 2.8% for 2026 — that's an average increase of about $56 per month starting in January. In this video, Peter with Richon Planning and Erin Kennedy break down: How inflation drives COLA increases What the 2026 bump means for retirees Why waiting to claim Social Security could still make sense The updated Earnings Test limits for those who keep working before full retirement age It's not just a raise — it's a reminder to make sure your claiming strategy fits your overall retirement plan. If you'd like to learn more about social security claiming strategies, or how to create several streams of sustainable income in retirement, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
Thinking about retiring early? You're not alone — but before you trade your desk for the beach, it's worth asking if you're truly ready. A recent study from F&G Annuities and Life found that 54% of Gen X early retirees are considering "unretiring" — often because they weren't fully prepared, financially or emotionally. In this video, Peter with Richon Planning and Erin Kennedy walk through 5 key signs you're ready to retire early, including: You're debt-free (and not just your mortgage) You have multiple income sources You've built strong retirement savings You've planned for healthcare costs You're ready for a new sense of purpose and structure Early retirement can be rewarding — but it's not for everyone. Make sure your plan supports the life and the retirement you want. And remember, it's not just a financial calculation... you're not just retiring from something, you need to be retiring to something as well. To find out if you're ready to retire, call Peter at (919) 300-5886 or visit www.RichonPlanning.com
The beauty of a Roth IRA is simple: pay the taxes now, enjoy tax-free income later. But when it's time to withdraw your money, the rules can get tricky, and mistakes can cost you. In this video, Peter with Richon Planning and Erin Kennedy break down the five key steps to keep your Roth distributions tax-free, including:
✅ Follow the IRS ordering rules
✅ Remember: contributions are always tax- and penalty-free
⚠️ Watch for the 10% penalty on converted funds
📆 Understand when earnings qualify for tax-free treatment
⏰ Know how the five-year clock really works
🎥 Watch the full conversation to make sure your Roth IRA works the way it's meant to... tax-free. And if you have any questions about creating tax-free income in retirement, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com to schedule a complimentary appointment.
Starting next year, workers age 50 and older earning more than $145,000 will lose a major 401(k) tax break.
As Peter with Richon Planning explains to Erin Kennedy, catch-up contributions that used to reduce taxable income must now be made after tax - as Roth contributions. That could mean less take-home pay today, but potentially tax-free withdrawals later. In this interview, Peter answers:
💬 What does this mean for your retirement strategy?
💬 Should you reconsider Roth vs. traditional contributions?
💬 And can strategies like Roth conversions or HSAs help offset the lost deduction?
If you'd like to speak with Peter to determine if tax-deferred or tax-free is better for you and your retirement, if you'd like to learn about other strategies to reduce your taxable income, or if you want to supercharge your retirement savings, please call (919) 300-5886 or visit www.RichonPlanning.com
The Social Security trust fund is projected to be insolvent by 2033, and by 2035, benefits could be reduced by 23% if no action is taken.
As Peter with Richon Planning and Erin Kennedy explain, that means future retirees may only receive about 77% of promised benefits... a potential shortfall that could cost the average worker $138,000 in lost income!
💡 What can you do now?
✔️ Max out your retirement contributions and catch up contributions
✔️ Take advantage of your employer match
✔️ Diversify your investments
✔️ Work with a financial advisor who can help you decide when to claim Social Security and build multiple income streams for retirement.
Social Security isn't going away, but it may not be enough on its own. Planning ahead could make all the difference. If you're worried about being prepared for retirement no matter what, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com #RetirementPlanning #SocialSecurity #FinancialFreedom #RetirementSavings #WealthPlanning #FinancialAdvisor #FutureReady #InvestSmart #RetireWithConfidence
According to the Transamerica Center for Retirement, more than one-third of workers have taken a loan, early withdrawal, or hardship withdrawal from their 401(k). It might feel like "borrowing from yourself," but as Peter with Richon Planning and Erin Kennedy explain, it can come with long-term consequences: missed market growth, double taxation, and a smaller nest egg when you need it most.
In our latest conversation, we're breaking down the real cost of a 401(k) loan, including:
💸 How even a small loan today can erase tens of thousands in future gains.
📉 Why you're actually taxed twice on what you repay.
⏳ What happens if you change jobs before paying it off.
💡 And the smarter financial moves to consider first.
If you've ever thought about tapping your retirement account, this is one interview you shouldn't miss. And if you'd like to talk through better options if you're facing a financial hardship, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
You've heard of asset allocation, but what about asset location? Where you hold your investments can be just as important as what you invest in when it comes to lowering your tax bill. In this new conversation, Peter with RichonPlanning and erinkennedy break down 4 simple but powerful strategies that could help keep more of your money working for you: Traditional vs. Roth IRAs and their unique tax advantages Tax-loss harvesting explained (with real-life examples) Why dividend-paying stocks might belong in tax-advantaged accounts How long-term capital gains planning can even mean a 0% tax rate with the right strategy Because, as Peter always says, it's not about what you make, it's about what you keep. If you'd like to learn how you could benefit from these strategies, please call (919) 300-5886 or visit www.RichonPlanning.com to set up a complimentary appointment.
Did you know some investments can generate income without triggering a big tax bill? From municipal bonds to tax-advantaged accounts, there are several smart ways to keep more of what you earn. In this interview, Peter with Richon Planning and Erin Kennedy walk through: Municipal Bonds — why their interest is federally tax-free Tax-Exempt Money Market Funds — and how they work Series I & EE Bonds — interest that's free from state and local taxes Treasury Bills — federal tax applies, but no state or local taxes * And Why a Roth IRA might provide the biggest tax advantage of all
Investing isn't just about growth, it's about keeping more in your pocket. If you'd like to learn how to pay less to Uncle Sam (while still following the law!), give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
Age 62 is the earliest you can claim Social Security benefits, but should you? In this video, Peter with Richon Planning and Erin Kennedy talk through what you gain and what you lose when you claim your benefits before Full Retirement Age, including: Why claiming early means smaller monthly checks for life How the Earnings Test could reduce benefits if you're still working Why waiting can mean a bigger benefit... but that doesn't mean everyone should wait to claim According to Forbes, only 4% of people claim Social Security at the most "financially optimal" time. To make sure you're not part of the 96% who are missing out on what could be thousands, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com to break down the trade-offs so you can make the choice that's right for you
Can you live on $4,000 a month? According to The Motley Fool, median monthly income for retirees is just over $4,100 a month. But determining whether YOU can live on that depends on where you live, your expenses, and your other income sources. And as Peter with Richon Planning explains to Erin Kennedy, it also depends on: Location & cost of living Monthly expenses & lifestyle choices Other income sources (Social Security, pensions, investments) Inflation & longevity To learn if $4,000 a month is truly enough for you, or to learn how to build an income plan that works for your retirement, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com to design the retirement you want.
Big changes could be coming to your 401(k). A new Executive Order paves the way for riskier assets, like private equity, real estate, and even crypto, to be included in workplace retirement plans. But is this a good move for everyday investors? Peter with Richon Planning and Erin Kennedy break down the pros and cons, including: What private equity really is The risks vs. rewards of alternative investments Why fees matter—and who really benefits Who (if anyone) should consider these risky assets Saving for retirement is complicated. If you want to make sure you're invested according to your risk tolerance, while still taking advantage of cutting-edge investment options, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com If you'd like to read President Trump's executive order, please click here: https://www.whitehouse.gov/presidential-actions/2025/08/democratizing-access-to-alternative-assets-for-401k-investors/
Are you thinking about converting your term life policy to a whole life policy? Many people purchase term life insurance for the affordability and protection it offers during their working years. But as life changes, the question often comes up: should you convert your term life policy into a whole life policy? In this video, Peter with Richon Planning and Erin Kennedy break down what you need to know, including:
✅ The key differences between term and whole life
✅ Why some people choose to convert
✅ The potential costs and drawbacks
✅ How to know if it’s the right move for you
If you'd like to sit down with Peter to determine if converting your term life policey makes sense as part of your financial plan, of if you'd like to discuss the pros and cons of investing in a whole life policy, please call (919) 300-5886 or visit www.RichonPlanning.com
Thinking about retirement? You might want to budget more for health care than you'd expect. A recent Wall Street Journal article highlights three big costs retirees tend to underestimate. In this video, Peter with Richon Planning and Erin Kennedy walk through these 3 (often overlooked) medical costs. They are:
1️⃣ Medications – especially new or non-generic prescriptions
2️⃣ Medical Isolation – higher costs in areas with limited access to care
3️⃣ Concierge Care – in some markets, doctors aren't accepting Medicare and instead are charging an annual fee (averaging $3,500) to be seen
In retirement, healthcare isn't just about insurance. It's about planning ahead. If you'd like to sit down with Peter to discuss your best options for healthcare and build a plan that accounts for these "hidden" expenses, please call (919) 300-5886 or visit www.RichonPlanning.com
Listen to this: a new study from "Investing in the Web," tested ChatGPT with 100 finance questions. The result? More than one third of the answers were wrong or misleading. From saving for college to deciding if gold is a good investment, those mistakes could mean real losses in your wallet. In this video, Peter with Richon Planning and Erin Kennedy talk through: Where AI goes wrong with money questions When it’s actually safe to use it Why your financial future deserves human expertise AI is a great tool for research, but when it comes to your money, nothing beats a qualified human advisor who understands your unique situation. If you'd like to talk through your financial concerns and questions, and get answers that are personally tailored to your unique goals, please call Peter at (919) 300 - 5886 or visit www.RichonPlanning.com
New data shows a clear link between retiring with confidence and having a financial plan. In this video, Peter with Richon Planning and Erin Kennedy break down a recent study that found only 19% of adults have a retirement strategy in place — but those who work with a financial professional are twice as likely to save, plan, and feel confident about reaching their goals (84% vs. 58%). They also discuss other key insights from the 2025 Wealth Watch including: Why are fewer Americans saving for retirement? How can a financial plan help you stay ahead of inflation and debt? Source: New York Life Wealth Watch 2025 If you would like help creating a financial plan that will help you retire with more money and more confidence, reach out to Peter by calling (919) 300 - 5886 or visit www.RichonPlanning.com
Big changes are on the horizon, and they could affect your retirement income, taxes, and estate plan. In this video, Peter with Richon Planning and Erin Kennedy break down what’s in the new legislation (aka the “big beautiful bill”) and how retirees can prepare now to take advantage of the benefits or avoid potential pitfalls.
Two of the biggest takeaways affecting retirees: a possible reduction in your taxable income and a longer runway to take advantage of today's historically low tax rate, i.e. it's still a great time to consider a Roth Conversion.
If you'd like to talk through these changes with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com
Roth accounts are one of the best ways to create tax-free money and generational wealth. They also offer some truly unique benefits when it comes to saving for retirement. In this video, Peter with Richon Planning and Erin Kennedy lay out 6 things you need to know about the Roth IRA:
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Roth IRA Contributions Are Not Tax-Deductible But Grow Tax-Free
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You Can Withdraw Roth IRA Contributions Out at Any Time
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There’s No Age Limit For Contributions
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There Aren’t Any Required Minimum Distributions
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Annual Contribution Limits Are Fairly Low
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There is an Income Cap
We are currently living in a historically low tax rate. Now is the time to consider contributing to a Roth, or possibly even converting some of your tax-deferred dollars into tax-free dollars. To crunch the numbers with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com
You can't save your way to rich. Saving is crucial for financial security and short-term goals, but it's usually not enough to build wealth. Which is why, when it comes to building wealth, there's a general order of operations. Peter with Richon Planning and Erin Kennedy break down that order, which is: 1. Get that 401(k) match 2. Build your emergency fund in a HYSA 3. Max out your Roth IRA. 4. Max out your HSA and 401(k) 5. Invest outside retirement That being said, while this order is a great rule of thumb, it might not be right for you. Depending on your unique goals and investing opportunities, your list might be a bit different. To learn how and where you should be investing, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
The Countdown to Retirement continues! Now, for the number one, most important factor determining your retirement success: income. Your income, not your account balance, is what determines your quality of life in retirement.
According to a study by the Alliance for Lifetime Income, 80% of retirees with protected lifetime income say they’re confident they won’t outlive their money , compared to just 33% of those without it. In this video, Peter with Richon Planning and Erin Kennedy break down how an investment plan differs from an income plan, and why in retirement, our income is much more susceptible to market volatility.
Nearly 70% of pre-retirees say their biggest concern is generating enough reliable income to last a lifetime. If that's you, take action! Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement!
Visit www.RichonPlanning.com, or call Peter at (919) 300-5886. 📚
Join Peter Richon on Dash Town — highlighting local businesses making an impact in Fuquay! We sat down with Barbara Patterson, Regional Director, and Meike Weist, Care Manager and Guardian Supervisor with Arosa, a care-managed agency providing in-home caregiving and professional care management for seniors.
Barbara and Meike work out of the Fuquay-Varina office, serving families across the Triangle and supporting Arosa’s broader mission to improve quality of life for both clients and caregivers nationwide. With a focus on holistic, person-centered care, Arosa brings together trained caregivers and experienced care managers to help older adults age with dignity, safety, and independence.
Whether it’s coordinating long-term care, supporting guardianship needs, or providing hands-on help at home, Barbara and Meike bring expertise and heartfelt dedication to every case they manage.
To learn more about Arosa or inquire about services, call (919) 567-8200 or visit arosacare.com.Dash Town: Barbara Patterson and Meike Weist | Arosa
Financial advisor Peter Richon of Richon Planning speaks with Kristin Williams, Executive Vice President of Advanced Tax Planning at Succession Capital. Their conversation explores how advanced tax and estate planning strategies can support long-term financial organization and decision-making. They cover topics such as trust structures, business transitions, multi-generational planning, and the coordination of tax and estate strategies. Kristin offers perspective on how individuals and families can approach complex planning needs with greater clarity, especially when managing significant assets or preparing for future transitions. This discussion highlights ways to think more strategically about wealth, legacy, and structure—both during life and beyond. For questions, contact Peter at (919) 300-5886 or visit www.RichonPlanning.com.
The Countdown to retirement continues! As you get closer to retirement, a lot of questions start popping up, but two stand out as the most important to answer before you hand in your notice. As Peter with Richon Planning explains to Erin Kennedy, those two questions are: 1. What single financial risk could make the biggest impact on your retirement? 2. How can you eliminate the possibility of this risk ruining your retirement income? If you'd like to learn how to prepare for a retirement with no known end date, or if you'd like Peter to stress test your income plan, take action! Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300 - 5886.
The Countdown to Retirement continues! Listen to this: according to Fidelity, the average 65-year-old couple will need nearly $315,000 for healthcare in retirement, not including long-term care. But as Peter with Richon Planning and Erin Kennedy discuss, long-term care, isn't a "maybe" it's likely; 7 out of ten people will need long-term care at some point, and it's not covered by Medicare. Here are your options: 1. Traditional Long-Term Care Insurance 2. Linked Benefits 3. Self-Insure 4. Become a Dependent Of course, certain options are better than others. But determining what's right for you, can be difficult. If you'd like to find out which option is best for you, download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300-5886.
We've made it to the top 3 in our Countdown to Retirement! In this video, Peter with Richon Planning and Erin Kennedy talk through the three biggest expenses you'll see in retirement; be sure these expenses are in your plan, or you may run out of money!
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Largest Known Expense: Taxes
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Largest Potential Expense: Healthcare
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The Silent Thief: Inflation
The only way to combat the possibility of expenses exceeding assets is to have a written income plan for retirement.
Ready to take action? Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement!
Visit www.RichonPlanning.com, or call Peter at (919) 300-5886. 📚
According to this recent study from @Kiplinger (include source article), 43% of retirees are more financially stressed than when they were working and surprise expenses are a major reason why. In this video, @peter with @richonplanning and @erinkennedy break down the top 5 expenses, including: 1. Healthcare: Often the biggest, and most unpredictable, retirement expense. Even with Medicare, out-of-pocket costs for chronic care, surgeries, and prescriptions can be substantial. 2. Taxes: Retirees often assume they'll be in a lower tax bracket when the stop working, but that's not often the case. 3. Emergencies: If you don't have a cash cushion, when the unexpected happens, it can derail your finances. 4. Family: A record number of parents, 50% according to a report from Savings.com, are financially supporting their adult children, with the average support around 15 hundred dollars a month! That includes expenses like groceries, cell phone bills, rent, health insurance, and even vacations. 5. Inflation: Your retirement can last as long as our working years. If you don't have a plan to help your money grow, your nest egg won't keep up. The good news is, you can create a plan now that addresses each one of these expenses, so they don't derail your retirement. If you'd like to talk through these "budget busters" with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com SOURCE: https://www.kiplinger.com/retirement/the-biggest-stealth-costs-in-retirement
Our Countdown to Retirement continues! To help you get ready for retirement, Peter with Richon Planning has created a great resource at www.RichonPlanning.com that anyone can download, keep, and read at their own pace. In this video, he and Erin Kennedy talk through the top 5 planning mistakes. They are: 1. Not having a "GRIP" on your retirement 2. Taking inappropriate risks 3. A "gross" planning mistake (hint: taxes) 4. Not caring enough to plan for long-term care 5. Not Optimizing Social Security Ready to take action? Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300 - 5886. #RetirementPlanning #FinancialSecurity #WealthManagement #IncomePlanning #SocialSecurity #RetirementIncome #LongTermCare
Retirees who want to reduce their taxes in retirement can benefit from strategic conversions and transfers between traditional and Roth IRAs. As Peter with Richon Planning explains to Erin Kennedy identifying those key windows for Roth conversions can lead to significant tax advantages and a bigger nest egg! The top 5 times to consider a conversion are:
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During Market Downturns
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Anticipation of Tax Bracket Changes
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Between Retirement and RMD Age
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Experiencing a Low Income Year
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Planning for Your Heirs
Keep in mind, taxes are set to increase at the end of 2025. Now is the time to crunch the numbers and determine if a Roth Conversion is right for you. To walk through the pros and cons, and the tax implications, give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
The Countdown to Retirement continues! A solid financial plan isn’t just about investments, it should cover six key areas that impact your entire financial life. As Peter with Richon Planning explains to Erin Kennedy, if even one is missing, your plan may fall short. Those 6 issues are:
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Is my plan aligned with my goals?
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Income
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Investments
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Taxes
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Healthcare
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Legacy
If your financial plan doesn't include these 6 issues, it might be time to get a second opinion.
Ready to take action? Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300-5886. 📚
The Countdown to Retirement Continues! Some of the most common beliefs about money, retirement, and investing are myths and believing in them can really hurt your financial future. In this video, Peter with Richon Planning and Erin Kennedy break down the 7 biggest financial myths, including: -The market always goes up -The market averages 10% a year -The 4% rule works for retirement withdrawals -My taxes will be lower in retirement -I don’t need life insurance once I retire -My investments alone will cover retirement -It’s too late to plan- I don’t have enough If you'd like to talk to Peter to learn more about these common myths and misconceptions, now is a great time to call! Ready to take action? Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300-5886. #RetirementPlanning #FinancialSecurity #WealthManagement #IncomePlanning
If you’re within five years of retiring, either before or after, you’re at your most vulnerable financially. Retiring in a down market presents a very unique risk known as "sequence of returns risk." In this video, Peter with Richon Planning and Erin Kennedy break down the top 5 steps to weather the volatility. 1. Build a Cash Cushion: protect against Sequence Risk 2. Fix Your Mix (a little): adjust your portfolio according to your risk tolerance 3. Adjust Your Spending: both expenses and withdrawal rate 4. Work a Little Longer: it means sustainable income and the chance to delay claiming Social Security 5. Consult an Advisor: a holistic financial plan will be tailored to your goals and will protect against volatility If you'd like to talk through this volatility to make sure you have a plan that accounts for market downturns, or even capitaizes on them, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com #Retirement #SocialSecurity #SustainableIncome #MarketVolatility
There are times when moving your money isn’t just a good idea, it’s necessary. Figuring out *when can help you protect your investments, reduce your taxes, and stay aligned with your long-term goals. In this video, Peter with Richon Planning and Erin Kennedy detail the 8 moments you should move your money. They are:
-Rebalancing
-Roth conversions
-Age 59 1/2, the in-service distribution
-Leaving a job
-Fees are too high
-Under performing
-Your time horizon has changed
-Consolidating accounts
Ready to take action? Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300-5886. 📚
As of April , about 60,000 people have been laid off or fired, including thousands more at U.S. health agencies. With the markets rattled and a potential recession on the way, a lot of people are worried about their job right now. In this video, Peter with Richon Planning and Erin Kennedy outline 4 action steps you should take if you've been laid off, or if you're concerned you might be:
File for Unemployment
Update Your Resume
Review Your Severance, Final Paycheck, and Unpaid PTO Review Your 401(k) and other Retirement Accounts
If you've been affected by these layoffs, please reach out to your support system and consider speaking with a financial advisor who can help guide you through this time and suggest the best next steps. If you'd like to speak with Peter about how this could affect your savings and your financial goals, please call (919) 300-5886 or visit www.RichonPlanning.com
New rules for Required Minimum Distributions could catch retirees off guard—especially if you're turning 73 this year. One key headline: RMDs now have to be the first money out of your account. From stricter timing requirements to steeper penalties, the IRS is cracking down. In this video, Peter with Richon Planning talks through the new rules with Erin Kennedy, including:
-What “first money out” means for your accounts and rollovers
-Why QCD timing is more important than ever
-The costly mistake 73-year-olds need to avoid
If you'd like to make sure you’re ready for these 2025 changes, or if you'd like to discuss other strategies to minimize the tax burden that comes with Required Minimum Distributions, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
When it comes to retirement, saving enough is only part of the equation. You also need to plan for the risks that could derail your financial future. In this video, Peter with Richon Planning and Erin Kennedy break down the 9 Critical Risks You Need to Plan For:
✅ Sequence Risk – How market downturns early in retirement can deplete your savings.
✅ Legislative Risk – The impact of changing laws and policies.
✅ Withdrawal Rate Risk – Is the 4% rule still relevant?
✅ Healthcare Costs & Long-Term Care – Likely your biggest expense.
✅ Spousal Income Changes – How losing a spouse affects income.
✅ Market Volatility – The impact of timing and market swings.
✅ Taxation – Strategies to keep more of what you’ve saved.
✅ Inflation – The silent threat that erodes purchasing power.
✅ Longevity – How living longer amplifies all these risks.
Ready to take the next step? Download “The Countdown to Retirement”—a comprehensive guide that encourages you to rethink conventional wisdom and consider planning strategies that protect your lifestyle, comfort, and peace of mind. Head to www.RichonPlanning.com, or call Peter at (919) 300-5886.
Recently, stocks closed out their worst quarter since 2022. The S&P 500 and the Nasdaq logged their worst performance since Russia’s invasion of Ukraine. While these headlines can be upsetting, as Peter with Richon Planning explains to Erin Kennedy, the market downturn can also provide some very specific opportunities for smart investors, including:
Put Your Cash to Work – Lower valuations let you buy quality investments at a discount for long-term gains.
Consider Tax Loss Harvesting – Selling at a loss can offset taxes now or in the future, turning dips into tax savings.
Roth Conversions – Converting in a down market means paying less tax now and maximizing future tax-free growth.
If you'd like to learn how to take advantage of this market downturn, please feel free to give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
The “retirement red zone” is the 5 years before and after retirement—a critical time when your decisions about investments, income, and risk can have a lasting impact on your retirement security. In this video, Peter with Richon Planning and Erin Kennedy zero in on the 10 Steps to Prepare for Retirement:
✅ Define Your Budget – Why knowing what you’ll spend is the foundation of your plan.
✅ Define Your Sources of Guaranteed Income – Create a predictable income stream.
✅ Define Your Income Gap – Identify how much more you’ll need to cover expenses.
✅ Strategize on Social Security – One of the biggest decisions you’ll make in retirement.
✅ Formulate an Income Plan – Bridge the gap between income and expenses.
✅ Understand Your Risk Exposure – How much risk is too much as you approach retirement? ✅ Consider Taxes – Plan ahead for what may be one of your biggest expenses.
✅ Consolidate “Like-Qualified” Accounts – Simplify your retirement portfolio.
✅ Consider Inflation – Protect your purchasing power over time.
✅ Review & Update Your Legal Documents – Why this final step is crucial for protecting your wishes.
Ready to take action? Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. Visit www.RichonPlanning.com, or call Peter at (919) 300-5886. 📚
Once people retire, their spending habits often change. Housing, healthcare, and groceries will still make up a significant part of your budget, however, as Peter with Richon Planning explains to Erin Kennedy since retirement often means more free time, you'll probably be spending more "fun money" on these common expenses:
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Travel
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Recreational Vehicles
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Vacation Home
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Hobbies
If you'd like to talk with Peter to create a realistic retirement spending plan that accounts for your own unique retirement goals, please call (919) 300-5886 or visit www.RichonPlanning.com
Join Peter Richon on Dash Town — highlighting local businesses making an impact in Fuquay! Today, we visit with Sarah Wills, who works in sales for Spray-Net, a home improvement company specializing in exterior painting and kitchen cabinet refinishing.
She holds Bachelor's degrees in International Studies and Spanish with focus areas in Latin American Studies and Ethnobiology from Capital University. Her experience includes 18 years of leadership across multiple industries, 7 years of recruiting, and 5 years in sales, as well as time as a Scrum Master, where she helped teams improve collaboration and efficiency. She integrates her background in customer service and restaurant management to create meaningful connections and deliver standout experiences.
At Spray-Net, Sarah uses her experience to help homeowners transform their spaces through customized exterior painting and kitchen cabinet refinishing, offering durable, factory-quality results with a personalized touch. To learn more or get an estimate, you can call (919) 759-6363
Investing during market volatility or downturns requires a very different approach. In light of recent volatility and stubborn inflation rates, Peter with Richon Planning and Erin Kennedy walk through a few tips, including:
-Is Cash Really King?
-Defensive Stocks: healthcare, utilities, and consumer staples like food and beverages are fairly recession proof
-Dividend Stocks and Fixed Income Investments like Bonds and Structured Notes
-Keep Investing, a strategy known as Dollar Cost Averaging
If you'd like to speak with Peter to create a financial plan that can withstand volatility, or if you'd just like to talk through these recent headlines, feel free to give him a call at (919) 300-5886 or set up a complimentary appointment by visiting www.RichonPlanning.com
Everyone's most favorite retirement account, the 401(k), is a great way to save, but it is just a tool, not a strategy. As Peter with Richon Planning explains to Erin Kennedy, without proper planning, you could face unexpected taxes, income gaps, and market risk.
There's a reason 401ks are known as tax time bombs: beyond being tax-deferred (which means you will pay taxes at an unknown and probably higher rate in the future), the Required Minimum Distributions can push you into a higher tax bracket in retirement.
We are living in a historically low tax rate right now, and taxes are set to increase at the end of 2025. If you'd like to work with Peter to create tax-free income in retirement, please call (919) 300-5886 or visit www.RichonPlanning.com
Roth Conversions can be one of the best strategies to create tax-free income in retirement. And those accounts can grow tax-free indefinitely because they don't have required minimum distributions. In this video, Peter with Richon Planning and Erin Kennedy talk through the pros and the cons of converting your tax deferred accounts to Roth accounts while you're still working.
Keep in mind, when you convert those funds, you'll need to pay the taxes upfront, and it's best if you can pay that bill in cash (pro: if you're working, you may have more financial flexibility). But keep in mind, those dollars are also counted as taxable income, which, without proper planning, could push you into a higher tax bracket.
There is no cookie-cutter answer to this question; the answer will depend on your current tax bracket, your projected future tax bracket, and your unique financial circumstances. If you'd like to crunch the numbers with Peter, please call (919) 300 - 5886 or visit www.RichonPlanning.com
According to @Vanguard's "Advisor’s Alpha" study, a good financial advisor can add about 3% in net returns per year through behavioral coaching, asset allocation, rebalancing, and tax planning. In this video, Peter with Richon Planning and Erin Kennedy discuss, in detail, the reasons behind that performance gap. DIY investors often underperform the market because they tend to react emotionally to market movement versus sticking to a risk appropriate financial plan. For more information, please read this study by @DALBAR titled Investor Behavior Continues to Hinder Returns. hyperlink https://www.dalbar.com/Portals/dalbar/Cache/News/PressReleases/QAIB2024_PR.pdf A good financial advisor should provide concrete value to clients, beyond just portfolio returns. If you'd like to have a no obligation chat with Peter to determine if you could benefit from having a personalized financial plan, give him a call at (919) 300-5886 or visit www.RichonPlanning.com
Before you retire, there are very specific questions you should ask your advisor. In this video Peter with Richon Planning and Erin Kennedy talk through those questions, which, when answered, can give you a much clearer picture as to whether you are really ready to retire. Those questions are:
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Am I financially ready to retire?
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What income sources will I rely on in retirement?
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How can I minimize taxes on my retirement income?
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What adjustments should I make to my investment portfolio?
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Do I have enough saved to account for inflation and unexpected expenses?
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Do I have a plan for long term care?
And keep in mind, if your advisor can't answer these questions, it might be time for a new advisor. If you feel like you're ready to retire, but would like to talk it through with a professional, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
Taxes don’t disappear in retirement. In fact, understanding tax implications becomes even more important when you're retired. In this video, Peter with Richon Planning and Erin Kennedy talk through the 4 tax questions you should ask your financial advisor before retiring, including:
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How will my tax situation change once I retire?
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Are there strategies to reduce my tax liability in retirement?
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Should I consider a Roth conversion before I stop working?
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What are the tax implications of withdrawing from my various accounts?
If you'd like to learn if you're tax-ready for retirement, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
Investing can seem complex and confusing, and you may wonder whether you're doing all you can to achieve your goals. In this video, Peter with Richon Planning and Erin Kennedy talk through 5 mistakes you might be making and how to turn things around. Here are those mistakes:
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Getting out when the going gets tough
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Taking on too much (or too little) risk
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Not rebalancing your portfolio regularly
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Paying too much in taxes
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Not seeking professional advice
As for that last mistake, ask yourself: Do I have the skills to do this? Do I have the time to do this? And, maybe most importantly, do I want to do this? If the answer is 'no' to any or all of those, it may be worth asking for some advice. If you'd like a second opinion on your plan, or to find out if you're on track, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
A new bill, called the Social Security Fairness Act, was just signed into law and will increase payments for nearly 3 million current and former public employees. As Peter with Richon Planning explains to Erin Kennedy, the law repeals the Windfall Elimination Provision and the Government Pension Offset, which limited benefits for recipients with other pensions.
That means teachers, firefighters and police officers, among other public-sector occupations, will soon receive benefits in the full amount.
If you think you may be eligible for the Social Security Fairness Act benefits, please reach out to Peter to talk through the changes you can expect. You can set up a complimentary appointment by calling (919) 300-5886 or visit www.RichonPlanning.com
Join Peter Richon on Dash Town - highlighting local businesses making an impact in Fuquay! Today, we visit with Colton Owczarzak, owner of Iron Varsity, a physical therapy and sports performance business dedicated to helping athletes move, recover, and perform at their best.
Colton holds a Doctorate in Physical Therapy from High Point University and a Bachelor’s in Exercise Physiology from California State University - Chico. His experience includes working at EXOS, where he provided care for NFL, NBA, and MLB athletes, as well as time at Cincinnati Children's Hospital, specializing in orthopedic rehab for young athletes. As the former Director of Clinical Services at Youngs PT and Sport Performance, he worked with athletes of all levels to improve movement and recovery.
At Iron Varsity, Colton uses his experience to help athletes build strength, recover from injuries, and perform at their best. To learn more or schedule an appointment, you can reach him at colton@ironvarsity.com or call (919) 285-4596.
It's that time of year, time to get ready for tax day. Yes, it's stressful, but as Peter with Richon Planning explains to Erin Kennedy, with a little bit of preparation, it doesn't have to be.
To set yourself up for success and a stress-free filing, Peter outlines:
-The steps you should take now to ensure you’re fully prepared for tax season
-How to avoid common tax filing mistakes
-How to maximize deductions and credits
If you'd like help getting prepared for tax day, or if you'd like a second set of eyes on your return before you file, please feel free to reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com
Annuity sales set new records in 2024. In the first nine months of the year, we saw a 23% increase to $331.2 billion! In this video, Peter with Richon Planning and Erin Kennedy walk through why annuity sales have seen a huge jump in sales, and they discuss whether the Fed's decision to lower interest rates will affect their returns.
People often turn to annuities to create sustainable income in retirement. If you'd like to learn more about annuities, how they're taxed, and whether they make sense as part of your financial plan, or if you'd like a second opinion about an annuity you recently bought, please reach out to Peter by calling (919) 300 - 5886 or visit www.RichonPlanning.com
Roth IRAs are a great way to create wealth. Roths offer tax-free withdrawals of contributions and earnings in retirement. Plus, that money can grow tax-free indefinitely because Roths are not subject to required minimum distributions. However, as Peter with Richon planning explains to Erin Kennedy, there is a catch: you can only contribute to a Roth IRA if your income is below $165,000 for single filers and under $246,000 if you filed married.
If you're over that limit, there are still 4 ways to contribute to your Roth account, including:
1.Roth 401(k)
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Roth conversion
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Backdoor Roth
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Mega-backdoor Roth IRA
Some of these strategies are more complex than others, so if you're above those income limits and are considering one of these strategies, please reach out to Peter by calling (919) 300 - 5886 or visit www.RichonPlanning.com
According to the @Bureau of Labor Statistics, the average annual expenses for people 65 plus in 2021 was about $52,141.00, which works out to about $4,345 a month.
But as Peter with Richon Planning explains to Erin Kennedy, no two people are alike, so figuring out how much money YOU will need depends on your lifestyle and your unique retirement goals. To determine what you'll need for a comfortable, monthly retirement income, first walk through these prompts:
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Picture your ideal retirement
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Create a spending plan
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Consider common risk factors
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Build a robust nest egg
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Create a legacy plan
nb If you'd like to speak with Peter to build a personalized retirement plan that addresses your unique goals, please give him a call at (919) 300 - 5886 or visit www.RichonPlanning.com
For the first time this year, on the 2024-25 FAFSA, students are no longer required to report cash gifts from a grandparent or contributions from a grandparent-owned 529 savings plan. As Peter with Richon Planning explains to Erin Kennedy, that means, grandparents can now use a 529 plan to fund a grandchild's education without impacting the child's financial aid eligibility. Peter also walks through the benefits of contributing to a 529 plan, including perhaps the biggest perk following the passage of the SECURE Act 2.0: up to $30,000 of unused funds in a 529 account can be rolled over into a Roth IRA for your grandchild, giving him or her a leg up on retirement planning! If you'd like to talk about how to open a 529 account, or if you'd like to learn about other ways to help your grandchildren financially, please call Peter at (919) 300 - 5886 or visit www.RichonPlanning.com
Let's address the number one fear of most retirees: running out of money. One way to make your nest egg last longer... figure out how to keep all of it in your pocket, as opposed to sharing it with the government.
In this video, Peter with Richon Planning explains to Erin Kennedy how converting your tax deferred accounts to Roth accounts can add years to your retirement nest egg. Not only will you likely pay less in taxes in retirement you'll reap other advantages like keeping your provisional income lower, which could decrease the taxes you pay on your Social Security benefit.
Now is the time to consider Roth Conversions; we are living in a historically low tax rate, and those rates are set to increase at the end of 2025. To crunch the numbers with Peter, please call (919) 300 - 5886 or visit www.RichonPlanning.com
Back in 2022 when inflation was through the roof, we were able to buy I Bonds, or inflation bonds, with a 9.6% return! Now though, the rate of return is just over 3%. In this video, Peter with Richon Planning and Erin Kennedy discuss whether investors should redeem those I Bonds and invest in something else.
The short answer is yes. There are several places you can put your money right now that are considered "low risk" and still have a higher rate of return than 3%. That being said, if you sell your I Bond before its 5-year maturity date, you will lose the last 3 months' interest.
If you'd like to crunch the numbers with Peter, and discuss alternate investments, please call (919) 300 - 5886 or visit www.RichonPlanning.com
The end of the year is a great time to start thinking about your finances for the upcoming year. So Peter with Richon Planning and Erin Kennedy are sharing 5 tips you can start now, to help you get on track for 2025.
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Perform a Budget and Emergency Fund Checkup
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Max Out Your Roth IRA (and HSA)
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Consider Tax Loss Harvesting
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Rebalance
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Consider a QCD
If you'd like to talk through your financial goals for 2025 and how you can achieve them, please reach out to Peter for a complimentary consultation by calling (919) 300-5886 or visit www.RichonPlanning.com
By 2034, it's projected that Social Security will only be able to pay about 78% of scheduled benefits if no changes are made to the system. This is why people need to start preparing now. In this video, Peter with Richon Planning and Erin Kennedy walk through these 4 tips to maximize your benefit:
1.Maximize When You Claim Social Security
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Diversify Your Retirement Income
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Work Now to Create Tax Free Income in Retirement
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Have a Plan for Taxes
Deciding when to claim Social Security could be one of the most important financial decisions you make in retirement, and helping you make that decision is something we specialize in at Richon Planning. To set up a complimentary appointment, please call (919) 300-5886 or visit www.RichonPlanning.com
Many people assume their taxes will be lower in retirement, but that’s not always the case. In fact, as Peter with Richon Planning explains to Erin Kennedy, there are 4 good reasons you can plan on your taxes being higher in retirement:
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You won't be spending less: if you need the same amount of money to enjoy your retirement, you'll be in the same tax bracket when you're not working.
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Tax rates are set to increase: many financial experts believe that the Tax Cuts and Jobs Act of 2017 reduced federal income tax rates to the lowest level they may ever be. And those cuts are set to expire at the end of 2025.
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RMDs: Required Minimum Distributions can push you into a higher tax bracket
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Government debt: our nation's debt stands at $35 Trillion dollars! The government has two options to make up that deficit, reduce spending or increase revenue, i.e. raise taxes.
Without proper planning, taxes may be one of your biggest expenses in retirement. To create a strategic tax plan that minimizes your taxes, please reach out to Peter at (919) 300-5886 or visit www.RichonPlanning.com
Financial advisor Peter Richon of Richon Planning interviews Kyle Connor, a Real Estate Exchange Specialist. They discuss the aspects of real estate investment and exit strategies. Real Estate investors can use advanced tax strategies to their advantage when exiting or passing Real Estate as part of their legacy. The 1031 Exchange, 721 Exchange, and DST, Delaware Statutory Trust present significant tax opportunities, but nuances can complicate the process for individual investors. Kyle shares insights specifically for real estate investors looking to leverage real estate exchanges, optimize tax benefits, and navigate the market dynamics. Tune in for advice on integrating real estate into financial planning and if you have any questions give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com.
The 2.5% cost of living adjustment reflects a steady decline in inflation. However, it looks like we'll be paying almost 6% more for Medicare Part B! That doesn't mean you'll see a smaller SS check in January, but if you're wondering how this will affect you, Peter with Richon Planning and Erin Kennedy walk through these questions:
-Does the COLA affect when we should claim our Social Security benefits?
-How does this jump in the cost of Medicare Part B affect my Social Security check?
-How will this COLA affect the taxes we pay on our SS benefit?
If you have any questions about when you should claim Social Security or how to pay for Medicare, please reach out to Peter for a complimentary consultation by calling (919) 300-5886 or visit www.RichonPlanning.com
Annuities can provide a guaranteed stream of income in retirement. And while the benefits aren't as significant for high-net-worth individuals, as Peter with Richon Planning explains to Erin Kennedy, there are a few that can make sense as part of a comprehensive retirement plan, including a:
Longevity Annuity
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Hybrid Long-Term Care Annuity
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Charitable Gift Annuity
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Grantor Retained Annuity Trust (GRAT)
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Medicaid Compliant Annuity
Of course, each of these options comes with certain pros and cons for each investor. If you'd like to talk through how you may be able to benefit from an annuity, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
There are many different enrollment periods with Medicare, and there are penalties if you miss your enrollment period. October 15th kicks off the Annual Election Period, which runs through Dec 7th. In this video, Peter with Richon Planning speaks with Erin Kennedy to break down deadlines, costs, and the differences between each Part.
There is no cookie cutter answer as to which plan or Part is right for you. To talk through your unique goals and priorities, give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
A recent survey by AARP found that many Americans over 50 don't feel confident about their finances. However, if you follow these 3 specific strategies, as explained by Peter with Richon Planning to Erin Kennedy, you will certainly feel more in control, and you'll be setting yourself up for a financially happy retirement. Here's a look at those three strategies:
Utilize the Bucket Strategy: segment your money based on time horizon which will allow you to grow your savings while still paying the bills
Consider Semi-Retirement: According to data from the Bureau of Labor Statistics, the number of people 75 and older who are still working is expected to grow by 96% by 2030
Have a Plan (crunch the numbers): only 42 % of people have ever calculated what they'll need to live on in retirement. First step, make a budget. Then, create a plan that allows you fund your ideal retirement
If you have any questions about how to finance your retirement to make sure you don't outlive your money, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
You'd think any kind of income would be good, but phantom income, and the taxes that come with it, can take a lot of investors by surprise! Peter with Richon Planning and Erin Kennedy want to make sure you know how to avoid it and talk through some smart tax strategies to consider, including investing in ETFs (exchange traded funds) instead of mutual funds.
If you'd like to work with an advisor who focuses on advanced tax planning, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com
Roth accounts are an amazing tool when it comes to creating wealth. Roth IRAs are not subject to probate and can be passed on to heirs tax-free. They also grow tax-free! If you're considering a Roth Conversion, Peter with Richon Planning and Erin Kennedy walk through 3 key considerations:
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Your future tax rate
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When will you need to access the funds?
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Your beneficiary's future tax rate
Keep in mind, we are living in a historically low tax rate. Many financial experts believe that the Tax Cuts and Jobs Act of 2017 reduced federal income tax rates to the lowest level they may ever be, and those cuts are set to expire at the end of 2025. In other words, there has never been a better time to determine if a Roth Conversion is right for you.
If you'd like to crunch the numbers with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com
#WealthManagement #Roth #RothConversion #FinancialAdvisor #Taxes
💰💰💰 Financial confidence through educated planning💰💰💰 Be SMART with your money with Peter Richon at Richon Planning!!!
In this episode, Peter sits down with special guest Becky Swansburg for an insightful conversation about how the upcoming election could shake things up for your retirement plans. They break down the key issues to watch out for and what changes might be on the horizon. From new tax laws to shifting policies, Peter and Becky cover the important topics that could directly affect your financial future. Whether you're nearing retirement or already there, this discussion will give you valuable tips and strategies to stay ahead of the game during these uncertain times.
If you have any questions about keeping your money and your personal information secure, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com
Interest rates have been high since March of 2022, but now, they're finally coming down. That means it's time to rethink how we're investing. In this video, Peter with Richon Planning and Erin Kennedy talk through why the Fed has decided to lower interest rates, and they discuss specific investments you should consider now that rates are coming down, including:
High-yield Investments
Bond ETFs Preferred Stock
REITs
Housing Stocks
If you would like to talk to Peter about how to invest as the Fed continues to lower interest rates, please feel free to reach out by giving him a call at (919) 300-5886 or visit www.RichonPlanning.com
#InterestRates #Investing #WealthManagement #FinancialAdvisor
Check out this recent headline: "Hackers may have stolen the Social Security numbers of every American." And according to the experts, those numbers are now available -for free- on an online marketplace for stolen personal data. In this video, Peter with Richon Planning and Erin Kennedy discuss what you can and should do to keep your personal information safe, starting with:
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Freeze Your Credit
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Monitor Your Accounts Closely
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Use Two Factor Authentication
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Be Vigilant
And we need to remind everyone watching... The biggest risk is: us! Hackers will do everything they can to steal our information, and they're very good at it! It's their job!
You can freeze and unfreeze your credit reports at Experian, TransUnion and Equifax online, by phone or by mail. The online option is the fastest and easiest.
Experian:
www.experian.com/freeze/
TransUnion
https://www.transunion.com/credit-freeze
Equifax
https://www.equifax.com/personal/credit-report-services/credit-freeze/
If you have any questions about keeping your money and your personal information secure, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com
Concerns about a cooling U.S. economy led to a recent market downturn. And that volatility may continue. As Peter with Richon Planning explains to Erin Kennedy, a correction was somewhat expected. Historically, we often see corrections around this time of year, particularly in August and September.
But when our team at Richon Planning constructs portfolios, we always consider the potential impact of volatility, aligning asset allocation with each investor's unique risk profile. This helps manage risk while boosting long-term returns.
It's important for investors to remember that these moments can present long-term opportunities. We're always on the lookout for such opportunities to position portfolios for future growth. If you have any questions about whether your portfolio can withstand or even capitalize on market volatility, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
#WealthManagement #Retirement #Investing #MarketTrends #MarketVolatility
Small business owners underreport a significant portion of their income, potentially as much as 30-50%! That's according to the @National Bureau of Economic Research. However attractive as hiding cash may seem, Peter with Richon Planning lays out 4 reasons to Erin. Kennedy, as to why you should report all income to the IRS, including:
1.Legal Risk
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Long-Term Financial Health and Growth of Your Business
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Retirement and Insurance Planning
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Increase Sale Value
Peter specializes in helping small business owners navigate complex financial and tax obligations. If you'd like a complimentary consultation to learn more about increasing your business's value, please call (919) 300-5886 or visit www.RichonPlanning.com
Are you paying more than you need for financial advice? In this video, Peter with Richon Planning and Erin Kennedy break down the pros and cons of working with "fee-only" versus "fee-based" financial advisors.
It's important to know that both structures have different tax implications and perhaps different incentives for the advisor. An advisor who works on commission may not have your best interests at heart, whereas an advisor who charges a percentage of your managed money does have a vested interest in your financial success.
If you'd like to learn more about how each option could affect your taxes and long-term retirement goals, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com
Unsure where to invest your hard-earned money as you plan for retirement? This episode offers insights on key strategies for securing your financial future. Are you on the right path? Please feel free to give Peter a call at (919) 300 - 5886 or visit www.RichonPlanning.com
The relationship between risk and return is fundamental when it comes to investing. As Peter with Richon Planning explains to Erin Kennedy, higher returns usually come with higher risk, and lower risk typically means lower potential returns.
Understanding that relationship and having a clear set of expectations when it comes to market volatility (specifically, what can you tolerate when it comes to market losses?) will help you be a better investor. When you have a plan that is in line with your risk tolerance, you are more likely to stick to that plan instead of reacting to market ups and downs.
If you'd like to speak with Peter and take a Risk Profile Questionnaire to determine how you should be invested, please give him a call at (919) 300-5886 or visit www.RichonPlanning.com
#WealthManagement #FinancialAdvisor #Retirement #InvestmentStrategies #Investing
Deciding whether to rent or buy a home is one of the biggest financial decisions you’ll ever make. Both options have their pros and cons, and what’s right for you depends on your personal situation and long-term goals. In this episode, we’ll break down the key factors you need to consider when choosing between renting and buying. Please feel free to give Peter a call at (919) 300 - 5886 or visit www.RichonPlanning.com
There are so many benefits to rolling your 401(k) into an IRA. But turns out, according to Vanguard, nearly one-third of investors who rolled their 401(k) into an IRA were still sitting in cash seven years later; they never invested their retirement savings! As Peter with Richon Planning and Erin Kennedy discuss, these investors are missing out on billions in investment gains! This problem is most pronounced among investors who've changed jobs and younger investors. While cash has a place in most portfolios, researchers estimate that the long-term benefit of investing in a target date fund (versus staying in cash) upon rollover is equivalent to an increase of at least $130,000 in retirement wealth at age 65. If you'd like to read the Vanguard white paper, please click here (https://digital-assets.vanguard.com/corp/public-policy/policy-research/improving_retirement_outcomes_by_default_the_case_for_an_ira_qdia.pdf) <--- hyperlink And if you have any questions about how to invest or individual retirement account, please call Peter at (919) 300 5886 or visit www.RichonPlanning.com #TargetDateFund #Retirement #RetirementSavings #401k #IRA #FinancialAdvisor
Get ready to pay Capital Gains Tax when you sell an asset, including stocks or real estate, for a profit. It's a good problem to have! But as Peter Richon with Richon Planning explains to Erin Kennedy, there are some strategies that can help you avoid or minimize capital gains tax, including:
- Paying the Tax Now in a Low Tax Rate Environment
- Donor-Advised Funds (DAFs)
- Tax-Loss Harvesting
- Holding Periods
- Charitable Remainder Trusts (CRTs)
Each of these strategies comes with its own rules and potential pitfalls, so it's essential to consult a tax advisor or financial advisor to tailor the approach to your unique goals and current financial situation. If you'd like to see whether these strategies could minimize your Capital Gains Tax, please feel free to give Peter a call at (919) 300 - 5886 or visit www.RichonPlanning.com
#WealthPlanning #FinancialAdvisor #CapitalGains #TaxPlanning #TaxStrategies
Recently, on his popular show, a well-known, "financial expert" dismissed the common advice to withdraw only 4% of your retirement savings annually as "moronic," advocating instead for an 8% withdrawal rate. In this video, Peter Richon with Richon Planning and Erin Kennedy talk through whether and when an 8% withdrawal rate makes sense.
Here's the answer: yes, it might make sense. But it all depends on the individual person.
Finding the correct withdrawal rate will vary from person to person. To find that number, you need to account for life expectancy, spending habits, and market conditions. Finding that number will ensure your savings will last throughout your retirement while allowing you to maintain your desired lifestyle.
If you'd like to find your own unique, personalized withdrawal rate (keeping in mind that the rate should be revisited annually), please give Peter a call at (919) 300 - 5886 or visit www.RichonPlanning.com
#DaveRamsey #WithdrawalRate #Retirement #FinancialAdvisor
The older you are when you divorce, the less time you have to recover financially. And get this, one quarter of people getting divorced is now over 50! In fact, it's so common, it's been dubbed: grey divorce. In this video, Peter with Richon Planning and Erin Kennedy walk through 5 key action steps to get your financial life back on track. Those steps are:
- Assess Your New Financial Situation
- Revise Estate Plans and Beneficiaries
- Check Your Social Security Benefits
- Use the Catch-Up Rules for Retirement Saving
- Outline Your New Financial Goals
If you'd like to talk through your new financial goals and how to achieve them, please reach out to Peter for a free consultation. You can call him at (919) 300 - 5886 or visit www.RichonPlanning.com
#GreyDivorce #FinancialPlanning #Divorce #Retirement #SocialSecurity
Navigating the "financial talk" with aging parents can be a sensitive yet crucial conversation. In this video, Peter Richon with Richon Planning and Erin Kennedy talk through when you need to have this talk with your parents and what topics you need to discuss, including your parents':
-Current Financial Status and Income
-Long-Term Care
-Estate Planning
Knowing that your parents have a plan for the unexpected will bring peace of mind for both generations. Keep in mind, this conversation is an opportunity to ensure their well-being and financial security in later years. If you'd like help getting the ball rolling, please reach out to Peter by calling (919) 300 -5886 or visit www.RichonPlanning.com
#WealthManagement #Retirement #AgingParents #FinancialAdvisor #EstatePlanning
There are 5 key areas most people in their 30s and 40s miss when it comes to financial planning. In this video, Peter Richon with Richon Planning and Erin Kennedy discuss how to avoid those pitfalls, and Peter breaks down the steps you need to take now to set yourself up for financial success:
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Bank Savings/Emergency Fund: liquidity is key! And it will ensure you don't have to borrow money at high interest rates
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Life Insurance: protect yourself and your family in case the worst happens
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Open and Invest in a Roth: take advantage of today's historically low tax rate and your lower earning years
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Brokerage Accounts: having another bucket of money that can grow will protect your wealth and give you more options
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Consider 529s: tax advantaged and very flexible. These accounts have several benefits, even if your kid doesn't go to college!
If you'd like to learn more about holistic financial planning (that takes your whole family into account) and building wealth, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com
#WealthManagement #FinancialAdvisor #Taxes #FIRE #FinancialMistakes
Inflation is the natural enemy of retirement savings, but there are strategies you can put in place to guard your nest egg from spiking consumer prices — and they may even allow you to use those higher costs to your advantage.
According to Peter with Richon Planning and Erin Kennedy, you should:
Keep Investing: time in the market is often your best inflation hedge Maximize Your Social Security: and keep in mind, you don't miss out on the COLA if you delay claiming
Rethink Your Expenses: put simply, save more money.
Working with a financial advisor can help implement these strategies, a professional can also help you research your budget, shop around for insurance companies, do better tax planning, and dig up other opportunities for savings. To speak with Peter about your best inflation hedge, give him a call at (919) 300-5886 or visit www.RichonPlanning.com
#SocialSecurity #Taxes #Inflation #Investing #WealthManagement
Required Minimum Distributions... whether you need the income or not, the government will force you to take those distributions so they can collect the taxes, but as Peter with Richon Planning explains to Erin Kennedy, proactive planning means you control your tax liability.
Here are Peter's quick tips to optimize your RMDs:
1.Roth Conversions
2.Plan for Strategic Withdrawals
3.Delay Taking Social Security
If you'd like to speak with Peter about how you can better control your tax liability, please give him a call at (919) 300-5886 or visit www.RichonPlanning.com #WealthManagement #Taxes #SocialSecurity #RothConversions #FinancialAdvisor
For several months now, The Fed has decided to leave interest rates unchanged. For the most part, this isn't great news for borrowers, but as Peter Richon with Richon Planning explains to Erin Kennedy, it may offer some unique opportunities for savers. High interest rates offer unique opportunities when investing in high-yield bonds or money market accounts. You may also want to consider an annuity, which can provide a stable stream of income especially during periods of high-interest rates. If you'd like to talk to Peter about turning these high interest rates into opportunities, please feel free to give him a call at (919) 300 - 5886 or visit www.RichonPlanning.com #WealthManagement #InterestRates #GoodDebtBadDebt #FinancialAdvisor
To design your ideal retirement, you need to start with a few specific questions... and if you're married, make sure you do this exercise together! In this video, Peter Richon with Richon Planning and Erin Kennedy walk through what you should consider when answering these vital questions:
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When do you want to retire?
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Where do you want to live when you're retired?
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How is your health?
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How much could your Social Security benefits be?
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Do you have a financial plan?
Because retirement is so much more than just a number in your bank account, working with a financial professional can help you define and build your ideal retirement. If you'd like to talk through your unique goals and objectives in retirement, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
#WealthManagement #Retirement #SocialSecurity #FinancialAdvisor
If you're on a fixed income, it's vitally important to stretch every dollar. But that's becoming increasingly difficult considering huge increases in necessary expenses. In this video, Peter Richon with Richon Planning and Erin Kennedy break down a few savvy strategies to save money on these expenses:
-Property Taxes
-Home and Car Insurance
-Groceries
In retirement, it's crucial to strike a balance between preserving capital and generating sufficient returns to combat inflation. This is where working with a financial advisor can really help. If you'd like to speak with Peter, please call (919) 300 - 5886 or visit www.RichonPlanning.com
#WealthManagement #Retirement #FixedIncome #SaveMoney
Fidelity recently published a white paper titled: The Case for Bitcoin. Fidelity researchers state that a 2% allocation to Bitcoin could allow for an increase in annual spending ranging from 1%-4%, and a 5% Bitcoin allocation could allow for an increase in annual spending by as much as 9.5%. Considering those findings, Peter with Richon Planning discusses the findings with Erin Kennedy and weighs in on whether retirees or pre retirees should incorporate Bitcoin into their retirement portfolio. If you have any questions about whether your portfolio is properly diversified, or if you'd like to learn more about investing in Bitcoin, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com To read the Fidelity white paper, please click here: https://institutional.fidelity.com/app/proxy/content?literatureURL=/9911424.PDF #crypto #Bitcoin #WealthManagement #Investing #RetirementIncome
Taxes are set to increase in 2026. And even though it may not feel like it, we are living in a historically low tax rate. In this video, Peter with Richon Planning and Erin Kennedy talk through the pros and cons of a Roth Conversion for someone in their 70's.
First, the pros: if you convert your IRA to a Roth IRA, you and your beneficiaries will have tax-free withdrawals, all future growth will happen tax-free, and you'll have no Required Minimum Distributions, which means you have better control your tax liability.
But before you convert, you should also consider the cons: when you convert, you will pay all those taxes upfront, which could mean a big tax bill in April. And even though we are living in a historically low tax rate, there is uncertainty over future tax rates: they could go higher, they could go lower.
If you are in your 70's and considering a Roth Conversion, please give Peter a call to see if it makes sense as part of your financial plan. Give him a call at (919) 300-5886 or visit www.RichonPlanning.com
#WealthManagement #RothConversion #IRA #Retirement #GenerationalWealth #Taxes
Understanding the three main financial phases in your life is key to maximizing your finances. As @peter with @richonplanning explains to @erinkennedy, each stage has different goals, risks, and opportunities. The three phases are: 1. Accumulation Phase 2. Preservation Phase 3. Distribution Phase If you'd like to learn more about these phases and how to maximize your wealth and minimize risk at each stage, please give Peter a call at (919) 300 - 5886 or make an appointment at www.RichonPlanning.com #WealthManagement #CompoundInterest #Taxes #Retirement
According to a recent report from @Consumer Affairs, 60% of seniors have regrets about how they prepared (or didn't) for retirement. In this video, Peter with Richon Planning and Erin Kennedy break down those top regrets, including:
63% wished they had planned their investments to provide automatic income.
85% wished they had built their portfolios to deal with the unexpected, including inflation and market volatility.
Another regret: not considering tax implications.
It's not too late to prepare for a happy retirement! If you'd like to talk with Peter about how to avoid these mistakes and how to create sustainable income in retirement, reach out by calling (919) 300-5886 or visit www.RichonPlanning.com
#WealthManagement #Retirement #RetirementRegrets
It's possible to achieve sustainable income in retirement by utilizing the "Retirement Bucket Strategy." This strategy involves dividing your retirement savings into different "buckets" based on your time horizon and risk tolerance. In this video, Peter with Richon Planning and Erin Kennedy explain each bucket:
-Short term Bucket
-Intermediate Bucket
-Long-term Bucket
These buckets represent different asset classes or investment strategies tailored to meet your income needs at various stages of retirement. The strategy aims to provide a reliable income stream while managing investment risk and ensuring your financial security throughout your retirement years. If you'd like to find out whether your retirement savings are properly segmented, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com
#Retirement #WealthManagement #Taxes #Investing
If the Social Security Administration considers you a “high-income beneficiary,” you’ll pay a surcharge known as the Income-Related Monthly Adjustment Amount (IRMAA). That means, if your modified adjusted gross income is more than $103,000 for single filers or more than $206,000 for those who are married and filing jointly, you'll be paying the IRMAA penalty.
However, as Peter with Richon Planning explains to Erin Kennedy, there are 3 strategies you should consider to reduce that penalty. They are:
- Roth IRA Conversions
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- Health Savings Accounts
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- Qualified Charitable Distributions
There are also instances when you can apply for an IRMAA waiver. To avoid that IRMAA penalty, proactive planning is key. If you'd like to talk through these strategies with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com #IRMAA #WealthManagement
#RothConversion #Retirement #FinancialPlanning
The cost of raising a child to the age of 18, now costs about $300,000.00, and that doesn't even include college! For a child with special needs, that cost can more than triple. Without proper preparation, your child’s lifetime needs can quickly outstrip your funds. Peter Richon with Richon Planning recommends to Erin Kennedy that you: -Prepare Your Estate -Coordinate with Government Benefits -Identify a Caregiver -Involve the Family, Seek Professional Guidance You may also consider a special needs trust. Proactive planning means you, your child, and your family will be okay in case the worst happens. And keep in mind, estate planning for a child with disabilities is not a one-time event but an ongoing process. If you'd like to speak with Peter about preparing your estate and your finances, please call (919) 300-5886 or visit www.RichonPlanning.com #SpecialNeedsTrust #WealthManagement #FamilyFinances #Retirement
Dreaming of a retirement escape, but worried about hidden costs or missing your favorite activities? As Peter Richon with Richon Planning and Erin Kennedy discuss, retirement offers an opportunity for new beginnings and adventures, but before you move, Peter recommends you first consider: 1. Cost of Living: essential when trying to figure out if your retirement savings and income will be sufficient to maintain your desired lifestyle. 2. Healthcare Access and Quality, which becomes increasingly important (and often expensive) as we age. 3. Social Support Network: Moving often means leaving behind friends and support networks; that can be a tough transition! 4. Tax Implications: there's a reason a lot of retirees move to Florida! 5. Your desired climate and lifestyle preferences Finding a place that matches your hobbies, budget, and lifestyle is vitally important when it comes to quality of life and ensuring that you don't run out of money! If you'd like to crunch the numbers with Peter, give him a call at (919) 300-5886 or visit www.RichonPlanning.com #WealthManagement #Retirement #Budgeting #Lifestyle
Discover the hidden financial traps most retirees don't see coming! In retirement, it's incredibly important to nail down known expenses so you can build an income plan around them. In this video, Peter with Richon Planning and Erin Kennedy break down the four expenses that retirees consistently overlook, including:
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Healthcare: Medicare doesn't cover everything! And LTC can wipe out your savings if you don't have insurance
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Housing: Even if you own your home outright, you'll still have expenses!
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Taxes: A lot of retirees underestimate what they'll pay in taxes in retirement. We'll still be paying income taxes (in most cases), and a lot of retirees don't know that Social Security is taxed!
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Travel and Leisure: We want to enjoy our hard-earned retirement, so it needs to be part of your budget!
To avoid surprise expenses in your retirement, create a realistic retirement budget, start saving early, review your budget regularly, and seek professional advice. If you'd like to have that conversation with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com
#Retirement #Expenses #WealthManagement #Budget
Is your financial advisor truly planning for your future, or just coasting? In this video, Peter with Richon Planning and Erin Kennedy lay out the five signs that your advisor is delivering genuine financial planning, not just quick fixes. A truly committed advisor will:
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Help you define your goals and objectives
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Gather details on ALIE (Assets, Liabilities, Income, and Expenses)
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Confirm your Social Security Benefits
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Request last year’s tax return
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Ask for copies of Estate Planning Documents
If this doesn't sound like your advisor, reach out to Peter for a second opinion. Just call (919) 300-5886 or visit www.RichonPlanning.com
#FinancialAdvisor #WealthManagement #Fiduciary #SocialSecurity #EstatePlanning
Social Security claiming strategies for married couples can be more complex because you need to consider spousal benefits and survivor benefits. In this video, Peter with Richon Planning and Erin Kennedy talk through some key questions, including:
- Spousal strategies: how to leverage spousal benefits for a bigger joint income.
- Planning for the future: Understand how claiming decisions impact your survivor benefits and overall financial security.
There are more than 9,000 permutations if you're married and looking to claim Social Security, which is why this isn't simply an equation; it needs to be a conversation with an expert. If you'd like to speak with Peter to learn how to maximize your monthly checks, please give him a call at (919) 300-5886, or schedule a complimentary appointment at www.RichonPlanning.com
#SocialSecurity #SocialSecurityClaimingStrategies #Retirement #FinancialPlanning # WealthManagement
Teaching kids about money and financial values isn't just about preparing them for financial success, it's about teaching them responsible decision-making, boosting their confidence and independence, and reducing their vulnerability to scams and manipulation. In this video, Peter with Richon Planning and Erin Kennedy share 3 tips to get the ball rolling:
- Tailor your approach to their age: conversations and questions should vary depending on whether your talking to young children versus tweens versus teens
- Use everyday opportunities to teach: grocery shopping, paying bills, discussing needs versus wants
- Lead by example: be transparent about your budget, savings goals, and spending habits. Model responsible financial behavior by showing how you make smart financial decisions
If you would like helping having a conversation about money or finances with your children or even your parents, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com #MoneyTalk #FinancialValues #WealthManagement #FinancialLiteracy
A recent study found women are far less financially prepared for retirement than men. According to TransAmerica, men have more than double the retirement savings of women. As Peter with Richon Planning and Erin Kennedy discuss, there are several factors that contribute to that discrepancy: the earnings gap, women are more likely to be caregivers, and they're more likely to have professional interruptions.
Further, 33% of women do not have a retirement strategy versus 18% of men. However, women live longer than men; they need a retirement plan that accounts for longevity!
Working with a financial advisor can help you create a holistic financial plan, and an advisor can help outline several ways to save for retirement, even if you're not working, like a spousal IRA. If you'd like to speak with Peter to see if you're on track for retirement, please give him a call at (919) 300-5886 or visit www.RichonPlanning.com
#WealthManagement #WomenandFinance #WomenandRetirement
Couples should carefully consider the financial and emotional consequences of retiring simultaneously before making the decision. If you're considering retiring at the same time, @peter with @richonplanning and @erinkennedy walk through 4 questions you should consider first:
- Have You Correctly Calculated Your Cost of Living in Retirement? According to a recent study: 46% of older adults spend MORE money during their first few years of retirement than before retiring!
- When is the Best Time for each Person to Claim Social Security?
- Do You Feel Ready to Retire? The decision to retire is not just a financial one. And keep in mind, when spouses retire simultaneously, they suddenly start spending A LOT more time together.
- Do You Have a Good Retirement Plan?
If you'd like to work through the financial benefits and drawbacks that come with retiring at the same time, please give Peter a call at (919) 300-5886 or set up a complimentary appointment at www.RichonPlanning.com
#Retirement #WealthManagement #SocialSecurity
Roth IRAs are one of the best ways to minimize taxes. However, many people earn too much to qualify for a Roth IRA (single filers who make more than $161K and married couples who make more than $240k). In this video, Peter with Richon Planning and Erin Kennedy talk through an alternative for those high earners known as the "Rich Person's Roth." However, it's not a retirement account, it's a cash value life insurance policy, which also offers tax free growth and tax free withdrawals.
Cash value life insurance can be a great strategy for certain investors. However, it's certainly not for everyone. It depends on your unique financial goals and how the policy is structured.
If you'd like to speak with Peter to learn whether cash value life insurance makes sense for you, please call (919) 300-5886 or visit www.RichonPlanning.com to set up a complimentary appointment.
#lifeinsurance #cashvaluelifeinsurance #WealthManagment #roth #RothAccount #TaxFree
The S&P 500 recently crossed its January 2022 peak, fueled by investor optimism and signaling from the Fed that we'll begin to see lower interest rates. The Dow also recently hit a new high. However, as Peter with Richon Planning explains to Erin Kennedy, this rally can't last forever, which is why it's so important to stick to your financial plan.
When the market reaches new highs, investors feel "euphoric" and tend to invest more, precisely when we are at the point of maximum financial risk. This counterintuitive reaction is known as "emotional investing." Remember, the point of maximum financial opportunity is when the market is bottoming out.
If you have a well-designed, holistic financial plan any market highs and lows have already been built into your portfolio. But without a plan, you may make knee-jerk investing decisions based on recent headlines.
If you'd like to speak with Peter about constructing a financial plan suited to your unique goals and risk tolerance, please reach out for a complimentary consultation by calling (919) 300-5886 or visit www.RichonPlanning.com
#markettrends #investing #BehaviorialFinance #wealthmanagement #marketrally
You've spent decades building your nest egg. Then, when you retire, you need a plan to stop saving and start spending, but not too much that you risk running out of money. As Peter with Richon Planning explains to Erin Kennedy, it's a delicate balance that requires you to consider these 6 variables: 1. A Plan to Minimize Taxes 2. Make the Right Decision about Social Security Benefits 3. Choose the Right Pension Payout 4. Balance Guaranteed Income and Long-Term Growth 5. Plan for Longevity 6. Account for Inflation Accounting for each of these variables will be different for everyone. If you'd like to speak with a fiduciary advisor about creating your unique drawdown strategy that considers these 6 variables and many more, please reach out to Peter by calling xxx or visit www.RichonPlanning.com #WealthManagement #Retirement #DrawdownStrategy #Taxes #SocialSecurity #Inflation #Pension #GuaranteedIncome
Retirees may not be ready to stop working! According to the Bureau of Labor Statistics, just over 30 percent of people aged 65-74 are employed! That's up from about 25 percent in 2021. In fact, as Peter Richon with Richon Planning lays out with Erin Kennedy, as Boomers age, more are viewing retirement as another opportunity instead of an ending. Here's a look at the top 5 benefits of working in retirement: 1. Mental Health: people who pursue meaningful activities say they feel happier and healthier, according to the NIH 2. Physical Benefits: working provides you with many opportunities to stay balanced, strong, and healthy 3. Financial Benefits: working during retirement may allow you to delay taking Social Security benefits. For every year you wait to claim, your benefits increase by 8 percent! 4. Emotional Benefits: a sense of purpose has been associated with a longer lifespan and better quality of life 5. Social Benefits: increased isolation is a common retirement risk. Meaningful interactions reduce that risk. Designing and achieving a fulfilling retirement isn't just about money. Peter can help you build a well-defined and holistic financial plan that addresses your unique goals and concerns. If you'd like to speak with him, please call (919) 300-5886 or visit www.RichonPlanning.com #WealthManagement #Retirement #SocialSecurity #WorkinginRetirement
We're revisiting an annual favorite with some new action steps you can take now, to set yourself up for success!
In this video, Peter Richon with Richon Planning and Erin Kennedy walk through the top 5 resolutions you should consider in 2024:
- Meet Your Match: contribute at least the minimum amount to your retirement accounts to secure your employer's match
- Contribute More to Retirement: contribution limits are higher in 2024, and don't forget to contribute to your Roth accounts!
- Create a Budget: one of the most important and often overlooked (if not avoided) steps. You don't know what you'll need to live on in retirement if you don't know what you're spending
- Build an Emergency Fund: have at least 3-6 months expenses fully liquid
- Insure Yourself: make sure you and your family will be okay in case the worst happens
If you'd like to talk through any of these steps to put your financial resolutions in motion, please feel free to reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com #retirement #wealthmanagement #FinancialResolutions #2024resolutions #financialwellness
The passage of SECURE Act 2.0 changed a lot when it comes to saving for retirement. And we've just received some clarifications from the IRS about catch up contributions. In is video, Peter with Richon Planning and Erin Kennedy break down the changes that could affect you.
Despite previous guidance, if you are looking to make a catch-up contribution in 2024, there won't be any changes. However, starting in 2026, those catch-up contributions will have to be made in your Roth account.
Here's what you need to know: if you’re at least 50 years old or older, no matter your income level, you can continue to make catch-up contributions on a pre-tax basis through your employer-sponsored retirement plan. However, in 2026, those contributions will have to be made on a Roth basis if your income meets or exceeds $145,000.00.
Also, if you are a high-income earner who's maxing out your retirement accounts, you may inadvertently be missing out on some of your employer match. However, determining whether you are missing out comes down to crunching the numbers in your specific plan.
If you'd like to find out whether you're missing out on that match, or if you'd like to talk through these changes brought about by the SECURE Act, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com
#retirement #secureact #Roth #401k
A financially secure and happy retirement doesn't just happen; it takes planning and some modifications as you get older. In this video, Peter with Richon Planning and Erin Kennedy walk through some mistakes:
- Not Having a Plan
- Forgetting about Inflation
- Not Creating any Tax-Free Income
- Investing too Conservatively
- Taking on too much Risk as You near Retirement
If you'd like to speak with a fiduciary advisor about creating a financial plan that is uniquely tailored to your financial goals, please give Peter a call at (919) 300-5886 or set up a complimentary consultation by visiting www.RichonPlanning.com
#Retirement #WealthManagement #RetirermentMistakes #Investing
For the first time since 1973, investors are putting a lot of their money in S&P 500 index funds or in mutual funds that use the S&P 500 as a benchmark. Most investors probably don't know that about 80% of the gains we've seen this year are due to the performance of only 10 companies! In other words, you may have a lot of money tied up in just a few stocks, which could mean you're taking on more risk than you know.
In this video, Peter with Richon Planning and Erin Kennedy talk through the reasons behind this new trend and how to make sure your investments are properly diversified. To manage that potential volatility, Peter recommends you:
-Reduce concentration
-Consider Hedged equities or Buffered ETFs
-Consider Structured Notes
If you would like to take a deep dive into your portfolio to make sure you're properly diversified and not taking on too much risk, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com
#MarketTrends #MarketVolatility #Stocks #WealthManagement
It’s been a long time since we’ve seen inflation-adjusted interest rates above zero. Since the Fed began hiking interest rates, investors can once again earn attractive returns on cash. But as Peter with Richon Planning explains to Erin Kennedy, you may be earning less money than you think after accounting for inflation and taxes.
Instead of socking your money away in CDs, treasuries, or Money Market accounts, Peter suggests you consider Buffered ETFs, which can offer full principal protection. Also, unlike cash and cash alternatives, Buffered ETFs don’t generate taxable interest. Instead, you get much more favorable capital gains treatment and only pay taxes when you decide to sell.
If you'd like to talk to Peter to determine your best cash alternative, feel free to call (919) 300-5886 or visit www.RichonPlanning.com
#CashAlternative #CDs #BufferedETFs #LazyMoney
The third quarter of 2023 saw record growth in annuity sales: $89.4 billion! That's an 11% jump over the same quarter last year. Here's one reason why: recent interest rate hikes. When interest rates rise, that often means better returns on annuities, especially for fixed and fixed index annuities. Peter with Richon Planning explains the correlation to Erin Kennedy, while outlining why annuities could make sense as part of your larger financial plan.
Annuities function as a private pension. They can provide guaranteed income for the rest of your life. Creating a private pension has become increasingly important because the percentage of workers in the private sector who have a pension is now 4%, down from 60% in the early 80%s.
If you'd like to find out how recent interest rate hikes have affected annuities, or to find out if one makes sense for you, please reach out to Peter by calling (919) 300-5886 or schedule an appointment at www.RichonPlanning.com
#annuities #FinancialPlanning #WealthManagement
The 3.2% cost of living adjustment reflects another year of high inflation. However, we now know we'll be paying almost 6% more for Medicare Part B! That doesn't mean you'll see a smaller SS check in January, but if you're wondering how this will affect you, Peter with Richon Planning and Erin Kennedy walk through these questions:
-Does the COLA affect when we should claim our Social Security benefits?
-How does this jump in the cost of Medicare Part B affect my Social Security check?
-Does this COLA increase affect the program's insolvency?
If you have any questions about when you should claim Social Security or how to pay for Medicare, please reach out to Peter for a complimentary consultation by calling (919) 300-5886 or visit www.RichonPlanning.com
#COLA #SocialSecurity #IRMAA #WealthManagement #Taxes #TaxPlanning
The IRS recently announced that we'll be able to sock away a lot more money for retirement starting in 2024. These increases are in line with an increased cost of living. In this video, Peter with Richon Planning and Erin Kennedy break down those changes, and Peter explains how to prioritize your retirement savings.
If you'd like to talk through how to prioritize saving for your retirement, or if you'd like to find out if you're properly tax-diversified, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#Retirement #401k #TaxStrategies #TaxFree #TaxDeferred
People who are wealthy have much more than money to consider when it comes to estate planning and generational wealth transfer. For the wealthy, the stakes are often higher, the mistakes are magnified, and all members of the family have an incentive (and often the means) to litigate if things don’t go their way.
In this video, Peter with Richon Planning and Erin Kennedy discuss five documents that every wealthy person should have in order to protect his or her wealth and the harmony of the family.
- An updated estate plan
- Evaluate Various trusts
- Legacy letter
- Family Governance Plan
- Succession plan for the family business
If you would like help setting up a roadmap to ensure the wealth and harmony of your family continue for the next generation, please feel free to reach out to Peter at (919) 300-5886 or visit www.RichonPlanning.com. He can help you design a unique and thoughtful plan for your future and your family.
#WealthManagement #EstatePlan #WealthTransfer
Long before you leave the workforce, talk with your partner about what each of you wants to do, where to live, and what to spend in retirement. In today's video, Peter with Richon Planning and Erin Kennedy take a closer look at the topics that successful couples asked one another in order to become successful and happy retirees.
First, discuss retirement expectations long before you retire. Here are some suggested questions to get the ball rolling: How will you spend time together? What will you do together? What will you do separately? How much money will you have saved for retirement? How much are you willing to spend?
Second, regularly discuss current and future income and spending... together! Studies show that couples with long-term financial happiness have joint financial discussions.
Third, acknowledge differing needs and wants. And last, consider buying Life Insurance.
If you are ready to start discussing retirement with your significant other, please reach out to Peter, who can help ensure you're both on the same page and have a plan that accounts for everyone's needs and wants in retirement. Schedule a complimentary appointment by calling (919) 300-5886 or visit www.RichonPlanning.com
#retirement #wealthmanagement #RetireHappy
Investors who are concerned about a recession are putting their money in "safe havens." As Peter Richon with Richon Planning explains to Erin Kennedy, gold is usually seen as a safe haven when markets and economies are facing headwinds. And during periods of high inflation, gold is often seen as a hedge.
Investing in gold makes sense if you're looking to diversify your portfolio, or if you're interested in insuring against the devaluation or collapse of the dollar. However, if you're looking to maximize the growth of your investments, investing in gold is probably not the best vehicle.
In this video, Peter walks through how to invest in gold through ETFs, and he explains when and how to buy actual gold bars. If you would like to add gold to your portfolio, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
#Gold #WealthManagement #Recession #Inflation
The end of the year is a great time to start thinking about your taxes for the upcoming year. That's why Peter with Richon Planning and Erin Kennedy are sharing 4 tax saving tips you can do now, to help you get on track for 2024.
- Max Out Your Roth IRA
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- Tax Loss Harvesting
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- Consider Your Tax Filing Status
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- Seek Tax Efficient Investments
If you have any questions about Roth Conversions, or if you'd like to talk through specific tax efficient investments, including Health Savings Accounts, 529s, or Qualified Charitable Distributions, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com
#RothTober #TaxTips #WealthManagement #YearEnd
We talk a lot about the benefits of Roth accounts. A Roth IRA allows you to save for retirement with after-tax dollars. That means you pay taxes on your contributions now, but your withdrawals are tax free in retirement.
There are also several benefits to inheriting a Roth IRA, as Peter with Richon Planning explains to Erin Kennedy; the distributions are tax-free, and they won't affect your taxable income. However, with a few exceptions, you'll still have to drain the inherited account within 10 years.
If you are inheriting a Roth IRA, here's a quick action plan:
- Understand your beneficiary type (this will determine your distribution options)
- Consider your tax situation
- Invest the money wisely
- Get professional help
As with all inheritances, it's important to know how distributions will affect your taxes and how to best invest that money. If you'd like to talk through the benefits of a Roth account, or if you recently inherited a tax-free or tax-deferred retirement account, please reach out to Peter to talk through the best options specifically tailored to your financial situation and goals. Call him at (919) 300-5886 or visit www.RichonPlanning.com
Fueled by COVID lockdowns and the rise of commission free brokerages like @Robinhood, online trading, or "day trading" has seen a huge rise in popularity in the last few years. However, according to several recent financial studies, almost all "day traders" lose lots of money, particularly after accounting for fees and taxes.
If you're considering self-directed investing, @peter with @richonplanning and @erinkennedy break down the pros and the cons, and Peter offers these considerations before you create an online trading account:
- Consider Your Approach and Expectations: if your expenses are covered by income and you are making contributions, downturns can actually be opportunities! Whereas, if you're taking income and withdrawing during downturns, that can represent a distinct disadvantage
- Consider Your Risk Tolerance: how much loss are you comfortable with?
- Consider the Risks: specifically, Behavioral Finance which has proven that average investors underperform investors that utilize an advisor. And secondly, Taxes... most "day traders" move money without knowing that they're creating "taxable events." If you'd like to talk to Peter to determine if some self-directed investing makes sense for you and how to create pre-determined "guardrails" that are in line with your risk tolerance, please give him a call at (919) 300-5886 or visit www.RichonPlanning.com
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DayTrading #InvestingTips #WealthManagment
More Americans are tapping their 401ks because of financial distress. In fact, the number of people who made a hardship withdrawal surged 36% from the second quarter of 2022! If you're thinking of tapping your 401(k) early, Peter with Richon Planning and Erin Kennedy explain how it works and the risks, including:
-How can I withdraw money from my 401k without penalty?
-How the passage of the SECURE Act made hardship withdrawals even easier
-The lost "opportunity cost" of tapping your 401(k)
Keep in mind, if you're not 59.5 and you make a withdrawal, not for a hardship, you're going to face a 10% penalty and income taxes! Whereas, with a Roth account, you can always tap your contributions without facing any penalties. If you're looking to find some supplemental income, please feel free to chat with Peter about your best options; there may be some strategies you haven't considered. Book a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#WealthManagement #401k #Retirement #TaxPlanning
Many retirees are surprised to learn that above a certain income, Social Security is taxed. In retirement, it's important to know how all your income streams will be taxed, and how to mitigate those taxes. In this video, Peter with Richon Planning explains 3 strategies to Erin Kennedy:
- Convert to a Roth IRA
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- Consider Shifting Income Investments
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- Delay Claiming Your Social Security Benefits
Another strategy to consider is a Qualified Charitable Distribution. Determining which strategy is right for you is a very personalized calculation, and it's something we specialize in at Richon Planning. For your detailed and personalized retirement tax plan, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
#Retirement #WealthManagement #SocialSecurity #Taxes
There are many reasons people put off saving for retirement; it's hard to imagine your life 40 or 50 years into the future. But there are also many reasons to start saving as soon as possible. So what are the five steps young investors can take today? Peter at RichonPlanning breaks it down with Erin Kennedy:
- Track Your Budget: it's important to know what's coming in and what's going out before you make any financial decisions
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- Set Aside Money for Big Expenses: would you like to save for a down payment? A wedding? A nice vacation?
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- Open a Roth account: you'll probably never be in a lower tax bracket, so pay your taxes now!
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- Contribute to a 401(k): at least up to the company match
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- Focus on the Long Term: the sooner you start saving, the sooner you can reap the long-term reward of compound interest, which allows your principal investment to grow thanks to compounding dividends
And don't forget to create that "emergency fund," which should be 3-6 months' worth of expenses.
If you'd like to talk about your investing strategy, or if you're trying to make up for lost time, please feel free to reach out to Peter for a complimentary consultation at www.RichonPlanning.com or call (919) 300-5886.
#investingtips #younginvestors #CompoundInterest
Scams targeting older adults are on the rise. In 2021, there were almost 93 thousand older victims scammed out of $1.7 billion! In a recent report from the BBB, romance scams continued to be the riskiest scams for people 55-64, other common scams include government impersonation scams, sweepstake scams, and robocall scams.
In this video, Peter Richon with Richon Planning walks through several scams with Erin Kennedy, and offers this advice:
-Watch out for phone fraud
-Research before making an investment
-Be on guard for "sweetheart" swindles
-Reach out to someone you trust -Guard your personal information
Older adults are often targeted because of their greater financial resources. And sadly, one third of elderly people who've been scammed are too ashamed to tell anyone. Be vigilant. These scams are sophisticated and are designed to play to your emotions. If you have any questions about how to keep your finances safe, please feel free to give Peter a call at (919) 300-5886 or set up a free appointment at www.RichonPlanning.com
#Scams #ElderlyScams #WealthManagement #SweetheartSwindle
Before you exchange your annuity, there are several questions you should consider first. As Peter with Richon Planning explains to Erin Kennedy, there are many situations where an exchange or transfer makes sense, and there are many instances when exchanging your annuity is not a good idea. So before you do anything, watch out for these red flags:
-You're still within surrender charge period -You are offered a "bonus" or "premium" payment -You think you might need money from the annuity soon -You're not offered added benefits or a guaranteed lifetime rider -You pay higher charges for new features or features you don't need -You're told the "market value adjustment" negates the surrender charge
It's important to know that annuities do generate a commission for the advisor. Which is why some unscrupulous advisors push annuity exchanges; the exchange or transfer generates another commission for the advisor. If your advisor is not upfront about how he or she is compensated, that is another red flag. At Richon Planning, we value transparency. And we would be happy to offer a second opinion if you're being told you should exchange your annuity. For a free conversation, please reach out to Peter by calling (919) 300-5886 or schedule an appointment at richonplanning.com
#annuities #financialplanning #wealthmanagement
The Social Security fund is set to run out of money by 2033. One measure that could help keep the program afloat would be to raise the retirement age, possibly to 70 years old! In this video, Peter with Richon Planning and Erin Kennedy break down the 3 ways this could affect your financial plan:
- An early retirement could be even more costly
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- You may have to work longer than you're able
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- You may run out of savings
And remember, claiming social security early will become even more costly! For example, if your full retirement age is 67, claiming Social Security at age 62 will result in a permanent 30% reduction in benefits. If the full retirement age were pushed to 70, claiming benefits at age 62 would lead to a permanent reduction that surpasses the current 30% mark!
Designing a holistic financial plan that accounts for all these variables is something we specialize in at Richon Planning. If we do see the full retirement age pushed back, we can help you determine how long you'll need to keep working, or whether you can retire early. To talk through your unique financial goals and to find out whether you're on track, please reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#socialsecurity #wealthmanagement #financialplanning
You've heard it before: the best time to buy Long Term Care Insurance is before you need it. Now, you may not have an option. Thirteen states are considering taxing you, if you don't have a long-term care insurance policy. And as Peter with Richon Planning explains to Erin Kennedy, he believes we will see more and more states adopt the tax.
However, there are ways to prepare for the tax and for the cost of LTC Insurance. Following the passage of the SECURE Act, you may be able to buy LTC insurance directly from your 401K! Distributions from those plans would be exempt from the 10% penalty on early distributions as long as they're used to pay premiums for high quality, long-term care insurance.
Having a plan for long-term care is vitally important; seven out of ten people will need long-term care at some point in their life. If you'd like to talk through your options for healthcare or long-term care insurance, please call Peter at (919) 300-5886 or make an appointment by visiting www.RichonPlanning.com
#LTC #LTCInsurance #LongTermCare #WealthManagement #SECUREAct #Insurance
Only one third of retirees are comfortable spending their retirement money! Most would rather live off Social Security, pensions, or income from part-time work, rather than spend down their nest egg. It is a delicate balance in retirement: you don't want to compromise your quality of life, but neither do you want to run out of money!
Peter with Richon Planning specializes in helping people change their mindset in retirement. He explains his action plan to Erin Kennedy:
- Create a Spending Plan
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- Assess Fixed Income Sources
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- Bridge the "Retirment Gap"
A holistic financial plan will include sustainable income sources that will allow you to feel comfortable spending (or even growing!) the money you've worked so hard to accumulate. This kind of planning is what we specialize in at Richon Planning. If you have any questions about designing a retirement you can enjoy, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com
#WealthManagement #Retirement #SocialSecurity #SustainableIncome
"America's IRA expert," Ed Slott, recently told other industry experts that "an IRA is just an IOU to the IRS." Slott says he doesn't see any benefit to using a traditional IRA right now because tax rates are so low. However, Peter with Richon Planning does not agree with Slott and explains why to Erin Kennedy.
There are many reasons investors should still consider investing in tax-deferred accounts, even though we are living in a historically low tax rate. There is no cookie cutter answer. No blanket statement can apply to every person; there are too many variables to consider. For example, what's your current tax rate, what will your future tax rate be? You may very well be in a lower tax bracket when you retire, so taking a deduction today, does make sense.
If you'd like to learn more about whether contributing to tax-deferred or tax-free accounts make sense for you, please reach out to Peter by calling (919) 300-5886 or by making an appointment at www.RichonPlanning.com
#wealthmanagement #retirement #TaxDeferred #taxfree #ira
401(k)s are generally the most accessible and easiest way to save for retirement, but should you really be maxing out your contributions every year? In this video, Peter with Richon Planning and Erin Kennedy break down the pros and cons of stashing a lot of money in a pre-tax account, and Peter explains when you should consider investing in other accounts as well.
If you'd like to sit down with Peter to determine where you should be putting your money to ensure a happy and tax-efficient retirement, please feel free to give him a call at (919) 300-5886 or schedule a free meeting by visiting www.RichonPlanning.com
#WealthManagement #Retirement #401k #TaxPlanning
The S&P 500 recently climbed more than 20% from a 2022 low. But is the Bear Market really over? In this video, Peter with Richon Planning reveals to Erin Kennedy which metrics he's keeping an eye on and whether he thinks the upswing in the markets will continue.
Peter also explains why he believes we're "not out of the woods yet" when it comes to whether we will see a recession this year.
If you have any concerns about market volatility or whether your portfolio can withstand another downturn or recession, please feel free to contact Peter at (919) 300-5886 or make an appointment at www.RichonPlanning.com
#WealthManagement #Recession #BearMarket #BullMarket #Retirement
Figuring out the most "financially optimal" time to claim Social Security is a complicated equation that involves hundreds of variables; to complicate matters, hidden deep within Social Security's Handbook are a few "gotchas" that can reduce your benefits forever. To make sure you don't shortchange yourself, Peter with Richon Planning and Erin Kennedy are breaking down the top five: 1. If you take two benefits at once, you lose one of the two 2. If you take your retirement benefit at the same time as your spousal or divorced spousal benefit, your retirement benefit will generally wipe out your spousal or divorced spousal benefit 3. Taking benefits before full retirement age leads to permanently reduced retirement benefits 4. You can contribute to Social Security your entire working life and receive nothing whatsoever in extra benefits 5. When you claim, can cost you big bucks Richon Planning specializes in Social Security claiming strategies. We take into account each variable to determine your most financially optimal time to claim. If you have any questions about when you should claim, please feel free to call Peter at (919) 300-5886 or visit www.RichonPlanning.com #SocialSecurity #Retirement #WealthManagement
Despite potentially devastating consequences, 54% of Americans don't have a will, leaving estate planning to a complicated range of state laws. If you die without a will, your loved ones might get kicked out of the family house and could face hefty, surprise tax bills. In this video, Peter with Richon Planning and Erin Kennedy share these tips when it comes to creating a will:
-Know Your State's Laws
-Make Sure All Your Assets are Covered
-Don't Delay
If you die without a will, your loved ones may get nothing, especially if they are unmarried partners or stepchildren, who are left out under the law in almost every scenario. To make sure your assets and your loved ones are protected no matter what, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting https://richonplanning.com/
It's not easy to determine exactly what you'll need to live on in #retirement, that calculation is made even more difficult because there can be a few surprise expenses ... and some penalties that can last a lifetime!
In this video, Peter with Richon Planning and Erin Kennedy are breaking down some of those hidden penalties, in order of severity, starting with:
-the IRMAA Penalty
-the #Medicare Part B & D Penalty (this penalty is for life!)
-Inflation
-Taxes
At Richon Planning, we specialize in proactive planning that addresses each of these risks. If you would like to talk more about designing a holistic plan that addresses your unique goals, please feel free to reach out to Peter by calling (919) 300-5886 or by scheduling a free consultation at https://richonplanning.com/
#wealthmanagement #taxplanning #healthcare
When considering which assets to leave your beneficiaries, there's one asset that's loaded with taxes: IRAs. Inheriting an IRA is very different from inheriting a Roth IRA. In fact, without proper planning, as Peter Richon with Richon Planning explains to Erin Kennedy, the #irs may end up being your largest beneficiary!
Distributions from an inherited Roth account are both tax and penalty free, which means you won't saddle your heirs with a heavy tax burden during their prime earning years.
If you have any questions about your financial legacy, or if you'd like to learn more about strategic tax planning to ensure your family receives the most tax-efficient gift possible, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting https://richonplanning.com/
#taxplanning #wealthmanagement #rothira
Divorce among middle aged couples is increasing. In fact, there’s a new name for the trend: “grey divorce.” And according to the journal of sociology, after a grey divorce, women experienced a 45% drop in their standard of living, and men experienced a 21% reduction. Which is why Peter with Richon Planning and Erin Kennedy wanted to talk through some key issues you'll need to consider as you plan your new future, including:
-Revisit your estate plan
-Examine retirement and pension plans
-Determine how your Social Security benefits will be affected
-Consider health insurance and life insurance
-Consider hiring a Financial Advisor
Considering one quarter of people getting divorced is now over 50, walking through these topics with a professional is vitally important. If you'd like to speak with Peter about navigating your divorce and planning out your future, please feel free to give him a call at (919) 300-5886 or schedule a complimentary appointment at www.RichonPlanning.com
#GreyDivorce #wealthmanagement #retirement #socialsecurity
We knew this day would come; we hit our debt ceiling back in January. Now, the fight continues as to whether we should increase the debt limit. While Congress goes back and forth, Peter with Richon Planning and Erin Kennedy sort through the latest headlines to break down how it will affect you.
Of course, the biggest fear is that federal spending and funding will stop. That could affect those who rely on Social Security or Medicare. And this showdown will continue to add volatility to the market.
If you'd like to speak with Peter about steps you can take now in case the government does default on its debt, please feel free to give him a call at (919) 301-5886 or schedule an appointment at www.RichonPlanning.com
#DebtCeiling #DebtLimit #WealthManagement
Roth IRAs are one of the most powerful tools you can use to become extremely wealthy. But as Peter with Richon Planning explains to Erin Kennedy, there are many misconceptions about them, including:
-Myth #1: You can't touch any money in a Roth until your 59.5 years old
-Myth #2: Roth IRAs are only for #Retirement
-Myth #3: You can't contribute to a Roth if you make too much money
There are many reasons to consider investing in a #Roth account or even converting your traditional #IRA to a Roth. If you would like to learn more about the tax-free earnings growth of a Roth account, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com #taxfree #wealthmanagement #taxstrategy
Having a tax-efficient withdrawal strategy in #retirement can save you thousands of dollars. A good strategy will minimize the total taxes paid over the course of your retirement, which will increase your wealth and the longevity of your portfolio. In this video, Peter Richon with Richon Planning and Erin Kennedy break down two very different strategies: traditional and proportional. The traditional approach has you spend your retirement money in this order: taxable, tax deferred, tax exempt. On the other hand, the proportional withdrawal method would have you take a proportional amount from all of your accounts. While certain headlines will champion one strategy instead of the other, there is no clear-cut answer for everyone. The only way to determine your most tax-efficient withdrawal strategy is to crunch the numbers, speak with an expert, and revisit that strategy as your goals and finances change. If you'd like to see which strategy makes the most sense for you right now, please feel free to give Peter a call at (919) 300-5886 or schedule a complimentary visit at www.RichonPlanning.com #WealthManagement #TaxStrategy #Taxes
In this episode of Planning Matters Radio, we have a surprise guest #TomHegna that is joining us. The author of multiple books including "Don't Worry Retire Happy" and "Pay Checks and Play Checks", #TomHegna joins us to discuss the income planning piece of retirement and how simple it can be when broken down. We hope you enjoy this special edition to Planning Matters Radio. Give #PeterRichon a call at (919) 300-5886 and visit #RichonPlanning.com.
Investing during a #recession requires a very different approach. In light of recent market volatility, #inflation, and interest rate hikes from the Fed, Peter with Richon Planning and Erin Kennedy walk through a few tips for investing during a recession, including:
-Is Cash Really King?
-Defensive Stocks: healthcare, utilities, and consumer staples like food and beverages are fairly recession proof
-Dividend Stocks and Fixed Income Investments like #Bonds
-Keep Investing, a strategy known as Dollar Cost Averaging
If you'd like to speak with Peter to determine if your portfolio is recession-proof, or if you'd just like to talk through these recent headlines, feel free to give him a call at (919) 300-5886 or set up a complimentary appointment by visiting www.RichonPlanning.com
#wealthmanagement #markettrends #marketvolatility #recessionproof
For almost every retiree, their biggest fear is running out of money. You want your #retirement to be a fitting reward to a lifetime of hard work. But it's hard to know exactly how much money you'll need to achieve your unique retirement goals, without sacrificing your quality of life. In this video, Peter with Richon Planning and Erin Kennedy break down the three biggest risks to your retirement nest egg: Longevity Risk:
- Today, a couple at age 65 has a 50% chance of living beyond 90!
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- Changes to Social Security: The government will have to make changes to Social Security if the program is to remain solvent
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- Inflation: high #inflation means you'll have to use more of your retirement savings each year to maintain your same quality of life.
Designing a holistic retirement plan that addresses these risks is key to maintaining your quality of life, no matter what. If you'd like to talk through your plan and whether your income streams are sustainable, please feel free to reach out to Peter by calling (919) 300-5886 or by scheduling an appointment at www.RichonPlanning.com
#WealthManagement #SocialSecurity #CostofLiving
More than 70% of adults who live to 65 will need Long Term Care of some kind! Not only is LTC very expensive, most costs aren't covered by Medicare nor other health insurance plans. As Peter with Richon Planning explains to Erin Kennedy, without proper planning this can wipe out your retirement savings, but before you buy a policy, first, crunch the numbers to determine: -
What is the right age to buy LTC insurance?
-How Much Coverage to Buy
-Should You Consider Other Options, like Permanent Life Insurance?
There's a lot of advanced planning that goes into determining when or whether you should buy Long Term Care Insurance. If you'd like to talk through these options with Peter to figure out what's best for you and your family, please feel free to reach out by calling (919) 300-5886 or by setting up an appointment at www.RichonPlanning.com
#longtermcare #longtermcareinsurance #WealthMangement #retirement
A lot of us want to go into #retirement debt free. But before you pay down that #debt, you should consider a few specific variables. And as Peter Richon with Richon Planning explains to Erin Kennedy, this isn't a strictly financial decision. So before you put money toward that mortgage debt, first consider: -Your mortgage rate: if it's very low, your money may be better spent in another investment with a higher rate of return -Tax Consequences: you would potentially eliminate a mortage write off, and there are penalties if you withdraw money from retirement accounts early -Prioritize Paying Down High Interest Debt: as interest rates climb, that will make certain debt more expensive -Prioritize Savings: saving for retirement should always be a priority, and make sure you have an emergency fund If you would like to talk through the implications of paying off your mortgage, or if you'd like to learn if there are other investments that may offer a higher return, please feel free to call Peter at (919) 300-4886 or by visiting www.RichonPlanning.com #MortgageRate #DebtFree #WealthManagement #FinancialPlanning #TaxPlanning
There may never be a better time to open a #Roth account. Roth #IRAs offer tax-free earnings growth, and as Peter with Richon Planning explains to Erin Kennedy, there are 5 clear-cut reasons you should consider investing in a Roth today:
Today's Historically Low Tax Rate: the Tax Cuts and Jobs Act, which reduced federal income tax rates, is set to sunset in 2025
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Your Depreciated Portfolio: pay taxes on a smaller value now, then allow that future growth to happen tax free
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Possible Elimination of Backdoor Roths: the Build Back Better Act proposed ending Backdoor Roths; the loophole dodged the axe... for now.
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Legacy Planning: assets in Roths are not subject to probate and can be passed on to heirs tax-free
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No Required Minimum Distributions: which means you have more control over your income and your tax liability
If you'd like to speak with Peter about opening a Roth account, or if you'd like to learn how to convert your traditional IRA to a Roth IRA, please reach out by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#taxfree #TaxDiversification #wealthmanagement #retirement
There are 4 unique reasons Charitable Remainder Trusts are good options for your Estate Plan. In this video, Peter Richon with Richon Planning and Erin Kennedy explain how a #crt works: it is an irrevocable trust that allows you—or a designated beneficiary—to receive an income stream for life. After you die, the remainder of the assets in the trust are donated to your charity (or charities) of choice. Peter also walks through those 4 benefits, including:
- You Can Save on Taxes
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- You Can Increase Your Income
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- You Can Support Worthy Causes
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- You Can Protect Your Money from Creditors
Naming the trustee should be a thoughtful decision since a CRT is an irrevocable trust. If you'd like to learn whether a CRT makes sense for you or your family, please feel free to reach out to Peter by calling (919) 800-5886 or by making an appointment at www.RichonPlanning.com
If you don't have a tax plan, you don't have a retirement plan. In retirement, you not only want to maximize your income, but you also want to minimize your tax bill. In this video, Peter Richon with Richon Planning and Erin Kennedy break down three strategies that will help you keep more money in your pocket, including:
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Roth Conversions: take advantage of today's historically low tax rate
- Have an #RMD Strategy: consider earlier distributions or Qualified Charitable Distributions
- Explore Health Savings Accounts: the only triple tax advantaged retirement account that can help with what's often your biggest expense in retirement, #healthcare
To talk through these strategies to see if they're right for you, please feel free to reach out to Peter, who can run a detailed analysis, specific to your unique financial goals, by calling (919) 801-7131 or by setting up a meeting at www.RichonPlanning.com
#taxrate #RothConversions #qcds #taxes #HSA #retirement #wealthmanagement
Since the start of the pandemic, about 3% of #retirees between 55 and 64 have re-entered the workforce! If you're thinking of going back to work, or "unretiring," there are a few details you should keep in mind. First, you will not lose your Social Security benefits, but they may change, as Peter with Richon Planning explains to Erin Kennedy.
Also, if you "unretire," you may have to keep taking RMDs, and there may be an impact on your medicare benefits.
If you're thinking about going back to work, it's certainly worth having a conversation with a professional to learn how it could affect your benefits. And if you're nearing #retirement age, make sure you work with a professional who can help you create a holistic financial plan that can withstand market volatility. If you do go back to work, you want to do it because you want to, not because you have to. To have that conversation with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com
#SocialSecurity #Unretire #MarketTrends #WealthManagement #FinancialPlanning
It's a bit tough to keep up with all the changes that have come to Required Minimum Distributions, or RMDs, which started back in 2019 with the original SECURE Act. However, there are 3 significant changes that went into effect January 1st of 2023. Peter with @richonplanning and Erin Kennedy lay out and explain each change, including:
- The Starting Age Has Increased Again
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- Lower Penalties if You Miss Taking your RMD
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- Inherited Retirement Accounts (accounts inherited before 2020 vs. accounts inherited after 2020)
Keep in mind, you can correct an RMD mistake, but it's best to avoid those missteps if possible, which is why proactive planning is so important. If you'd like to talk through these changes and how they affect you or your beneficiaries, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#SECUREAct #Retirement #RequiredMinimumDistributions #IRA
U.S. Debt recently hit a record new high... 31 Trillion dollars! Now #congress will have to vote whether to raise the debt limit again, fueling fears of default, which would have enormous consequences on the economy and your finances.
In this episode, Peter with Richon Planning and Erin Kennedy walk through how a showdown over the Debt Ceiling could affect your finances:
- Market Volatility: in 2011, during a similar "debt showdown" in Congress, the stock market dropped 14% over 4 weeks
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- Surging Borrowing Costs: default could push interest rates even higher, drastically affecting the cost of borrowing
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- Cuts to Social Security and Medicare: if the government defaults on its debt, there could be a lapse in the $90 billion monthly Social Security payments made to 65 million people
The deadline to increase the debt limit is June 5th. If you're concerned about how the volatility in Congress could affect your finances or your #retirement, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com #debtceiling #DebtLimit #socialsecurity #medicare
Despite a sharp increase in the #COLA for 2023, some people may see a lower Social Security payment this year. In this video, Peter Richon with Richon Planning and Erin Kennedy break down 3 possible reasons why:
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You Earned Too Much Last Year: If you're under full retirement age and are collecting SS benefits while still working, there is a limit to the earnings you can receive.
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You Made Changes to Your Medicare Coverage: If you made a change to your Medicare coverage, such as adding Part D, this will cause a deduction from your Social Security benefit check.
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A Medicare Premium Surcharge Known as IRMAA
Peter also explains how to avoid the #IRMAA penalty and how to apply for an IRMAA waiver.
If your Social Security payment is lower this year, please feel free to reach out to Peter so you can determine if you should be making any changes when it comes to which account you tap first for income or if there are any other changes you should consider. Peter would be happy to sit down with you, free of charge. Just set up an appointment by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#socialsecurity #createincome #retirement
Starting in 2024, you can roll up to $35,000 from a #529 into a #Roth individual retirement account, which can jumpstart tax-free retirement savings for young investors, all while taking advantage of today's historically low tax rate. But opening a 529, as Peter Richon with Richon Planning explains to Erin Kennedy, isn't right for everyone. In this video, Peter lays out the pros and cons, and suggests other accounts you should consider maxing out first. If you'd like to learn more about opening a 529 for your child or grandchild, or if you'd like to talk through other strategies to help fund higher education, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com #College #CostofCollege #Retirement #TaxFree
2022 was a brutal year for investors. 2023 is sure to be challenging, but there are some action steps you can take now, to set yourself up for success no matter how the market behaves. In this video, Peter Richon with Richon Planning and Erin Kennedy walk through these 5 Resolutions:
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Rebalance
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Pay Down Debt, Lower Expenses
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Keep Saving for Retirement
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Update Your Estate Plan/Beneficiaries
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Proactive Tax Planning
If you would like some help outlining or setting up and achieving your unique financial goals and resolutions, please feel free to reach out to Peter for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#FinancialResolutions #2023resolutions #financialfitness
SECURE Act 2.0: Later RMDs, 529-to-Roth Rollovers, and Other #Tax Planning Opportunities
Congress recently passed #SECURE Act 2.0, which will bring several changes to retirement account rules. Peter Richon with Richon Planning and Erin Kennedy break down the big takeaways, including some unique opportunities, including:
-RMD Age Increase
-QCDs Will Be Expanded
-529 Plans
These changes, however, will make proactive tax planning even more important. Keep in mind, when you delay those Required Minimum Distributions, it will lead to larger account balances at death, which could create a significant tax burden for your beneficiaries.
If you'd like to talk through these changes and how they affect your #retirement plan, please reach out to Peter for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#rmds #QCDs #taxplanning #wealthmanagement #taxes #roth
2022 was a tough year for investors, and a lot of us may not realize there are strategies that a lot of the pros utilize, which are great complements to traditional #stocks and #bonds. As Peter with Richon Planning explains to Erin Kennedy, Structured Notes offer a unique source of risk and return.
Peter and Erin break down the three types of Structured Notes, including: -Principal Protected -#Income -Growth
We know the Fed will continue to raise rates in 2023, which will affect the value of bonds. Now is a great time to consider complementing your portfolio with notes that can add protection or create income. To learn more, please reach out to Peter by calling (919)300-5886 or by visiting www.RichonPlanning.com
#StructuredNotes #BondAlternatives #CreateIncome
What was the biggest financial headline of 2022? According to Peter at Richon Planning, the two stories of 2022 are: Inflation and the ensuing Fed Rate Hikes. As Peter explains to Erin Kennedy, steep interest rate hikes from the Fed affected almost every aspect of our economy and the markets, putting pressure on both #stocks and #bonds.
Peter also weighs in on whether bonds will make a comeback and how the Midterm elections will affect the markets in 2023.
If you'd like to speak with Peter about your unique financial goals for 2023 and how continuing interest rate hikes may affect your financial plan, please reach out for a complimentary consultation by calling (919)300-5886 or by visiting www.RichonPlanning.com
#wealthmanagement #financialgoals #markettrends
The latest GDP info shows that the US economy grew .6% in the third quarter, a 2.6% annual rate, a rebound, but not enough to ease worries of a recession. As the Fed continues to raise rates, Peter with Richon Planning debates whether we are already in a #recession or whether we will avoid a recession entirely.
He and Erin Kennedy look at key indicators including the #GDP, to gauge the overall health of the economy and to predict whether the Central Bank will back off its hawkish stance.
If you have any questions about the market or your investments, please reach out to Peter who'd be happy to "stress test" your portfolio to see if you're prepared for this or any future market volatility; simply call (919) 300-5886 or visit www.RichonPlanning.com
If you're nearing the age to take Required Minimum Distributions, or #RMDs, and you want to avoid the extra income and its tax implications, Peter Richon with Richon Planning and Erin Kennedy break down three strategies to consider. Peter recommends these strategies to help reduce your tax exposure:
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Consider taking distributions as early as possible
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Roth Conversions
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Qualified Charitable Distributions, or QCDs
Keep in mind, RMDs are income, so taking those distributions can boost your taxable income and your income taxes for the year, which is why strategic #tax planning is so important. If you have any questions about these strategies, or if you'd like to determine if a Roth Conversion or QCD is right for you, please reach out to Peter for a free consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
The end of the year is upon us, so now is a great time to consider a Qualified Charitable Distribution or #QCD. As Peter with Richon Planning explains to Erin Kennedy, this is a great way to make a large gift to your favorite non-profit while lessening your tax burden.
When structured correctly, a QCD allows your donation to go directly from your IRA custodian to your chosen charity. Not only can it be counted toward satisfying your required minimum distributions or #rmds , but it also decreases your adjusted gross income.
Richon Planning specializes in holistic tax planning. If you'd like to determine if a QCD is right for you, please reach out for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
If you're considering converting an #IRA to a #Roth IRA in 2022, the clock is ticking. In this video, Peter with Richon Planning and Erin Kennedy break down everything you need to know before making a decision.
Keep in mind, we are in a historically low tax rate. Paying your taxes now will allow your money to grow tax free, and any future withdrawals will not be taxed. Also, to help manage your tax liability, you may choose to convert just a portion of your assets. There is no limit to the number of conversions you can make, so you may convert smaller amounts over several years. If you'd like to get started, or if you'd like to talk through the benefits of a Roth Conversion, please call (919) 300-5886 or schedule an appointment at www.RichonPlanning.com
New #Retirement Account Contribution Limits for 2023
The #IRS just announced that it will boost the maximum contribution limit to #401k accounts by $2,000 next year... to $22,500! This is the largest increase on record. The contribution limit for an IRA is also set to increase... to $6,500 from $6,000. As Peter with Richon Planning explains to Erin Kennedy, this move will allow millions of us to contribute thousands more into tax- advantaged retirement accounts.
But keep in mind, every retirement plan has to include tax planning and tax diversification. In fact, 401(k)s are known as "retirement tax bombs." If you'd like to talk through the tax implications of your retirement accounts, and why you should consider #Roth accounts, please feel free to reach out for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#TaxPlanning #RetirementPlanning #WealthManagement #TaxDiversification
Good news from the #IRS: inflation adjustments could mean lower tax rates come 2023! As Peter with Richon Planning explains to Erin Kennedy, tax rates are adjusted for inflation, and 2022 saw America's fastest price growth in four decades! That means most of us will be able to shield more of our income
from taxes in 2023.
Also new for 2023, the IRS is increasing the standard deduction, marking the largest adjustment to deductions since 1985! However, these significant changes underscore the importance of proactive tax planning, which is something we specialize in at Richon Planning. If you would like to talk through these changes and how they affect your unique financial goals, please reach out for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#Taxes #RetirementPlanning #WealthManagement #inflation #TaxRate #StandardDeduction
Good news from the #IRS: inflation adjustments could mean lower tax rates come 2023! As Peter with Richon Planning explains to Erin Kennedy, tax rates are adjusted for inflation, and 2022 saw America's fastest price growth in four decades! That means most of us will be able to shield more of our income
from taxes in 2023.
Also new for 2023, the IRS is increasing the standard deduction, marking the largest adjustment to deductions since 1985! However, these significant changes underscore the importance of proactive tax planning, which is something we specialize in at Richon Planning. If you would like to talk through these changes and how they affect your unique financial goals, please reach out for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#Taxes #RetirementPlanning #WealthManagement #inflation #TaxRate #StandardDeduction
The Only Retirement Account that is Triple #Tax Advantaged!
A health savings account, or #HSA, has a unique triple #tax benefit. Your contributions reduce your taxable income, any investment growth within the account is tax-free, and qualified withdrawals are tax-free! As Peter with Richon Planning explains to Erin Kennedy, if you have a High Deductible Health Plan, or #HDHP, it's often worth taking advantage of the HSA.
Peter breaks down how to use the money in your account to pay medical bills and how to utilize it as an investment tool as well. He also breaks down common mistakes when creating and
investing HSAs.
As you work to determine which health plan is right for you and your family in 2023, Peter would be happy to help you determine if a HDHP makes sense for your unique financial goals and priorities. Please feel free to reach out by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#WealthManagement #Retirement #Healthcare
The Only Retirement Account that is Triple #Tax Advantaged!
A health savings account, or #HSA, has a unique triple #tax benefit. Your contributions reduce your taxable income, any investment growth within the account is tax-free, and qualified withdrawals are tax-free! As Peter with Richon Planning explains to Erin Kennedy, if you have a High Deductible Health Plan, or #HDHP, it's often worth taking advantage of the HSA.
Peter breaks down how to use the money in your account to pay medical bills and how to utilize it as an investment tool as well. He also breaks down common mistakes when creating and
investing HSAs.
As you work to determine which health plan is right for you and your family in 2023, Peter would be happy to help you determine if a HDHP makes sense for your unique financial goals and priorities. Please feel free to reach out by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#WealthManagement #Retirement #Healthcare
We are firmly in Bear Market territory. Stocks and bonds are sharply negative. The market has lost nearly one quarter of its value since the beginning of the year. But while these headlines can lead to anxiety, as Peter with Richon Planning explains to Erin Kennedy, it's important to stick to and rely on your "financial plan."
Often, during market downturns, investors tend to panic and leave the market. And when the market recovers, those investors miss out on the rally, further compounding their losses.
No one knows when this Bear Market will hit bottom. But if you've taken the time to design a thoughtful and holistic financial plan, you'll see that these moments of volatility were built into the plan already and, depending on your time horizon, can even offer unique investing opportunities. Of course, if you have any questions, please feel free to reach out to Peter at any time by calling (919) 300-5886 or by visiting www.RichonPlanning.com
We are firmly in Bear Market territory. Stocks and bonds are sharply negative. The market has lost nearly one quarter of its value since the beginning of the year. But while these headlines can lead to anxiety, as Peter with Richon Planning explains to Erin Kennedy, it's important to stick to and rely on your "financial plan."
Often, during market downturns, investors tend to panic and leave the market. And when the market recovers, those investors miss out on the rally, further compounding their losses.
No one knows when this Bear Market will hit bottom. But if you've taken the time to design a thoughtful and holistic financial plan, you'll see that these moments of volatility were built into the plan already and, depending on your time horizon, can even offer unique investing opportunities. Of course, if you have any questions, please feel free to reach out to Peter at any time by calling (919) 300-5886 or by visiting www.RichonPlanning.com
Social Security just announced an 8.7% cost of living adjustment for retirees! The COLA increase will be applied to benefits in January of 2023. That's the largest inflation adjustment since 1981, when it was 11.2%. Peter with Richon Planning explains to Erin Kennedy why this year's Cost of Living Adjustment, or #COLA, is so high and whether this change should affect your claiming strategy.
If you'd like to speak with Peter to determine when you should claim Social Security, Richon Planning actually specializes in running very personalized analyses to determine your most "financially optimal" strategy. Please feel free to reach out for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#SocialSecurity #Retirement #WealthManagement #SocialSecurity2023
We are still firmly in Bear Market territory. #Stocks and #bonds are sharply negative. In fact, the market recently lost nearly one quarter of its value since the beginning of the year. But those negatives actually offer some unique opportunities according to Peter at RichonPlanning. He breaks down several strategies with Erin Kennedy,
including:
-
Tax Loss Harvesting
-
Rebalancing
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Avoiding Phantom Income
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Roth Conversions
-
RMDs
If you have any questions about how to employ some of these tax strategies, please reach out to Peter for a complimentary consultation by calling (919)300-5886 or by visiting www.RichonPlanning.com
Rising interest rates will cause lump sum #pension buyouts to be significantly lower in 2023. That has a lot of pre-retirees wondering if they should be considering an early #retirement. Peter with Richon Planning walks through several important questions you should ask yourself before accepting that buyout.
Peter recommends to Erin Kennedy that you sit down with a trusted financial advisor who can help you create a plan that incorporates not only the value of your lump sum buyout, but also factors in other income sources, tax planning, and your legacy goals.
There is no cookie-cutter answer to this question. But the sooner you have a thoughtful conversation that factors in your unique goals and financial priorities, the better. Peter would be happy to sit down with you to determine what's best for you and your financial future. Please reach out for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
Tune in this week for Planning Matters Radio and listen as Peter Richon discusses retirement and mentions the extra media sources he can be found on to help upcoming retirees or just retirees see what the market is doing and what could be best for you. Peter Richon is a Fiduciary Financial Advisor willing to help you just contact Peter at (919) 300-5886. We hope you enjoy this edition of Planning Matters Radio.
Who is Peter Richon? What is Richon Planning? What is Planning Matters Radio? Watch as Peter Richon owner of Richon Planning and Planning Matters Radio discusses who he is and what he stands for. And along the way mention a few giggle worthy stories of his time as being a financial advisor fiduciary for many people and many places across the United States. This is Planning Matters Radio hope you enjoy!
Having an emergency fund is always important, and considering how volatile the markets have been this year, @Peter with @RichonPlanning explains to @erinkennedy precisely how much cash you should have on hand right now.
As you know, your emergency fund should be able to cover 3-6 months of living expenses. Having cash on hand will ensure you don't have to dip into #retirement savings to cover living expenses. And if you're worried about having too much cash on hand right now, considering the rate of #inflation, there are investment products that still allow for high returns while offering liquidity.
If you have any questions about your retirement or your savings, please reach out to Peter for a complimentary consultation by calling (919)300-5886 or by visiting www.RichonPlanning.com.
Do you remember a time when the news anchor on TV told you what happened in the world and left it up to you to formulate an opinion? In today’s world, it seems we have to view everything with jaded glasses, do extra research to verify what we are told, and gather other information from different sources just to draw our conclusion about what we can believe. Tune in this week as Peter Richon discusses a few of the potential conflicts in today's financial world. Contact Peter Richon at (919) 300-5886 or visit the website at https://richonplanning.com/.
You should never invest in something you don't understand, which is why @Peter with @richonplanning and @erinkennedy are breaking down the similarities and differences between Exchange Traded Funds or #ETFs and mutual funds.
ETFs have become very popular recently, and experts predict global ETF assets will total more than $12 trillion by the end of 2023! But before investing in this growing trend, Peter recommends you weigh the pros and cons of each by walking through these questions: -How are they managed? -How are they traded? -What are the costs? -What about Tax Efficiency? If you'd like Peter's help determining which investment strategy is right for you, please reach out for a complimentary consultation by calling (919) 300-5886 or by making an appointment at www.RichonPlanning.com
Economic Headwinds... Is Now is a Good Time to #Rebalance?
Equity markets and bonds continue their volatility. So is now a good time to #rebalance? @Peter with @RichonPlanning tells us why rebalancing our #portfolio is important when it comes to managing #risk.
Peter and @ErinKennedy also take a closer look at the biggest winners and losers in this year's #AssetClasses YTD, and he breaks down important tax implications you need to keep in mind before buying or selling any asset.
If you have any questions about whether you should be taking a closer look at your #investments, please reach out to Peter at www.RichonPlanning.com or call (919) 300-5886
#StockMarket #Taxes #MarketTrends #Bonds #Investments
Your Best Investment Options to Fight Inflation & The Myth of Retiring in a Lower Tax Bracket The Consumer Price Index, or #CPI, dipped to 8.3% in April, marking the first slowdown in eight months. Some experts say we’re past the peak of inflation, but Peter Richon with RichonPlanning disagrees and tells Erin Kennedy there are strategies you can put in place today to guard against inflation, including Hedged Equities and Structured Notes. Also, if you do not have a #taxplan, you do not have a #retirement plan. In the second half of the show, Peter breaks down this common misconception: you may not be in a lower tax bracket when you retire. But there are strategies you can implement now to create tax-free income in #retirement and take advantage of today's historically low tax rates, including Roth Conversions. If you'd like to how to create tax-free income in retirement, please reach out to Peter for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com #Income #Taxes #FinancialPlanning #Investing
2022 has started off with market volatility and losses. Market volatility is not unusual. In fact, investors must expect volatility as part of their investment experience. 2022 however, is off to a bit of a rocky start, and investment losses have some reasonably concerned. Listen to this week's edition of #PlanningMattersRadio and @PeterRichon discusses the causes of volatility and how having a sound plan in place can help us determine and control risk exposure and identify opportunities, even in challenging markets.
Interest, compounding, inflation, & bonds...FINRA annually tests the American public's knowledge of basic financial concepts. Peter Richon of #RichonPlanning discusses these topics, as well as Traditional vs. Roth IRA's, the recent and upcoming Fed rate hikes, and where you can get a secure 7.12% interest on savings right now on this week's show.
2022 has started off with market volatility and losses. Market volatility is not unusual. In fact, investors must expect volatility as part of their investment experience. 2022 however, is off to a bit of a rocky start, and investment losses have some reasonably concerned. Listen to this week's edition of #PlanningMattersRadio and @PeterRichon discusses the causes of volatility and how having a sound plan in place can help us determine and control risk exposure and identify opportunities, even in challenging markets.
The market's reaction to current events grabs daily headlines. If your plan is long-term and only has money exposed to the market that you are comfortable taking some risk with and seeing fluctuate, then volatility is just a natural part of the long-term investor experience, and could potentially represent an opportunity for those properly positioned. On the other hand, there may be a time that even seasoned investors who understand this ignore the risks of the market when they shouldn’t. Listen this week as Peter Richon walks you through the concerns you may have for retirement and savings looking out for your best interest
We have seen some recent instability in the markets. It has invoked a lot of emotion from some investors. Just because we see market volatility or believe it may be coming does not mean we should stop our financial progress or put off goals out of fear. Fear is not a stop sign. Caution is always prudent, but fear should never determine the steps in your financial progress. Listen this week as Peter Richon and Daniel Diggs talk about the facts and the fiction of the market.
Website - https://richonplanning.com/podcast/
The market's reaction to current events grabs daily headlines. If your plan is long-term and only has money exposed to the market that you are comfortable taking some risk with and seeing fluctuate, then volatility is just a natural part of the long-term investor experience, and could potentially represent an opportunity for those properly positioned. On the other hand, there may be a time that even seasoned investors who understand this ignore the risks of the market when they shouldn’t. Listen this week as Peter Richon walks you through the concerns you may have for retirement and savings looking out for your best interest
Volatile markets, spiking oil prices and prices at the pump, Russia-Ukraine conflict escalations...All this can weigh on the minds of investors watching their life savings fluctuate in the markets. Peter Richon helps to provide perspective for long-term strategy success.
Reach out if you have questions: (919) 300-5886
The Market... What is the market? The Market Can help me financially with retirement? How do I use the market? to answer these questions just call Peter Richon at (919) 300-5886.
There are always many, many questions around taxes. Let’s talk about a few of them, and what proactive, savvy planners can do about them. So you can hold yourself from saying stuff like Have I paid enough? Will I get a refund? Have all of my forms arrived yet? With Planning Matters Radio your troubles will be gone so hit that like and subscribe so you can tune in for more Your Retirement Planning.
Taxes are one of the 4 things we do with our income. While we work, usually paying taxes is the first in line and done automatically. Once we retire, it may be the last thing we do. To get many more amazing tips and tricks to retirement, taxes, etc give Peter Richon a call at (919) 300-5886. But enjoy the show!!!
On this week’s program Peter Richon addresses the financial protection we strive to offer our family through having a plan in place that takes into consideration the fact that we will not always be here to support them ourselves. The plan and assets provide the support when we can’t.
How do we know if we are taking too much? To have these and many more questions answered just contact Peter Richon (919) 300-5886
We all probably have a laundry list of things we look back on and could say we “would have/should have done things differently". This is especially painful when it comes to our money. This week Planning Matters Radio discusses some of the most common mistakes to hopefully help you avoid them.
What if I get sick, injured, or die? While we hate to think of these mortal questions as financial issues, they very much are. These are only a couple of questions watch and see what Peter Richon has to say about it.
What are the most exciting or most disappointing moments I have experienced as an advisor? This is just one of the many questions you can ask Peter Richon to find out answers to your questions just call at (919) 300-5886.
Happy New Year to the listeners, viewers, and clients of Richon Planning. Hope you had a great 2021, and have an even better 2022!
We are getting ready to wrap up the year here at Richon Planning and on this week's episode we circle back and talk about you and your financial progress. If you ever want to revisit our discussions, submit any questions, or want to talk about steps to take into 2022 or beyond, please do not hesitate to reach out at (919)300-5886 or visit us online at www.RichOnPlanning.com. Merry Christmas & wishes for a safe, healthy, and prosperous New Year for you and your family.
What do you envision your average day in retirement to consist of? This is one of the many questions you need to answer before retirement. Tune into Peter Richon's new show this week to answer this question.
END OF YEAR PLANNING – RMDs are usually a big end of year to-do. This year they are not required, but perhaps a conversation about tax planning should be happening instead. Listen as Peter Richon discusses this topic and more on this week’s episode.
Tune in as Peter Richon discusses year-end planning opportunities to help you have a confident 2022 and enjoyable retirement on this edition of Planning Matters Radio.
Happy Thanksgiving! We hope you enjoy this holiday weekend "Best of" edition of Game Plan For Retirement with Peter Richon.
On this edition of the program, Peter Richon discusses some scary financial topics and how to address or avoid them. If you need help in planning call Peter and Richon Planning at (919) 300-5886
On this edition of the show, Peter Richon discusses planning for withdrawals, distributions, and creating retirement income in an efficient manner.
As we enter into October and Halloween is right around the corner, Peter Richon and special guest Johnnie Mayfield discuss some of the scary financial topics that are keeping savers and investors up at night. Taxes, Inflation, Fees, and Market Corrections...What is your plan to address these scary financial topics?
Peter discusses recent market jitters and what drove them. The Infrastructure spending bill, taxes, and the influence of the Chinese markets and EverGrande on our economy.
Listen and learn as Landon Holland and Peter Richon talk about the basics of financials while Peter Richon a well-known fiduciary in the Raleigh area answers some questions during this episode hope you enjoy it.
Do you feel like your dollar just isn't going as far? In this episode, Peter Richon welcomes guest Octavio Marenzi to discuss Federal monetary policy and inflation concerns for spenders, savers, and investors.
Peter Richon interviews DLB Mortgage CEO Debbie Bloyd to discuss the nation's housing market and signals for the economy we should be paying attention to.
Peter Richon interviews DLB Mortgage CEO Debbie Bloyd to discuss the nation's housing market and signals for the economy we should be paying attention to.
HACKING! We have seen supply chain disruptions and large portions of entire sectors of the economy shut down due to hacking and cyber attacks. How does something like this impact the individual investor? Tune in as Peter Richon discusses this topic and more on this week’s episode.
In this interview Peter Richon and Michelle Schneider discuss the rise of crypto and the decline of the dollar. What should investors be doing in potentially difficult times to find a safe haven for preservation of value?
In this episode Peter Richon welcomes guest Joseph Gissy to discuss the recent COIN, CoinBase direct listing and on the place of Cryptocurrency and Gold in a portfolio and how to invest.
ROTH CONVERSION OPPORTUNITIES – If tax laws reverse over time and start climbing higher, it will likely affect those with larger retirement accounts and income disproportionately. Tune in to learn more as Peter Richon discusses tax-deferral & it’s consequences, tax-free income, & Roth IRA’s.
Are you ready to retire? Peter Richon covers 12 must-answer questions to know if you are financially prepared to walk away from your paycheck and transition into retirement.
Taxes are a huge issue...and planning for them is one of the most important financial opportunities we have to better control our retirement future. Peter Richon discusses the strategies to control and minimize taxes into and through retirement.
On this episode Peter Richon discusses the 10 steps in moving from your working career to feeling fully prepared to make the transition to retirement. Some of these steps are taken along the way, some are absolutely necessary to be prepared. Download the full list by visiting www.RichOnPlanning.com
On this episode Master Registered Financial Consultant, MRFC® and Dave Ramsey SmartVestor® Pro Peter Richon discusses budgeting and creating a spending plan for your working career and for retirement, and the important differences between the two.
The Countdown to Retirement is on for all of us, whether we are planning and preparing or not. Better to be prepared. On this episode, Peter Richon (MRFC® and SmartVestor Pro®) discusses how to navigate the countdown and be more prepared to liftoff into retirement.
There are times and opportunities to move your and gain more control or a better outcome. In order to optimize our progress, we must know how and when these opportunities arise. On this episode, Peter Richon discusses the 8 moments to move your money. Contact Richon Planning for the guide and resource.
For the love and protection of our family, we would likely give up money and income, but sometimes we can make pretty foolish financial mistakes or oversights that put those same loved ones in jeopardy. On this episode MRFC® Peter Richon discusses the financial protection of our spouse and family.
Knowing when you are ready to retire is accomplished through a specific financial planning process. How much do I need? When can I retire? These are questions that are answered through that planning process. Peter Richon walks through the steps of this process to help you have more confidence when you choose to take this big step.
Having a plan is what answers and addresses many of the big questions and risks we will face in retirement, but the majority of savers and investors don't have a plan. They have a projection. Without a true plan, our retirement lifestyle may be based on no more than hopeful, optimistic assumptions. What if they are wrong? What if the future turns out to be less optimistic than those projections assumed. Master Registered Financial Consultant (MRFC®) and Dave Ramsey SmartVestor Pro® Peter Richon offer advice on examining your situation to determine if you have a plan or a projection and how to get an Optimized Retirement Plan put together.
In this week's episode, Peter Richon discusses common problems that should be addressed when talking about your money. From budgeting to life insurance, tune in to learn how to address these topics.
Peter Richon discusses how proper planning can help you follow through and achieve your financial goals in 2021 and beyond.
Michele Schneider of Market Gauge joins Peter Richon to discuss what sectors of the market are looking like opportunities moving into the holiday season and into 2021.
Peter Richon is joined by the host of the "CentsAble Chat" podcast series (www.centsablechat.com), Bobbi Olsen. Bobbi is a financial and budgeting coach, helping people get a better handle on, and mindset about their money.
Financial services veteran Frank Maselli discusses the value and the need for a financial advisor and a source for sound financial planning advice and guidance.
Special guest CFP Tim Stearns joins Peter Richon on a discussion of market volatility and the Coronavirus turbulence.
One of the biggest burdens on small business growth is taxes. Business owners often get into business because they have a great idea or product. Too often, they go out of business because they run afoul of the IRS and their tax liability. Author of "Small Business Tax Guide" Dan Pilla joins us on the program to address some of the biggest tax traps and challenges business owners face, how to know about them, and address them.
The FAANG stocks have been leaders of the market over the past 10+ years. Do they still have room to run, or is their time at the top drawing to a close? What tends and data are traders paying attention to with these innovators? Is it time to run, or time to invest? Peter Richon interviews Allison Ostrander on the FAANG stocks and the tech sector.
There are many ways to structure your retirement plan, but what is the optimal way? Author Tom Hegna has studied retirement in detail and wrote 2 best selling books on he topic of retirement planning. Listen in as he discusses with Peter Richon the optimal structure of a retirement portfolio.
Gold, the markets, and politics are all closely related. What will political events mean for your money into 2020 and beyond? Peter Richon discusses with special guests.
What do industry insiders see in store for the housing market in 2020 and beyond? Peter Richon visits with Debbie Bloyd, founder of DLB Mortgage Services and discusses the trends in the housing market and where real estate plays a role in your portfolio.
Ken Fisher's recent comments raised a lot of attention, landed him in some hot water, and probably cost him some significant $$$ but, is it the only reason we should be concerned about and paying attention to the language being used in financial services? Peter Richon digs beneath the surface of Ken Fisher's comments at Tiburon, as well as examines of the language in some other financial advertising materials.
A plan turns a hope into a goal. We all need our money to provide us with certain things; growth, safety, liquidity, income, protection, tax-efficiency...but, money is a terrible multi-tasker. In order to achieve these things, we have to assign each dollar a specific task and make sure it is doing its job. Peter and Amber Richon discuss your money goals and how to make sure that your dollars are working to help you accomplish your lifestyle goals.
In this edition of Planning Matters Radio we discuss the options for protecting your paycheck and debate the stigmas and value provided through a financial advisor and advisor compensation models. What should you be paying a financial advisor for and how much is a reasonable fee?
In this edition of Planning Matters Radio we cover some recent news stories related to financial and retirement planning.
Author Peter Richon defines the most pressing need in, and biggest concern of retirement, income. The traditional approach to planning for income leaves doubt and worry. What are the methods for planning for increased lifestyle security?
An unexpected accident, injury, or sickness can set back your financial progress and stability. Medical insurance helps to pay the doctor's bills but, how will you pay yours? Proper and adequate coverage can help to protect you and your families comfort and lifestyle and help to make sure you stay on track towards your future financial goals. Peter and Amber discuss the different kinds of protections you can put in place, the costs, and the benefits available.
Many savers have no idea that their plan may be based on flawed assumptions. "The market always goes up", "Taxes will be lower in retirement", "I should claim Social Security at 62" all may be commonly held beliefs in the financial world but, can you depend on these statements being true for you? Would you bet your financial security on it? Tune in as Peter & Amber examine some common planning myths, misconceptions, and mistakes.
"It's not what you make, it's what you keep." And the biggest thing standing in between, is taxes. Taxes are one of our largest known expenses. Many people try to save on taxes for income they earned last year, without planning to save in all the years ahead. Tax reform has given us some great opportunities to save, to plan, and to minimize your lifetime tax liability. Listen to this week's episode to understand the opportunities and strategies you should consider in your planning to keep more of what you make.
Former Comptroller General David M Walker stopped in to share why he resigned his position and went on a mission of educating the American public about our country's true financial situation. He also shared what he has done personally to prepare for his own retirement.
In one of my favorite interviews, historian Dr. Richard Sylla joined me to discuss his biography of the influential Alexander Hamilton and shared many insights into Hamilton's life and legacy. We had a bit of fun as we learned some important history. Interestingly, we conducted this interview just days before Mike Pence famous attendance at the Hamilton Musical.
In our talk today, Tom Henga, author of "Don't Worry, Retire Happy" and "Paycheck & Playchecks" broke down the science behind the optimal way to retire and the many reasons most Americans don't have a comfortable, confident retirement.
10 retirement planning basics that are too often overlooked. Could your financial security and stability be derailed if you have not addressed one of these 10 key issues? Tune in as Peter & Amber Richon break down the 10 Commandments of Retirement.
It is the most unwonderful time of the year: Tax Season!! How do you manage to KEEP more of what you earn? Peter & Amber Richon share some top tips and important strategies you need to know about planning to minimize your lifetime tax liability.