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:

1. Market Volatility: in 2011, during a similar "debt showdown" in Congress, the stock market dropped 14% over 4 weeks
2. 2. Surging Borrowing Costs: default could push interest rates even higher, drastically affecting the cost of borrowing
3. 3. 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