Planning Matters Radio

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.

1. Perform a Budget and Emergency Fund Checkup

2. Max Out Your Roth IRA (and HSA)

3. Consider Tax Loss Harvesting

4. Rebalance

5. 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

2. Diversify Your Retirement Income

3. Work Now to Create Tax Free Income in Retirement

4. 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:

1. 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.

2. 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.

3. RMDs: Required Minimum Distributions can push you into a higher tax bracket

4. 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

2. Hybrid Long-Term Care Annuity

3. Charitable Gift Annuity

4. Grantor Retained Annuity Trust (GRAT)

5. 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

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