Planning Matters Radio

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:

1. Roth IRA Conversions
2. 2. Health Savings Accounts
3. 3. 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:

1. Healthcare: Medicare doesn't cover everything! And LTC can wipe out your savings if you don't have insurance

2. Housing: Even if you own your home outright, you'll still have expenses!

3. 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!

4. 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