Planning Matters Radio

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:

1. Help you define your goals and objectives

2. Gather details on ALIE (Assets, Liabilities, Income, and Expenses)

3. Confirm your Social Security Benefits

4. Request last year's tax return

5. 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:

1. Tailor your approach to their age: conversations and questions should vary depending on whether your talking to young children versus tweens versus teens
2. Use everyday opportunities to teach: grocery shopping, paying bills, discussing needs versus wants
3. 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:

1. 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!
2. When is the Best Time for each Person to Claim Social Security?
3. 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.
4. 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:

1. Meet Your Match: contribute at least the minimum amount to your retirement accounts to secure your employer's match
2. Contribute More to Retirement: contribution limits are higher in 2024, and don't forget to contribute to your Roth accounts!
3. 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
4. Build an Emergency Fund: have at least 3-6 months expenses fully liquid
5. 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