Planning Matters Radio

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:

1. Create a Spending Plan
2. 2. Assess Fixed Income Sources
3. 3. 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