Planning Matters Radio

Roth IRAs are one of the most powerful tools you can use to become extremely wealthy. But as Peter with Richon Planning explains to Erin Kennedy, there are many misconceptions about them, including:

-Myth #1: You can't touch any money in a Roth until your 59.5 years old

-Myth #2: Roth IRAs are only for #Retirement

-Myth #3: You can't contribute to a Roth if you make too much money

There are many reasons to consider investing in a #Roth account or even converting your traditional #IRA to a Roth. If you would like to learn more about the tax-free earnings growth of a Roth account, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com #taxfree #wealthmanagement #taxstrategy

Having a tax-efficient withdrawal strategy in #retirement can save you thousands of dollars. A good strategy will minimize the total taxes paid over the course of your retirement, which will increase your wealth and the longevity of your portfolio. In this video, Peter Richon with Richon Planning and Erin Kennedy break down two very different strategies: traditional and proportional. The traditional approach has you spend your retirement money in this order: taxable, tax deferred, tax exempt. On the other hand, the proportional withdrawal method would have you take a proportional amount from all of your accounts. While certain headlines will champion one strategy instead of the other, there is no clear-cut answer for everyone. The only way to determine your most tax-efficient withdrawal strategy is to crunch the numbers, speak with an expert, and revisit that strategy as your goals and finances change. If you'd like to see which strategy makes the most sense for you right now, please feel free to give Peter a call at (919) 300-5886 or schedule a complimentary visit at www.RichonPlanning.com #WealthManagement #TaxStrategy #Taxes

In this episode of Planning Matters Radio, we have a surprise guest #TomHegna that is joining us. The author of multiple books including "Don't Worry Retire Happy" and "Pay Checks and Play Checks", #TomHegna joins us to discuss the income planning piece of retirement and how simple it can be when broken down. We hope you enjoy this special edition to Planning Matters Radio. Give #PeterRichon a call at (919) 300-5886 and visit #RichonPlanning.com.

Investing during a #recession requires a very different approach. In light of recent market volatility, #inflation, and interest rate hikes from the Fed, Peter with Richon Planning and Erin Kennedy walk through a few tips for investing during a recession, including:

-Is Cash Really King?

-Defensive Stocks: healthcare, utilities, and consumer staples like food and beverages are fairly recession proof

-Dividend Stocks and Fixed Income Investments like #Bonds

-Keep Investing, a strategy known as Dollar Cost Averaging

If you'd like to speak with Peter to determine if your portfolio is recession-proof, or if you'd just like to talk through these recent headlines, feel free to give him a call at (919) 300-5886 or set up a complimentary appointment by visiting www.RichonPlanning.com

#wealthmanagement #markettrends #marketvolatility #recessionproof

For almost every retiree, their biggest fear is running out of money. You want your #retirement to be a fitting reward to a lifetime of hard work. But it's hard to know exactly how much money you'll need to achieve your unique retirement goals, without sacrificing your quality of life. In this video, Peter with Richon Planning and Erin Kennedy break down the three biggest risks to your retirement nest egg: Longevity Risk:

1. Today, a couple at age 65 has a 50% chance of living beyond 90!
2. 2. Changes to Social Security: The government will have to make changes to Social Security if the program is to remain solvent
3. 3. Inflation: high #inflation means you'll have to use more of your retirement savings each year to maintain your same quality of life.

Designing a holistic retirement plan that addresses these risks is key to maintaining your quality of life, no matter what. If you'd like to talk through your plan and whether your income streams are sustainable, please feel free to reach out to Peter by calling (919) 300-5886 or by scheduling an appointment at www.RichonPlanning.com

#WealthManagement #SocialSecurity #CostofLiving

More than 70% of adults who live to 65 will need Long Term Care of some kind! Not only is LTC very expensive, most costs aren't covered by Medicare nor other health insurance plans. As Peter with Richon Planning explains to Erin Kennedy, without proper planning this can wipe out your retirement savings, but before you buy a policy, first, crunch the numbers to determine: -

What is the right age to buy LTC insurance?

-How Much Coverage to Buy

-Should You Consider Other Options, like Permanent Life Insurance?

There's a lot of advanced planning that goes into determining when or whether you should buy Long Term Care Insurance. If you'd like to talk through these options with Peter to figure out what's best for you and your family, please feel free to reach out by calling (919) 300-5886 or by setting up an appointment at www.RichonPlanning.com

A lot of us want to go into #retirement debt free. But before you pay down that #debt, you should consider a few specific variables. And as Peter Richon with Richon Planning explains to Erin Kennedy, this isn't a strictly financial decision. So before you put money toward that mortgage debt, first consider: -Your mortgage rate: if it's very low, your money may be better spent in another investment with a higher rate of return -Tax Consequences: you would potentially eliminate a mortage write off, and there are penalties if you withdraw money from retirement accounts early -Prioritize Paying Down High Interest Debt: as interest rates climb, that will make certain debt more expensive -Prioritize Savings: saving for retirement should always be a priority, and make sure you have an emergency fund If you would like to talk through the implications of paying off your mortgage, or if you'd like to learn if there are other investments that may offer a higher return, please feel free to call Peter at (919) 300-4886 or by visiting www.RichonPlanning.com #MortgageRate #DebtFree #WealthManagement #FinancialPlanning #TaxPlanning

There may never be a better time to open a #Roth account. Roth #IRAs offer tax-free earnings growth, and as Peter with Richon Planning explains to Erin Kennedy, there are 5 clear-cut reasons you should consider investing in a Roth today:

Today's Historically Low Tax Rate: the Tax Cuts and Jobs Act, which reduced federal income tax rates, is set to sunset in 2025

2. Your Depreciated Portfolio: pay taxes on a smaller value now, then allow that future growth to happen tax free

3. Possible Elimination of Backdoor Roths: the Build Back Better Act proposed ending Backdoor Roths; the loophole dodged the axe... for now.

4. Legacy Planning: assets in Roths are not subject to probate and can be passed on to heirs tax-free

5. No Required Minimum Distributions: which means you have more control over your income and your tax liability

If you'd like to speak with Peter about opening a Roth account, or if you'd like to learn how to convert your traditional IRA to a Roth IRA, please reach out by calling (919) 300-5886 or by visiting www.RichonPlanning.com

#taxfree #TaxDiversification #wealthmanagement #retirement

There are 4 unique reasons Charitable Remainder Trusts are good options for your Estate Plan. In this video, Peter Richon with Richon Planning and Erin Kennedy explain how a #crt works: it is an irrevocable trust that allows you—or a designated beneficiary—to receive an income stream for life. After you die, the remainder of the assets in the trust are donated to your charity (or charities) of choice. Peter also walks through those 4 benefits, including:

1. You Can Save on Taxes
2. 2. You Can Increase Your Income
3. 3. You Can Support Worthy Causes
4. 4. You Can Protect Your Money from Creditors 

Naming the trustee should be a thoughtful decision since a CRT is an irrevocable trust. If you'd like to learn whether a CRT makes sense for you or your family, please feel free to reach out to Peter by calling (919) 800-5886 or by making an appointment at www.RichonPlanning.com

If you don't have a tax plan, you don't have a retirement plan. In retirement, you not only want to maximize your income, but you also want to minimize your tax bill. In this video, Peter Richon with Richon Planning and Erin Kennedy break down three strategies that will help you keep more money in your pocket, including:

1. #Roth Conversions: take advantage of today's historically low tax rate
2.  Have an #RMD Strategy: consider earlier distributions or Qualified Charitable Distributions
3. Explore Health Savings Accounts: the only triple tax advantaged retirement account that can help with what's often your biggest expense in retirement, #healthcare

To talk through these strategies to see if they're right for you, please feel free to reach out to Peter, who can run a detailed analysis, specific to your unique financial goals, by calling (919) 801-7131 or by setting up a meeting at www.RichonPlanning.com

#taxrate #RothConversions #qcds #taxes #HSA #retirement #wealthmanagement