Planning Matters Radio

Since the start of the pandemic, about 3% of #retirees between 55 and 64 have re-entered the workforce! If you're thinking of going back to work, or "unretiring," there are a few details you should keep in mind. First, you will not lose your Social Security benefits, but they may change, as Peter with Richon Planning explains to Erin Kennedy.

Also, if you "unretire," you may have to keep taking RMDs, and there may be an impact on your medicare benefits.

If you're thinking about going back to work, it's certainly worth having a conversation with a professional to learn how it could affect your benefits. And if you're nearing #retirement age, make sure you work with a professional who can help you create a holistic financial plan that can withstand market volatility. If you do go back to work, you want to do it because you want to, not because you have to. To have that conversation with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com

#SocialSecurity #Unretire #MarketTrends #WealthManagement #FinancialPlanning

It's a bit tough to keep up with all the changes that have come to Required Minimum Distributions, or RMDs, which started back in 2019 with the original SECURE Act. However, there are 3 significant changes that went into effect January 1st of 2023. Peter with  @richonplanning  and Erin Kennedy lay out and explain each change, including:

1. The Starting Age Has Increased Again
2. 2. Lower Penalties if You Miss Taking your RMD
3. 3. Inherited Retirement Accounts (accounts inherited before 2020 vs. accounts inherited after 2020)

Keep in mind, you can correct an RMD mistake, but it's best to avoid those missteps if possible, which is why proactive planning is so important. If you'd like to talk through these changes and how they affect you or your beneficiaries, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com

#SECUREAct  #Retirement #RequiredMinimumDistributions #IRA

U.S. Debt recently hit a record new high... 31 Trillion dollars! Now #congress will have to vote whether to raise the debt limit again, fueling fears of default, which would have enormous consequences on the economy and your finances.

In this episode, Peter with Richon Planning and Erin Kennedy walk through how a showdown over the Debt Ceiling could affect your finances:

1. Market Volatility: in 2011, during a similar "debt showdown" in Congress, the stock market dropped 14% over 4 weeks
2. 2. Surging Borrowing Costs: default could push interest rates even higher, drastically affecting the cost of borrowing
3. 3. Cuts to Social Security and Medicare: if the government defaults on its debt, there could be a lapse in the $90 billion monthly Social Security payments made to 65 million people

The deadline to increase the debt limit is June 5th. If you're concerned about how the volatility in Congress could affect your finances or your #retirement, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com #debtceiling #DebtLimit #socialsecurity #medicare

Despite a sharp increase in the #COLA for 2023, some people may see a lower Social Security payment this year. In this video, Peter Richon with Richon Planning and Erin Kennedy break down 3 possible reasons why:

1. You Earned Too Much Last Year: If you're under full retirement age and are collecting SS benefits while still working, there is a limit to the earnings you can receive.

2. You Made Changes to Your Medicare Coverage: If you made a change to your Medicare coverage, such as adding Part D, this will cause a deduction from your Social Security benefit check.

3. A Medicare Premium Surcharge Known as IRMAA

Peter also explains how to avoid the #IRMAA penalty and how to apply for an IRMAA waiver.

If your Social Security payment is lower this year, please feel free to reach out to Peter so you can determine if you should be making any changes when it comes to which account you tap first for income or if there are any other changes you should consider. Peter would be happy to sit down with you, free of charge. Just set up an appointment by calling (919) 300-5886 or by visiting www.RichonPlanning.com

 

#socialsecurity #createincome #retirement

Starting in 2024, you can roll up to $35,000 from a #529 into a #Roth individual retirement account, which can jumpstart tax-free retirement savings for young investors, all while taking advantage of today's historically low tax rate.    But opening a 529, as Peter Richon with Richon Planning explains to Erin Kennedy, isn't right for everyone. In this video, Peter lays out the pros and cons, and suggests other accounts you should consider maxing out first.   If you'd like to learn more about opening a 529 for your child or grandchild, or if you'd like to talk through other strategies to help fund higher education, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com   #College #CostofCollege #Retirement #TaxFree

2022 was a brutal year for investors. 2023 is sure to be challenging, but there are some action steps you can take now, to set yourself up for success no matter how the market behaves. In this video, Peter Richon with Richon Planning and Erin Kennedy walk through these 5 Resolutions:

1. Rebalance

2. Pay Down Debt, Lower Expenses

3. Keep Saving for Retirement

4. Update Your Estate Plan/Beneficiaries

5. Proactive Tax Planning

If you would like some help outlining or setting up and achieving your unique financial goals and resolutions, please feel free to reach out to Peter for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com

#FinancialResolutions #2023resolutions #financialfitness

SECURE Act 2.0: Later RMDs, 529-to-Roth Rollovers, and Other #Tax Planning Opportunities

Congress recently passed #SECURE Act 2.0, which will bring several changes to retirement account rules. Peter Richon with Richon Planning and Erin Kennedy break down the big takeaways, including some unique opportunities, including:

-RMD Age Increase

-QCDs Will Be Expanded

-529 Plans

These changes, however, will make proactive tax planning even more important. Keep in mind, when you delay those Required Minimum Distributions, it will lead to larger account balances at death, which could create a significant tax burden for your beneficiaries.

If you'd like to talk through these changes and how they affect your #retirement plan, please reach out to Peter for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com

#rmds #QCDs #taxplanning #wealthmanagement #taxes #roth

2022 was a tough year for investors, and a lot of us may not realize there are strategies that a lot of the pros utilize, which are great complements to traditional #stocks and #bonds. As Peter with Richon Planning explains to Erin Kennedy, Structured Notes offer a unique source of risk and return.

Peter and Erin break down the three types of Structured Notes, including: -Principal Protected -#Income -Growth

We know the Fed will continue to raise rates in 2023, which will affect the value of bonds. Now is a great time to consider complementing your portfolio with notes that can add protection or create income. To learn more, please reach out to Peter by calling (919)300-5886 or by visiting www.RichonPlanning.com

#StructuredNotes #BondAlternatives #CreateIncome

What was the biggest financial headline of 2022? According to Peter at Richon Planning, the two stories of 2022 are: Inflation and the ensuing Fed Rate Hikes. As Peter explains to Erin Kennedy, steep interest rate hikes from the Fed affected almost every aspect of our economy and the markets, putting pressure on both #stocks and #bonds.

Peter also weighs in on whether bonds will make a comeback and how the Midterm elections will affect the markets in 2023.

If you'd like to speak with Peter about your unique financial goals for 2023 and how continuing interest rate hikes may affect your financial plan, please reach out for a complimentary consultation by calling (919)300-5886 or by visiting www.RichonPlanning.com

#wealthmanagement #financialgoals #markettrends

The latest GDP info shows that the US economy grew .6% in the third quarter, a 2.6% annual rate, a rebound, but not enough to ease worries of a recession. As the Fed continues to raise rates, Peter with Richon Planning debates whether we are already in a #recession or whether we will avoid a recession entirely.

He and Erin Kennedy look at key indicators including the #GDP, to gauge the overall health of the economy and to predict whether the Central Bank will back off its hawkish stance.

If you have any questions about the market or your investments, please reach out to Peter who'd be happy to "stress test" your portfolio to see if you're prepared for this or any future market volatility; simply call (919) 300-5886 or visit www.RichonPlanning.com