The 2.5% cost of living adjustment reflects a steady decline in inflation. However, it looks like we'll be paying almost 6% more for Medicare Part B! That doesn't mean you'll see a smaller SS check in January, but if you're wondering how this will affect you, Peter with Richon Planning and Erin Kennedy walk through these questions:

-Does the COLA affect when we should claim our Social Security benefits?

-How does this jump in the cost of Medicare Part B affect my Social Security check?

-How will this COLA affect the taxes we pay on our SS benefit?

If you have any questions about when you should claim Social Security or how to pay for Medicare, please reach out to Peter for a complimentary consultation by calling (919) 300-5886 or visit www.RichonPlanning.com

Annuities can provide a guaranteed stream of income in retirement. And while the benefits aren't as significant for high-net-worth individuals, as Peter with Richon Planning explains to Erin Kennedy, there are a few that can make sense as part of a comprehensive retirement plan, including a:

Longevity Annuity

2. Hybrid Long-Term Care Annuity

3. Charitable Gift Annuity

4. Grantor Retained Annuity Trust (GRAT)

5. Medicaid Compliant Annuity

Of course, each of these options comes with certain pros and cons for each investor. If you'd like to talk through how you may be able to benefit from an annuity, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

There are many different enrollment periods with Medicare, and there are penalties if you miss your enrollment period. October 15th kicks off the Annual Election Period, which runs through Dec 7th. In this video, Peter with Richon Planning speaks with Erin Kennedy to break down deadlines, costs, and the differences between each Part.

There is no cookie cutter answer as to which plan or Part is right for you. To talk through your unique goals and priorities, give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

A recent survey by AARP found that many Americans over 50 don't feel confident about their finances. However, if you follow these 3 specific strategies, as explained by Peter with Richon Planning to Erin Kennedy, you will certainly feel more in control, and you'll be setting yourself up for a financially happy retirement. Here's a look at those three strategies:

Utilize the Bucket Strategy: segment your money based on time horizon which will allow you to grow your savings while still paying the bills

Consider Semi-Retirement: According to data from the Bureau of Labor Statistics, the number of people 75 and older who are still working is expected to grow by 96% by 2030

Have a Plan (crunch the numbers): only 42 % of people have ever calculated what they'll need to live on in retirement. First step, make a budget. Then, create a plan that allows you fund your ideal retirement

If you have any questions about how to finance your retirement to make sure you don't outlive your money, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

You'd think any kind of income would be good, but phantom income, and the taxes that come with it, can take a lot of investors by surprise! Peter with Richon Planning and Erin Kennedy want to make sure you know how to avoid it and talk through some smart tax strategies to consider, including investing in ETFs (exchange traded funds) instead of mutual funds.

If you'd like to work with an advisor who focuses on advanced tax planning, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com

You'd think any kind of income would be good, but phantom income, and the taxes that come with it, can take a lot of investors by surprise! Peter with Richon Planning and Erin Kennedy want to make sure you know how to avoid it and talk through some smart tax strategies to consider, including investing in ETFs (exchange traded funds) instead of mutual funds.

If you'd like to work with an advisor who focuses on advanced tax planning, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com

Roth accounts are an amazing tool when it comes to creating wealth. Roth IRAs are not subject to probate and can be passed on to heirs tax-free. They also grow tax-free! If you're considering a Roth Conversion, Peter with Richon Planning and Erin Kennedy walk through 3 key considerations:

1. Your future tax rate 

2. When will you need to access the funds?

3. Your beneficiary's future tax rate

Keep in mind, we are living in a historically low tax rate. Many financial experts believe that the Tax Cuts and Jobs Act of 2017 reduced federal income tax rates to the lowest level they may ever be, and those cuts are set to expire at the end of 2025. In other words, there has never been a better time to determine if a Roth Conversion is right for you.

If you'd like to crunch the numbers with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com

#WealthManagement #Roth #RothConversion #FinancialAdvisor #Taxes

💰💰💰 Financial confidence through educated planning💰💰💰 Be SMART with your money with Peter Richon at Richon Planning!!!

In this episode, Peter sits down with special guest Becky Swansburg for an insightful conversation about how the upcoming election could shake things up for your retirement plans. They break down the key issues to watch out for and what changes might be on the horizon. From new tax laws to shifting policies, Peter and Becky cover the important topics that could directly affect your financial future. Whether you're nearing retirement or already there, this discussion will give you valuable tips and strategies to stay ahead of the game during these uncertain times.

If you have any questions about keeping your money and your personal information secure, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com

Interest rates have been high since March of 2022, but now, they're finally coming down. That means it's time to rethink how we're investing. In this video, Peter with Richon Planning and Erin Kennedy talk through why the Fed has decided to lower interest rates, and they discuss specific investments you should consider now that rates are coming down, including:

High-yield Investments

Bond ETFs Preferred Stock 

REITs 

Housing Stocks 

If you would like to talk to Peter about how to invest as the Fed continues to lower interest rates, please feel free to reach out by giving him a call at (919) 300-5886 or visit www.RichonPlanning.com

#InterestRates #Investing #WealthManagement #FinancialAdvisor

Check out this recent headline: "Hackers may have stolen the Social Security numbers of every American." And according to the experts, those numbers are now available -for free- on an online marketplace for stolen personal data. In this video, Peter with Richon Planning and Erin Kennedy discuss what you can and should do to keep your personal information safe, starting with:

1. Freeze Your Credit 

2. Monitor Your Accounts Closely

3. Use Two Factor Authentication

4. Be Vigilant

And we need to remind everyone watching... The biggest risk is: us! Hackers will do everything they can to steal our information, and they're very good at it! It's their job!

You can freeze and unfreeze your credit reports at Experian, TransUnion and Equifax online, by phone or by mail. The online option is the fastest and easiest.

Experian:

www.experian.com/freeze/

TransUnion

https://www.transunion.com/credit-freeze

Equifax

https://www.equifax.com/personal/credit-report-services/credit-freeze/

If you have any questions about keeping your money and your personal information secure, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com