Planning Matters Radio

How old is too old to buy an annuity? It typically doesn't make sense to buy one if you're under 50, and most insurance companies stop selling them once you hit 90. But as Americans live longer, our fear of outliving our savings has pushed sales of annuities to record highs. In fact, annuity sales topped $432 billion in 2024, but as Peter with Richon Planning and Erin Kennedy discuss, that doesn't mean they're right for everyone. In this interview, we break down: 🔹 When an annuity actually makes sense — and why timing is everything 🔹 The core problem annuities solve 🔹 How much liquidity you should keep before locking money up 🔹 The tax implications for you and your heirs 🔹 And what to consider if you're too young or too old for an annuity If you've ever wondered whether an annuity fits into your retirement income plan, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com to learn more.

Risk isn't just a number on a chart... it's how you feel when markets move. If you've ever wondered whether your portfolio matches your true risk tolerance, Peter with Richon Planning and Erin Kennedy lay out four red flags to pay attention to:

🔹 You check your accounts constantly. How often is too often? If market swings dictate your mood, it may be time to reassess.

🔹 Market drops keep you up at night. The headlines are loud, and it's hard to tune out the noise.

🔹 You've made panic-driven decisions before. Emotional investing is one of the biggest threats to long-term returns.

🔹 You feel pressure to "chase" returns.

FOMO can push you into taking risks you're not comfortable with.

The good news? Peter can help align your investments with your true risk tolerance, keeping you disciplined, diversified, and focused on the long-term plan (not the daily swings). If you'd like to find a plan that's in line with your goals and your tolerance, please call (919) 300-5886 or visit www.RichonPlanning.com

Most people are so focused on saving for retirement that they overlook the everyday habits that can derail it. According to Kiplinger, only 44% of Americans have calculated what they'll need to live on in retirement, and without that number, it's easy to overspend or take on risks that shrink your nest egg. In this week's interview, Peter with Richon Planning and Erin Kennedy break down the three most common pitfalls pre-retirees face:

🚫 Maintaining Debt Many retirees carry credit cards, car loans, mortgages, sometimes totaling $55,000. We discuss why entering retirement debt-free is so critical and what steps to take now to get there.

👨‍👩‍👧 Helping the Kids Half of parents are providing financial support to their adult children... averaging $1,500 a month. How do you help family without sacrificing your own financial future? 💳 Living "Large"

Are you spending more than you should? We lay out how to realistically evaluate your lifestyle so you don't outlive your savings.

If you'd like to learn how small decisions and simple habits today can protect your retirement, please call Peter at (919) 300 - 5886 or visit www.RichonPlanning.com

The end of the year is fast approaching, and so is the deadline for the tax moves that can lower your 2025 tax bill. In this video, Peter with RIchon Planning and Erin Kennedy break down the top five simple steps to help keep more money in your pocket, including:

1. Max Out Your 401(k)

2. Contribute to Your HSA

3. Max Out Your Roth IRA

4. Harvest Your Investment Losses

5. Donate to Charity

This easy checklist can make a big difference come tax time. And keep in mind, it's never too late (or too early) to start thinking about how you can earn more and save more next year. And if you'd like to have a conversation with Peter about how to save more in taxes over the course of your lifetime (not just the filing year), please give him a call at (919) 300-5886 or visit www.RichonPlanning.com

The holidays bring families together... multiple generations under one roof, to share stories and look ahead. And as Peter with Richon Planning explains to Erin Kennedy it's also an ideal time to start meaningful conversations about family finances and the legacy you want to leave behind. The truth is, 60% of wealth transfers fail simply because families never talk about them. Opening the door to that conversation now can reduce stress later and help protect the people you care about most.

If your family is ready to take that first step, Peter is here to help start that discussion and make the process feel simple, supportive, and clear. To set up a complimentary appointment, please call (919) 300-5886 or visit www.RichonPlanning.com

The beauty of a Roth IRA is simple: pay the taxes now, enjoy tax-free income later. But when it's time to withdraw your money, the rules can get tricky, and mistakes can cost you. In this video, Peter with Richon Planning and Erin Kennedy break down the five key steps to keep your Roth distributions tax-free, including:

✅ Follow the IRS ordering rules

✅ Remember: contributions are always tax- and penalty-free

⚠️ Watch for the 10% penalty on converted funds

📆 Understand when earnings qualify for tax-free treatment

⏰ Know how the five-year clock really works

🎥 Watch the full conversation to make sure your Roth IRA works the way it's meant to... tax-free. And if you have any questions about creating tax-free income in retirement, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com to schedule a complimentary appointment.

Starting next year, workers age 50 and older earning more than $145,000 will lose a major 401(k) tax break.

As Peter with Richon Planning explains to Erin Kennedy, catch-up contributions that used to reduce taxable income must now be made after tax - as Roth contributions. That could mean less take-home pay today, but potentially tax-free withdrawals later. In this interview, Peter answers:

💬 What does this mean for your retirement strategy?

💬 Should you reconsider Roth vs. traditional contributions?

💬 And can strategies like Roth conversions or HSAs help offset the lost deduction?

If you'd like to speak with Peter to determine if tax-deferred or tax-free is better for you and your retirement, if you'd like to learn about other strategies to reduce your taxable income, or if you want to supercharge your retirement savings, please call (919) 300-5886 or visit www.RichonPlanning.com