Planning Matters Radio

The Social Security trust fund is projected to be insolvent by 2033, and by 2035, benefits could be reduced by 23% if no action is taken.

As Peter with Richon Planning and Erin Kennedy explain, that means future retirees may only receive about 77% of promised benefits... a potential shortfall that could cost the average worker $138,000 in lost income!

💡 What can you do now?

✔️ Max out your retirement contributions and catch up contributions

✔️ Take advantage of your employer match

✔️ Diversify your investments

✔️ Work with a financial advisor who can help you decide when to claim Social Security and build multiple income streams for retirement.

Social Security isn't going away, but it may not be enough on its own. Planning ahead could make all the difference. If you're worried about being prepared for retirement no matter what, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com #RetirementPlanning #SocialSecurity #FinancialFreedom #RetirementSavings #WealthPlanning #FinancialAdvisor #FutureReady #InvestSmart #RetireWithConfidence

According to the Transamerica Center for Retirement, more than one-third of workers have taken a loan, early withdrawal, or hardship withdrawal from their 401(k). It might feel like "borrowing from yourself," but as Peter with Richon Planning and Erin Kennedy explain, it can come with long-term consequences: missed market growth, double taxation, and a smaller nest egg when you need it most.

In our latest conversation, we're breaking down the real cost of a 401(k) loan, including:

💸 How even a small loan today can erase tens of thousands in future gains.

📉 Why you're actually taxed twice on what you repay.

⏳ What happens if you change jobs before paying it off.

💡 And the smarter financial moves to consider first.

If you've ever thought about tapping your retirement account, this is one interview you shouldn't miss. And if you'd like to talk through better options if you're facing a financial hardship, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com

You've heard of asset allocation, but what about asset location? Where you hold your investments can be just as important as what you invest in when it comes to lowering your tax bill. In this new conversation, Peter with RichonPlanning and erinkennedy break down 4 simple but powerful strategies that could help keep more of your money working for you: Traditional vs. Roth IRAs and their unique tax advantages Tax-loss harvesting explained (with real-life examples) Why dividend-paying stocks might belong in tax-advantaged accounts How long-term capital gains planning can even mean a 0% tax rate with the right strategy Because, as Peter always says, it's not about what you make, it's about what you keep. If you'd like to learn how you could benefit from these strategies, please call (919) 300-5886 or visit www.RichonPlanning.com to set up a complimentary appointment.

Did you know some investments can generate income without triggering a big tax bill? From municipal bonds to tax-advantaged accounts, there are several smart ways to keep more of what you earn. In this interview, Peter with Richon Planning and Erin Kennedy walk through: Municipal Bonds — why their interest is federally tax-free Tax-Exempt Money Market Funds — and how they work Series I & EE Bonds — interest that's free from state and local taxes Treasury Bills — federal tax applies, but no state or local taxes

• And Why a Roth IRA might provide the biggest tax advantage of all

Investing isn't just about growth, it's about keeping more in your pocket. If you'd like to learn how to pay less to Uncle Sam (while still following the law!), give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

Age 62 is the earliest you can claim Social Security benefits, but should you? In this video, Peter with Richon Planning and Erin Kennedy talk through what you gain and what you lose when you claim your benefits before Full Retirement Age, including: Why claiming early means smaller monthly checks for life How the Earnings Test could reduce benefits if you're still working Why waiting can mean a bigger benefit... but that doesn't mean everyone should wait to claim According to Forbes, only 4% of people claim Social Security at the most "financially optimal" time. To make sure you're not part of the 96% who are missing out on what could be thousands, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com to break down the trade-offs so you can make the choice that's right for you

Can you live on $4,000 a month? According to The Motley Fool, median monthly income for retirees is just over $4,100 a month. But determining whether YOU can live on that depends on where you live, your expenses, and your other income sources. And as Peter with Richon Planning explains to Erin Kennedy, it also depends on: Location & cost of living Monthly expenses & lifestyle choices Other income sources (Social Security, pensions, investments) Inflation & longevity To learn if $4,000 a month is truly enough for you, or to learn how to build an income plan that works for your retirement, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com to design the retirement you want.

Big changes could be coming to your 401(k). A new Executive Order paves the way for riskier assets, like private equity, real estate, and even crypto, to be included in workplace retirement plans. But is this a good move for everyday investors? Peter with Richon Planning and Erin Kennedy break down the pros and cons, including: What private equity really is The risks vs. rewards of alternative investments Why fees matter—and who really benefits Who (if anyone) should consider these risky assets Saving for retirement is complicated. If you want to make sure you're invested according to your risk tolerance, while still taking advantage of cutting-edge investment options, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com If you'd like to read President Trump's executive order, please click here: https://www.whitehouse.gov/presidential-actions/2025/08/democratizing-access-to-alternative-assets-for-401k-investors/

Are you thinking about converting your term life policy to a whole life policy? Many people purchase term life insurance for the affordability and protection it offers during their working years. But as life changes, the question often comes up: should you convert your term life policy into a whole life policy? In this video, Peter with Richon Planning and Erin Kennedy break down what you need to know, including:

✅ The key differences between term and whole life

✅ Why some people choose to convert

✅ The potential costs and drawbacks

✅ How to know if it's the right move for you

If you'd like to sit down with Peter to determine if converting your term life policey makes sense as part of your financial plan, of if you'd like to discuss the pros and cons of investing in a whole life policy, please call (919) 300-5886 or visit www.RichonPlanning.com

Thinking about retirement? You might want to budget more for health care than you'd expect. A recent Wall Street Journal article highlights three big costs retirees tend to underestimate. In this video, Peter with Richon Planning and Erin Kennedy walk through these 3 (often overlooked) medical costs. They are:

1️⃣ Medications – especially new or non-generic prescriptions

2️⃣ Medical Isolation – higher costs in areas with limited access to care

3️⃣ Concierge Care – in some markets, doctors aren't accepting Medicare and instead are charging an annual fee (averaging $3,500) to be seen

In retirement, healthcare isn't just about insurance. It's about planning ahead. If you'd like to sit down with Peter to discuss your best options for healthcare and build a plan that accounts for these "hidden" expenses, please call (919) 300-5886 or visit www.RichonPlanning.com

Listen to this: a new study from "Investing in the Web," tested ChatGPT with 100 finance questions. The result? More than one third of the answers were wrong or misleading. From saving for college to deciding if gold is a good investment, those mistakes could mean real losses in your wallet. In this video, Peter with Richon Planning and Erin Kennedy talk through: Where AI goes wrong with money questions When it's actually safe to use it Why your financial future deserves human expertise AI is a great tool for research, but when it comes to your money, nothing beats a qualified human advisor who understands your unique situation. If you'd like to talk through your financial concerns and questions, and get answers that are personally tailored to your unique goals, please call Peter at (919) 300 - 5886 or visit www.RichonPlanning.com