Planning Matters Radio

According to this recent study from @Kiplinger (include source article), 43% of retirees are more financially stressed than when they were working and surprise expenses are a major reason why. In this video, @peter with @richonplanning and @erinkennedy break down the top 5 expenses, including: 1. Healthcare: Often the biggest, and most unpredictable, retirement expense. Even with Medicare, out-of-pocket costs for chronic care, surgeries, and prescriptions can be substantial. 2. Taxes: Retirees often assume they'll be in a lower tax bracket when the stop working, but that's not often the case. 3. Emergencies: If you don't have a cash cushion, when the unexpected happens, it can derail your finances. 4. Family: A record number of parents, 50% according to a report from Savings.com, are financially supporting their adult children, with the average support around 15 hundred dollars a month! That includes expenses like groceries, cell phone bills, rent, health insurance, and even vacations. 5. Inflation: Your retirement can last as long as our working years. If you don't have a plan to help your money grow, your nest egg won't keep up. The good news is, you can create a plan now that addresses each one of these expenses, so they don't derail your retirement. If you'd like to talk through these "budget busters" with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com SOURCE: https://www.kiplinger.com/retirement/the-biggest-stealth-costs-in-retirement

Our Countdown to Retirement continues! To help you get ready for retirement, Peter with Richon Planning has created a great resource at www.RichonPlanning.com that anyone can download, keep, and read at their own pace. In this video, he and Erin Kennedy talk through the top 5 planning mistakes. They are: 1. Not having a "GRIP" on your retirement 2. Taking inappropriate risks 3. A "gross" planning mistake (hint: taxes) 4. Not caring enough to plan for long-term care 5. Not Optimizing Social Security Ready to take action? Download "The Countdown to Retirement"—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300 - 5886. #RetirementPlanning #FinancialSecurity #WealthManagement #IncomePlanning #SocialSecurity #RetirementIncome #LongTermCare

Retirees who want to reduce their taxes in retirement can benefit from strategic conversions and transfers between traditional and Roth IRAs. As Peter with Richon Planning explains to Erin Kennedy identifying those key windows for Roth conversions can lead to significant tax advantages and a bigger nest egg! The top 5 times to consider a conversion are:

1. During Market Downturns

2. Anticipation of Tax Bracket Changes

3. Between Retirement and RMD Age

4. Experiencing a Low Income Year

5. Planning for Your Heirs

Keep in mind, taxes are set to increase at the end of 2025. Now is the time to crunch the numbers and determine if a Roth Conversion is right for you. To walk through the pros and cons, and the tax implications, give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

The Countdown to Retirement continues! A solid financial plan isn't just about investments, it should cover six key areas that impact your entire financial life. As Peter with Richon Planning explains to Erin Kennedy, if even one is missing, your plan may fall short. Those 6 issues are:

1. Is my plan aligned with my goals?

2. Income

3. Investments

4. Taxes

5. Healthcare

6. Legacy

If your financial plan doesn't include these 6 issues, it might be time to get a second opinion.

Ready to take action? Download "The Countdown to Retirement"—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300-5886. 📚

The Countdown to Retirement Continues! Some of the most common beliefs about money, retirement, and investing are myths and believing in them can really hurt your financial future. In this video, Peter with Richon Planning and Erin Kennedy break down the 7 biggest financial myths, including: -The market always goes up -The market averages 10% a year -The 4% rule works for retirement withdrawals -My taxes will be lower in retirement -I don't need life insurance once I retire -My investments alone will cover retirement -It's too late to plan- I don't have enough If you'd like to talk to Peter to learn more about these common myths and misconceptions, now is a great time to call! Ready to take action? Download "The Countdown to Retirement"—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300-5886. #RetirementPlanning #FinancialSecurity #WealthManagement #IncomePlanning

If you're within five years of retiring, either before or after, you're at your most vulnerable financially. Retiring in a down market presents a very unique risk known as "sequence of returns risk." In this video, Peter with Richon Planning and Erin Kennedy break down the top 5 steps to weather the volatility. 1. Build a Cash Cushion: protect against Sequence Risk 2. Fix Your Mix (a little): adjust your portfolio according to your risk tolerance 3. Adjust Your Spending: both expenses and withdrawal rate 4. Work a Little Longer: it means sustainable income and the chance to delay claiming Social Security 5. Consult an Advisor: a holistic financial plan will be tailored to your goals and will protect against volatility If you'd like to talk through this volatility to make sure you have a plan that accounts for market downturns, or even capitaizes on them, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com #Retirement #SocialSecurity #SustainableIncome #MarketVolatility

There are times when moving your money isn't just a good idea, it's necessary. Figuring out *when can help you protect your investments, reduce your taxes, and stay aligned with your long-term goals. In this video, Peter with Richon Planning and Erin Kennedy detail the 8 moments you should move your money. They are:

-Rebalancing

-Roth conversions

-Age 59 1/2, the in-service distribution

-Leaving a job

-Fees are too high

-Under performing

-Your time horizon has changed

-Consolidating accounts

Ready to take action? Download "The Countdown to Retirement"—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300-5886. 📚

‎As of April , about 60,000 people have been laid off or fired, including thousands more at U.S. health agencies. With the markets rattled and a potential recession on the way, a lot of people are worried about their job right now. In this video, Peter with Richon Planning and Erin Kennedy outline 4 action steps you should take if you've been laid off, or if you're concerned you might be:

File for Unemployment

Update Your Resume

Review Your Severance, Final Paycheck, and Unpaid PTO Review Your 401(k) and other Retirement Accounts

If you've been affected by these layoffs, please reach out to your support system and consider speaking with a financial advisor who can help guide you through this time and suggest the best next steps. If you'd like to speak with Peter about how this could affect your savings and your financial goals, please call (919) 300-5886 or visit www.RichonPlanning.com

New rules for Required Minimum Distributions could catch retirees off guard—especially if you're turning 73 this year. One key headline: RMDs now have to be the first money out of your account. From stricter timing requirements to steeper penalties, the IRS is cracking down. In this video, Peter with Richon Planning talks through the new rules with Erin Kennedy, including:

-What "first money out" means for your accounts and rollovers

-Why QCD timing is more important than ever

-The costly mistake 73-year-olds need to avoid

If you'd like to make sure you're ready for these 2025 changes, or if you'd like to discuss other strategies to minimize the tax burden that comes with Required Minimum Distributions, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

When it comes to retirement, saving enough is only part of the equation. You also need to plan for the risks that could derail your financial future. In this video, Peter with Richon Planning and Erin Kennedy break down the 9 Critical Risks You Need to Plan For:

✅ Sequence Risk – How market downturns early in retirement can deplete your savings.

✅ Legislative Risk – The impact of changing laws and policies.

✅ Withdrawal Rate Risk – Is the 4% rule still relevant?

✅ Healthcare Costs & Long-Term Care – Likely your biggest expense.

✅ Spousal Income Changes – How losing a spouse affects income.

✅ Market Volatility – The impact of timing and market swings.

✅ Taxation – Strategies to keep more of what you've saved.

✅ Inflation – The silent threat that erodes purchasing power.

✅ Longevity – How living longer amplifies all these risks.

Ready to take the next step? Download "The Countdown to Retirement"—a comprehensive guide that encourages you to rethink conventional wisdom and consider planning strategies that protect your lifestyle, comfort, and peace of mind. Head to www.RichonPlanning.com, or call Peter at (919) 300-5886.