Peter Richon - Podcast Details

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Planning Matters RadioThe Number One, Most Important Factor Determining Your Retirement Success: IncomeThe Countdown to Retirement continues! Now, for the number one, most important factor determining your retirement success: income. Your income, not your account balance, is what determines your quality of life in retirement. According to a study by the Alliance for Lifetime Income, 80% of retirees with protected lifetime income say they’re confident they won’t outlive their money , compared to just 33% of those without it. In this video, Peter with Richon Planning and Erin Kennedy break down how an investment plan differs from an income plan, and why in retirement, our income is much more susceptible to m...2025-08-0917 min

Planning Matters RadioDash Town: Barbara Patterson and Meike Weist | ArosaJoin Peter Richon on Dash Town — highlighting local businesses making an impact in Fuquay! We sat down with Barbara Patterson, Regional Director, and Meike Weist, Care Manager and Guardian Supervisor with Arosa, a care-managed agency providing in-home caregiving and professional care management for seniors. Barbara and Meike work out of the Fuquay-Varina office, serving families across the Triangle and supporting Arosa’s broader mission to improve quality of life for both clients and caregivers nationwide. With a focus on holistic, person-centered care, Arosa brings together trained caregivers and experienced care managers to help older adults age with...2025-08-0418 min

Planning Matters RadioStructuring Wealth: Tax and Estate Planning Insights with Kristin WilliamsFinancial advisor Peter Richon of Richon Planning speaks with Kristin Williams, Executive Vice President of Advanced Tax Planning at Succession Capital. Their conversation explores how advanced tax and estate planning strategies can support long-term financial organization and decision-making. They cover topics such as trust structures, business transitions, multi-generational planning, and the coordination of tax and estate strategies. Kristin offers perspective on how individuals and families can approach complex planning needs with greater clarity, especially when managing significant assets or preparing for future transitions. This discussion highlights ways to think more strategically about wealth, legacy, and structure—both during life an...2025-08-0213 min

Planning Matters RadioThe 2 Questions You Need to Answer before You RetireThe Countdown to retirement continues! As you get closer to retirement, a lot of questions start popping up, but two stand out as the most important to answer before you hand in your notice. As Peter with Richon Planning explains to Erin Kennedy, those two questions are: 1. What single financial risk could make the biggest impact on your retirement? 2. How can you eliminate the possibility of this risk ruining your retirement income? If you'd like to learn how to prepare for a retirement with no known end date, or if you'd like Peter to stress test your income plan, take ac...2025-07-2616 min

Planning Matters Radio4 Ways to Address Long-Term Care and Medical Expenses in RetirementThe Countdown to Retirement continues! Listen to this: according to Fidelity, the average 65-year-old couple will need nearly $315,000 for healthcare in retirement, not including long-term care. But as Peter with Richon Planning and Erin Kennedy discuss, long-term care, isn't a "maybe" it's likely; 7 out of ten people will need long-term care at some point, and it's not covered by Medicare. Here are your options: 1. Traditional Long-Term Care Insurance 2. Linked Benefits 3. Self-Insure 4. Become a Dependent Of course, certain options are better than others. But determining what's right for you, can be difficult. If you'd like to find out which option is best...2025-07-1916 min

Planning Matters RadioThe 3 Biggest Retirement Expenses and How to Control ThemWe've made it to the top 3 in our Countdown to Retirement! In this video, Peter with Richon Planning and Erin Kennedy talk through the three biggest expenses you'll see in retirement; be sure these expenses are in your plan, or you may run out of money! 1. Largest Known Expense: Taxes 2. Largest Potential Expense: Healthcare 3. The Silent Thief: Inflation The only way to combat the possibility of expenses exceeding assets is to have a written income plan for retirement. Ready to take action? Download “The Countdown to Retirement”—a guide that ch...2025-07-1212 min

Planning Matters RadioCountdown to Retirement: Five Planning Mistakes to AvoidOur 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 you...2025-06-2819 min

Planning Matters RadioThe 5 Best Times for a Roth ConversionRetirees 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 t...2025-06-2112 min

Planning Matters RadioThe 6 Core Issues Every Plan Should AddressThe 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 Countd...2025-06-1413 min

Planning Matters RadioThe 7 Biggest Financial Myths and the Truth Behind ThemThe 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...2025-06-0717 min

Planning Matters RadioHow to Protect Your Retirement Savings Now as Markets PlungeIf 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 hol...2025-05-3117 min

Planning Matters RadioCountdown to Retirement: 8 Moments to Move Your MoneyThere 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 acti...2025-05-2419 min

Planning Matters RadioLaid Off? Consider these 4 Action Steps‎As 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 yo...2025-05-1715 min

Planning Matters RadioUnderstanding the New RMD Rules for 2025New 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 re...2025-05-1014 min

Planning Matters Radio9 Critical Risks That Could Derail Your Retirement—Are You Prepared?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 inco...2025-05-0316 min

Planning Matters Radio3 Financial Planning And Investment Opportunities In A Down MarketRecently, stocks closed out their worst quarter since 2022. The S&P 500 and the Nasdaq logged their worst performance since Russia’s invasion of Ukraine. While these headlines can be upsetting, as Peter with Richon Planning explains to Erin Kennedy, the market downturn can also provide some very specific opportunities for smart investors, including: Put Your Cash to Work – Lower valuations let you buy quality investments at a discount for long-term gains. Consider Tax Loss Harvesting – Selling at a loss can offset taxes now or in the future, turning dips into tax savings. Roth Conver...2025-04-2617 min

Planning Matters Radio10 Steps to Prepare for Retirement—Are You Ready?The “retirement red zone” is the 5 years before and after retirement—a critical time when your decisions about investments, income, and risk can have a lasting impact on your retirement security. In this video, Peter with Richon Planning and Erin Kennedy zero in on the 10 Steps to Prepare for Retirement: ✅ Define Your Budget – Why knowing what you’ll spend is the foundation of your plan. ✅ Define Your Sources of Guaranteed Income – Create a predictable income stream. ✅ Define Your Income Gap – Identify how much more you’ll need to cover expenses. ✅ Strategize on Social Security – One...2025-04-1917 min

Planning Matters Radio4 Recreational Retirement Expenses You Can't Afford to IgnoreOnce people retire, their spending habits often change. Housing, healthcare, and groceries will still make up a significant part of your budget, however, as Peter with Richon Planning explains to Erin Kennedy since retirement often means more free time, you'll probably be spending more "fun money" on these common expenses: 1. Travel 2. Recreational Vehicles 3. Vacation Home 4. Hobbies If you'd like to talk with Peter to create a realistic retirement spending plan that accounts for your own unique retirement goals, please call (919) 300-5886 or visit www.RichonPlanning.com 2025-04-1211 min

Planning Matters RadioDash Town: Sarah Wills | Spray NetJoin Peter Richon on Dash Town — highlighting local businesses making an impact in Fuquay! Today, we visit with Sarah Wills, who works in sales for Spray-Net, a home improvement company specializing in exterior painting and kitchen cabinet refinishing. She holds Bachelor's degrees in International Studies and Spanish with focus areas in Latin American Studies and Ethnobiology from Capital University. Her experience includes 18 years of leadership across multiple industries, 7 years of recruiting, and 5 years in sales, as well as time as a Scrum Master, where she helped teams improve collaboration and efficiency. She integrates her background in customer se...2025-04-1023 min

Planning Matters RadioRecession Proof Investing: 4 Tips for Investing During Market VolatilityInvesting during market volatility or downturns requires a very different approach. In light of recent volatility and stubborn inflation rates, Peter with Richon Planning and Erin Kennedy walk through a few tips, including: -Is Cash Really King? -Defensive Stocks: healthcare, utilities, and consumer staples like food and beverages are fairly recession proof -Dividend Stocks and Fixed Income Investments like Bonds and Structured Notes -Keep Investing, a strategy known as Dollar Cost Averaging If you'd like to speak with Peter to create a financial plan that can withstand volatility, or...2025-04-0515 min

Planning Matters RadioYour 401(k) is NOT a Retirement PlanEveryone's most favorite retirement account, the 401(k), is a great way to save, but it is just a tool, not a strategy. As Peter with Richon Planning explains to Erin Kennedy, without proper planning, you could face unexpected taxes, income gaps, and market risk. There's a reason 401ks are known as tax time bombs: beyond being tax-deferred (which means you will pay taxes at an unknown and probably higher rate in the future), the Required Minimum Distributions can push you into a higher tax bracket in retirement. We are living in a historically low tax...2025-03-2916 min

Planning Matters RadioShould I Consider a Roth Conversion before I Stop Working?Roth Conversions can be one of the best strategies to create tax-free income in retirement. And those accounts can grow tax-free indefinitely because they don't have required minimum distributions. In this video, Peter with Richon Planning and Erin Kennedy talk through the pros and the cons of converting your tax deferred accounts to Roth accounts while you're still working. Keep in mind, when you convert those funds, you'll need to pay the taxes upfront, and it's best if you can pay that bill in cash (pro: if you're working, you may have more financial flexibility). But keep...2025-03-2214 min

Planning Matters RadioWhy DIY Investors Earn LessAccording to @Vanguard's "Advisor’s Alpha" study, a good financial advisor can add about 3% in net returns *per year* through behavioral coaching, asset allocation, rebalancing, and tax planning. In this video, Peter with Richon Planning and Erin Kennedy discuss, in detail, the reasons behind that performance gap. DIY investors often underperform the market because they tend to react emotionally to market movement versus sticking to a risk appropriate financial plan. For more information, please read this study by @DALBAR titled Investor Behavior Continues to Hinder Returns. hyperlink https://www.dalbar.com/Portals/dalbar/Cache/News/PressReleases/QAIB2024_PR.pdf A...2025-03-1512 min

Planning Matters RadioThe 6 Questions You Should ask Your Advisor Before You RetireBefore you retire, there are very specific questions you should ask your advisor. In this video Peter with Richon Planning and Erin Kennedy talk through those questions, which, when answered, can give you a much clearer picture as to whether you are really ready to retire. Those questions are: 1. Am I financially ready to retire? 2. What income sources will I rely on in retirement? 3. How can I minimize taxes on my retirement income? 4. What adjustments should I make to my investment portfolio? 5. Do I have enough saved to account f...2025-03-0816 min

Planning Matters RadioAre You Tax-Ready for Retirement?Taxes don’t disappear in retirement. In fact, understanding tax implications becomes even more important when you're retired. In this video, Peter with Richon Planning and Erin Kennedy talk through the 4 tax questions you should ask your financial advisor before retiring, including: 1. How will my tax situation change once I retire? 2. Are there strategies to reduce my tax liability in retirement? 3. Should I consider a Roth conversion before I stop working? 4. What are the tax implications of withdrawing from my various accounts? If you'd like to learn if you're tax...2025-03-0111 min

Planning Matters Radio5 Investing Mistakes You May be Making Right NowInvesting can seem complex and confusing, and you may wonder whether you're doing all you can to achieve your goals. In this video, Peter with Richon Planning and Erin Kennedy talk through 5 mistakes you might be making and how to turn things around. Here are those mistakes: 1. Getting out when the going gets tough 2. Taking on too much (or too little) risk 3. Not rebalancing your portfolio regularly 4. Paying too much in taxes 5. Not seeking professional advice As for that last mistake, ask yourself: Do I have the s...2025-02-2214 min

Planning Matters RadioMillions of Public Workers are Set to Get Higher Social Security BenefitsA new bill, called the Social Security Fairness Act, was just signed into law and will increase payments for nearly 3 million current and former public employees. As Peter with Richon Planning explains to Erin Kennedy, the law repeals the Windfall Elimination Provision and the Government Pension Offset, which limited benefits for recipients with other pensions. That means teachers, firefighters and police officers, among other public-sector occupations, will soon receive benefits in the full amount. If you think you may be eligible for the Social Security Fairness Act benefits, please reach out to Peter to talk...2025-02-1513 min

Planning Matters RadioDash Town: Colton Owczarzak | Iron VarsityJoin Peter Richon on Dash Town - highlighting local businesses making an impact in Fuquay! Today, we visit with Colton Owczarzak, owner of Iron Varsity, a physical therapy and sports performance business dedicated to helping athletes move, recover, and perform at their best. Colton holds a Doctorate in Physical Therapy from High Point University and a Bachelor’s in Exercise Physiology from California State University - Chico. His experience includes working at EXOS, where he provided care for NFL, NBA, and MLB athletes, as well as time at Cincinnati Children's Hospital, specializing in orthopedic rehab for young at...2025-02-1239 min

Planning Matters RadioNavigating Tax Season: Tips for a Stress-Free FilingIt's that time of year, time to get ready for tax day. Yes, it's stressful, but as Peter with Richon Planning explains to Erin Kennedy, with a little bit of preparation, it doesn't have to be. To set yourself up for success and a stress-free filing, Peter outlines: -The steps you should take now to ensure you’re fully prepared for tax season -How to avoid common tax filing mistakes -How to maximize deductions and credits If you'd like help getting prepared for tax day, or if you'd like a s...2025-02-0815 min

Planning Matters RadioAre Annuities the Right Fit for Your Financial Plan?Annuity sales set new records in 2024. In the first nine months of the year, we saw a 23% increase to $331.2 billion! In this video, Peter with Richon Planning and Erin Kennedy walk through why annuity sales have seen a huge jump in sales, and they discuss whether the Fed's decision to lower interest rates will affect their returns. People often turn to annuities to create sustainable income in retirement. If you'd like to learn more about annuities, how they're taxed, and whether they make sense as part of your financial plan, or if you'd like a second opinion...2025-02-0121 min

Planning Matters Radio4 Paths to a Roth IRA for High Income EarnersRoth IRAs are a great way to create wealth. Roths offer tax-free withdrawals of contributions and earnings in retirement. Plus, that money can grow tax-free indefinitely because Roths are not subject to required minimum distributions. However, as Peter with Richon planning explains to Erin Kennedy, there is a catch: you can only contribute to a Roth IRA if your income is below $165,000 for single filers and under $246,000 if you filed married. If you're over that limit, there are still 4 ways to contribute to your Roth account, including: 1.Roth 401(k) 2. Roth conversion 3...2025-01-2316 min

Planning Matters RadioWhat is a Good Monthly Retirement Income?According to the @Bureau of Labor Statistics, the average annual expenses for people 65 plus in 2021 was about $52,141.00, which works out to about $4,345 a month. But as Peter with Richon Planning explains to Erin Kennedy, no two people are alike, so figuring out how much money YOU will need depends on your lifestyle and your unique retirement goals. To determine what you'll need for a comfortable, monthly retirement income, first walk through these prompts: 1. Picture your ideal retirement 2. Create a spending plan 3. Consider common risk factors 4. Build a robust nest e...2025-01-1816 min

Planning Matters RadioUse the 529 'Grandparent Loophole' to Maximize College SavingsFor the first time this year, on the 2024-25 FAFSA, students are no longer required to report cash gifts from a grandparent or contributions from a grandparent-owned 529 savings plan. As Peter with Richon Planning explains to Erin Kennedy, that means, grandparents can now use a 529 plan to fund a grandchild's education without impacting the child's financial aid eligibility. Peter also walks through the benefits of contributing to a 529 plan, including perhaps the biggest perk following the passage of the SECURE Act 2.0: up to $30,000 of unused funds in a 529 account can be rolled over into a Roth IRA for your...2025-01-1111 min

Planning Matters RadioThe One Money Move that Could Add Years to Your Nest EggLet's address the number one fear of most retirees: running out of money. One way to make your nest egg last longer... figure out how to keep all of it in your pocket, as opposed to sharing it with the government. In this video, Peter with Richon Planning explains to Erin Kennedy how converting your tax deferred accounts to Roth accounts can add years to your retirement nest egg. Not only will you likely pay less in taxes in retirement you'll reap other advantages like keeping your provisional income lower, which could decrease the taxes you pay...2024-12-2815 min

Planning Matters RadioIs Now a Good Time to Redeem Your I Bond?Back in 2022 when inflation was through the roof, we were able to buy I Bonds, or inflation bonds, with a 9.6% return! Now though, the rate of return is just over 3%. In this video, Peter with Richon Planning and Erin Kennedy discuss whether investors should redeem those I Bonds and invest in something else. The short answer is yes. There are several places you can put your money right now that are considered "low risk" and still have a higher rate of return than 3%. That being said, if you sell your I Bond before its 5-year maturity date...2024-12-2110 min

Planning Matters Radio5 End of Year Money Moves for a Better 2025The end of the year is a great time to start thinking about your finances for the upcoming year. So Peter with Richon Planning and Erin Kennedy are sharing 5 tips you can start now, to help you get on track for 2025. 1. Perform a Budget and Emergency Fund Checkup 2. Max Out Your Roth IRA (and HSA) 3. Consider Tax Loss Harvesting 4. Rebalance 5. Consider a QCD If you'd like to talk through your financial goals for 2025 and how you can achieve them, please reach out to Peter for a complimentary c...2024-12-1416 min

Planning Matters RadioSocial Security is in Trouble: 4 Tips to Maximize Your BenefitBy 2034, it's projected that Social Security will only be able to pay about 78% of scheduled benefits if no changes are made to the system. This is why people need to start preparing now. In this video, Peter with Richon Planning and Erin Kennedy walk through these 4 tips to maximize your benefit: 1.Maximize When You Claim Social Security 2. Diversify Your Retirement Income 3. Work Now to Create Tax Free Income in Retirement 4. Have a Plan for Taxes Deciding when to claim Social Security could be one of the most important financial...2024-12-0714 min

Planning Matters Radio4 Reasons Your Taxes WILL be Higher in RetirementMany people assume their taxes will be lower in retirement, but that’s not always the case. In fact, as Peter with Richon Planning explains to Erin Kennedy, there are 4 good reasons you can plan on your taxes being higher in retirement: 1. You won't be spending less: if you need the same amount of money to enjoy your retirement, you'll be in the same tax bracket when you're not working. 2. Tax rates are set to increase: many financial experts believe that the Tax Cuts and Jobs Act of 2017 reduced federal income tax rates to the low...2024-11-3014 min

Planning Matters RadioExiting Investment Real Estate: 1031 Exchange Strategies for Tax DeferralFinancial advisor Peter Richon of Richon Planning interviews Kyle Connor, a Real Estate Exchange Specialist. They discuss the aspects of real estate investment and exit strategies. Real Estate investors can use advanced tax strategies to their advantage when exiting or passing Real Estate as part of their legacy. The 1031 Exchange, 721 Exchange, and DST, Delaware Statutory Trust present significant tax opportunities, but nuances can complicate the process for individual investors. Kyle shares insights specifically for real estate investors looking to leverage real estate exchanges, optimize tax benefits, and navigate the market dynamics. Tune in for advice on integrating real estate...2024-11-2326 min

Planning Matters RadioSocial Security COLA up 2.5% for 2025... but Medicare Part B Projected to Jump 5.9%!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...2024-11-1614 min

Planning Matters Radio5 Kinds of Annuities for Wealthy InvestorsAnnuities 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...2024-11-0914 min

Planning Matters RadioBreaking Down Medicare Basics and MisconceptionsThere 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 2024-11-0213 min

Planning Matters Radio3 Strategies to Retire with ConfidenceA 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...2024-10-2613 min

Planning Matters RadioUnderstanding Phantom Income (and its scary tax implications!)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 2024-10-2115 min

Planning Matters Radio3 Considerations before Making a Roth IRA ConversionRoth 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 i...2024-10-1216 min

Planning Matters RadioElection 2024 Update: How It Could Impact Your RetirementIn 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...2024-10-0521 min

Planning Matters RadioHow to Invest When Interest Rates are CutInterest 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 fee...2024-09-2814 min

Planning Matters Radio4 Tips to Protect Your Data After a Massive BreachCheck 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 e...2024-09-2112 min

Planning Matters RadioNavigating Market Volatility: Corrections and OpportunitiesConcerns about a cooling U.S. economy led to a recent market downturn. And that volatility may continue. As Peter with Richon Planning explains to Erin Kennedy, a correction was somewhat expected. Historically, we often see corrections around this time of year, particularly in August and September. But when our team at Richon Planning constructs portfolios, we always consider the potential impact of volatility, aligning asset allocation with each investor's unique risk profile. This helps manage risk while boosting long-term returns. It's important for investors to remember that these moments can present long-term opportunities. We're...2024-09-1412 min

Planning Matters RadioUncovering Hidden Costs: 4 Reasons Why Small Business Owners Should Report All Income to the IRSSmall business owners underreport a significant portion of their income, potentially as much as 30-50%! That's according to the @National Bureau of Economic Research. However attractive as hiding cash may seem, Peter with Richon Planning lays out 4 reasons to Erin. Kennedy, as to why you should report all income to the IRS, including: 1.Legal Risk 2. Long-Term Financial Health and Growth of Your Business 3. Retirement and Insurance Planning 4. Increase Sale Value Peter specializes in helping small business owners navigate complex financial and tax obligations. If you'd like a complimentary consultation...2024-09-0710 min

Planning Matters RadioFee Only or Fee Based? Which is Better for Your Financial Plan?Are you paying more than you need for financial advice? In this video, Peter with Richon Planning and Erin Kennedy break down the pros and cons of working with "fee-only" versus "fee-based" financial advisors. It's important to know that both structures have different tax implications and perhaps different incentives for the advisor. An advisor who works on commission may not have your best interests at heart, whereas an advisor who charges a percentage of your managed money does have a vested interest in your financial success. If you'd like to learn more about how each...2024-08-3114 min

Planning Matters RadioMastering Your Investment Strategy: Risk Tolerance and Return ExpectationsThe relationship between risk and return is fundamental when it comes to investing. As Peter with Richon Planning explains to Erin Kennedy, higher returns usually come with higher risk, and lower risk typically means lower potential returns. Understanding that relationship and having a clear set of expectations when it comes to market volatility (specifically, what can you tolerate when it comes to market losses?) will help you be a better investor. When you have a plan that is in line with your risk tolerance, you are more likely to stick to that plan instead of reacting to...2024-08-2413 min

Planning Matters RadioThe 401(k) Rollover Mistake that's Costing Retirement Savers BillionsThere are so many benefits to rolling your 401(k) into an IRA. But turns out, according to Vanguard, nearly one-third of investors who rolled their 401(k) into an IRA were still sitting in cash seven years later; they never invested their retirement savings! As Peter with Richon Planning and Erin Kennedy discuss, these investors are missing out on billions in investment gains! This problem is most pronounced among investors who've changed jobs and younger investors. While cash has a place in most portfolios, researchers estimate that the long-term benefit of investing in a target date fund (versus staying in cash) u...2024-08-1714 min

Planning Matters RadioHow to Minimize Capital Gains TaxGet ready to pay Capital Gains Tax when you sell an asset, including stocks or real estate, for a profit. It's a good problem to have! But as Peter Richon with Richon Planning explains to Erin Kennedy, there are some strategies that can help you avoid or minimize capital gains tax, including: Paying the Tax Now in a Low Tax Rate Environment Donor-Advised Funds (DAFs) Tax-Loss Harvesting Holding Periods Charitable Remainder Trusts (CRTs) Each of these strategies comes with its own rules and potential pitfalls, so it's essential to consult a tax advisor or financial advisor to t...2024-08-1013 min

Planning Matters RadioPopular "Financial Guru" Proposes an 8% Withdrawal Rule... Is that Realistic?Recently, on his popular show, a well-known, "financial expert" dismissed the common advice to withdraw only 4% of your retirement savings annually as "moronic," advocating instead for an 8% withdrawal rate. In this video, Peter Richon with Richon Planning and Erin Kennedy talk through whether and when an 8% withdrawal rate makes sense. Here's the answer: yes, it might make sense. But it all depends on the individual person. Finding the correct withdrawal rate will vary from person to person. To find that number, you need to account for life expectancy, spending habits, and market conditions. Finding that...2024-08-0319 min

Planning Matters RadioHow to Recover Financially from a DivorceThe older you are when you divorce, the less time you have to recover financially. And get this, one quarter of people getting divorced is now over 50! In fact, it's so common, it's been dubbed: grey divorce. In this video, Peter with Richon Planning and Erin Kennedy walk through 5 key action steps to get your financial life back on track. Those steps are: Assess Your New Financial Situation Revise Estate Plans and Beneficiaries Check Your Social Security Benefits Use the Catch-Up Rules for Retirement Saving Outline Your New Financial Goals If you'd like to talk through your new financial goals and how to achieve them, please...2024-07-2712 min

Planning Matters RadioNavigating the Financial Talk with Aging ParentsNavigating the "financial talk" with aging parents can be a sensitive yet crucial conversation. In this video, Peter Richon with Richon Planning and Erin Kennedy talk through when you need to have this talk with your parents and what topics you need to discuss, including your parents': -Current Financial Status and Income -Long-Term Care -Estate Planning Knowing that your parents have a plan for the unexpected will bring peace of mind for both generations. Keep in mind, this conversation is an opportunity to ensure their well-being and financial security in later...2024-07-2012 min

Planning Matters RadioTop Financial Planning Misses for People in Their 30s and 40sThere are 5 key areas most people in their 30s and 40s miss when it comes to financial planning. In this video, Peter Richon with Richon Planning and Erin Kennedy discuss how to avoid those pitfalls, and Peter breaks down the steps you need to take now to set yourself up for financial success: 1. Bank Savings/Emergency Fund: liquidity is key! And it will ensure you don't have to borrow money at high interest rates 2. Life Insurance: protect yourself and your family in case the worst happens 3. Open and Invest in a Roth: take...2024-07-1313 min

Planning Matters Radio3 Ways to Inflation Proof Your RetirementInflation is the natural enemy of retirement savings, but there are strategies you can put in place to guard your nest egg from spiking consumer prices — and they may even allow you to use those higher costs to your advantage. According to Peter with Richon Planning and Erin Kennedy, you should: Keep Investing: time in the market is often your best inflation hedge Maximize Your Social Security: and keep in mind, you don't miss out on the COLA if you delay claiming Rethink Your Expenses: put simply, save more money. Working wit...2024-07-0611 min

Planning Matters RadioHow to Optimize your RMDs in RetirementRequired Minimum Distributions... whether you need the income or not, the government will force you to take those distributions so they can collect the taxes, but as Peter with Richon Planning explains to Erin Kennedy, proactive planning means you control your tax liability. Here are Peter's quick tips to optimize your RMDs: 1.Roth Conversions 2.Plan for Strategic Withdrawals 3.Delay Taking Social Security If you'd like to speak with Peter about how you can better control your tax liability, please give him a call at (919) 300-5886 or visit www.RichonPlanning.c...2024-06-2913 min

Planning Matters RadioInterest Rates are Staying High: How to Make them Work in Your FavorFor several months now, The Fed has decided to leave interest rates unchanged. For the most part, this isn't great news for borrowers, but as Peter Richon with Richon Planning explains to Erin Kennedy, it may offer some unique opportunities for savers. High interest rates offer unique opportunities when investing in high-yield bonds or money market accounts. You may also want to consider an annuity, which can provide a stable stream of income especially during periods of high-interest rates. If you'd like to talk to Peter about turning these high interest rates into opportunities, please feel free to give him a...2024-06-2214 min

Planning Matters Radio5 Questions You Need to Answer before You RetireTo design your ideal retirement, you need to start with a few specific questions... and if you're married, make sure you do this exercise together! In this video, Peter Richon with Richon Planning and Erin Kennedy walk through what you should consider when answering these vital questions: 1. When do you want to retire? 2. Where do you want to live when you're retired? 3. How is your health? 4. How much could your Social Security benefits be? 5. Do you have a financial plan? Because retirement is so much more than ju...2024-06-1510 min

Planning Matters RadioOn a Fixed Income? Smart Strategies to Save MoneyIf you're on a fixed income, it's vitally important to stretch every dollar. But that's becoming increasingly difficult considering huge increases in necessary expenses. In this video, Peter Richon with Richon Planning and Erin Kennedy break down a few savvy strategies to save money on these expenses: -Property Taxes -Home and Car Insurance -Groceries In retirement, it's crucial to strike a balance between preserving capital and generating sufficient returns to combat inflation. This is where working with a financial advisor can really help. If you'd like to speak with Peter, please c...2024-06-0814 min

Planning Matters RadioShould Retirees Include Bitcoin in Their Retirement Portfolio?Fidelity recently published a white paper titled: The Case for Bitcoin. Fidelity researchers state that a 2% allocation to Bitcoin could allow for an increase in annual spending ranging from 1%-4%, and a 5% Bitcoin allocation could allow for an increase in annual spending by as much as 9.5%. Considering those findings, Peter with Richon Planning discusses the findings with Erin Kennedy and weighs in on whether retirees or pre retirees should incorporate Bitcoin into their retirement portfolio. If you have any questions about whether your portfolio is properly diversified, or if you'd like to learn more about investing in Bitcoin, please reach out...2024-06-0113 min

Planning Matters RadioHow Old is Too Old for a Roth Conversion?Taxes are set to increase in 2026. And even though it may not feel like it, we are living in a historically low tax rate. In this video, Peter with Richon Planning and Erin Kennedy talk through the pros and cons of a Roth Conversion for someone in their 70's. First, the pros: if you convert your IRA to a Roth IRA, you and your beneficiaries will have tax-free withdrawals, all future growth will happen tax-free, and you'll have no Required Minimum Distributions, which means you have better control your tax liability. But before you convert, yo...2024-05-2516 min

Planning Matters Radio3 Financial Phases of LifeUnderstanding the three main financial phases in your life is key to maximizing your finances. As @peter with @richonplanning explains to @erinkennedy, each stage has different goals, risks, and opportunities. The three phases are: 1. Accumulation Phase 2. Preservation Phase 3. Distribution Phase If you'd like to learn more about these phases and how to maximize your wealth and minimize risk at each stage, please give Peter a call at (919) 300 - 5886 or make an appointment at www.RichonPlanning.com #WealthManagement #CompoundInterest #Taxes #Retirement 2024-05-1810 min

Planning Matters RadioBiggest Retirement Regrets (and how to avoid them!)According to a recent report from @Consumer Affairs, 60% of seniors have regrets about how they prepared (or didn't) for retirement. In this video, Peter with Richon Planning and Erin Kennedy break down those top regrets, including: 63% wished they had planned their investments to provide automatic income. 85% wished they had built their portfolios to deal with the unexpected, including inflation and market volatility. Another regret: not considering tax implications. It's not too late to prepare for a happy retirement! If you'd like to talk with Peter about how to avoid these mistakes...2024-05-1114 min

Planning Matters RadioWhat is the Retirement Bucket Strategy?It's possible to achieve sustainable income in retirement by utilizing the "Retirement Bucket Strategy." This strategy involves dividing your retirement savings into different "buckets" based on your time horizon and risk tolerance. In this video, Peter with Richon Planning and Erin Kennedy explain each bucket: -Short term Bucket -Intermediate Bucket -Long-term Bucket These buckets represent different asset classes or investment strategies tailored to meet your income needs at various stages of retirement. The strategy aims to provide a reliable income stream while managing investment risk and ensuring your financial security throughout y...2024-05-0413 min

Planning Matters Radio3 Strategies to Reduce Your IRMAA for Medicare Part BIf the Social Security Administration considers you a “high-income beneficiary,” you’ll pay a surcharge known as the Income-Related Monthly Adjustment Amount (IRMAA). That means, if your modified adjusted gross income is more than $103,000 for single filers or more than $206,000 for those who are married and filing jointly, you'll be paying the IRMAA penalty. However, as Peter with Richon Planning explains to Erin Kennedy, there are 3 strategies you should consider to reduce that penalty. They are: Roth IRA Conversions 2. Health Savings Accounts 3. Qualified Charitable Distributions There are also instances when you can apply for an IRMAA...2024-04-2712 min

Planning Matters RadioSteps to Protecting a Child with DisabilitiesThe cost of raising a child to the age of 18, now costs about $300,000.00, and that doesn't even include college! For a child with special needs, that cost can more than triple. Without proper preparation, your child’s lifetime needs can quickly outstrip your funds. Peter Richon with Richon Planning recommends to Erin Kennedy that you: -Prepare Your Estate -Coordinate with Government Benefits -Identify a Caregiver -Involve the Family, Seek Professional Guidance You may also consider a special needs trust. Proactive planning means you, your child, and your family will be okay in case the worst happens. And keep in mind, estate planning for...2024-04-1310 min

Planning Matters RadioPalm Trees or pickleball courts? What You Need to Know before Relocating in RetirementDreaming of a retirement escape, but worried about hidden costs or missing your favorite activities? As Peter Richon with Richon Planning and Erin Kennedy discuss, retirement offers an opportunity for new beginnings and adventures, but before you move, Peter recommends you first consider: 1. Cost of Living: essential when trying to figure out if your retirement savings and income will be sufficient to maintain your desired lifestyle. 2. Healthcare Access and Quality, which becomes increasingly important (and often expensive) as we age. 3. Social Support Network: Moving often means leaving behind friends and support networks; that can be a tough transition! 4. Tax Implications: there's a...2024-04-0611 min

Planning Matters RadioThe 4 Expenses Retirees (Almost Always) UnderestimateDiscover the hidden financial traps most retirees don't see coming! In retirement, it's incredibly important to nail down known expenses so you can build an income plan around them. In this video, Peter with Richon Planning and Erin Kennedy break down the four expenses that retirees consistently overlook, including: 1. Healthcare: Medicare doesn't cover everything! And LTC can wipe out your savings if you don't have insurance 2. Housing: Even if you own your home outright, you'll still have expenses! 3. Taxes: A lot of retirees underestimate what they'll pay in taxes in retirement. We'll still be payi...2024-03-3011 min

Planning Matters Radio5 Signs Your Advisor is Doing Real Financial PlanningIs your financial advisor truly planning for your future, or just coasting? In this video, Peter with Richon Planning and Erin Kennedy lay out the five signs that your advisor is delivering genuine financial planning, not just quick fixes. A truly committed advisor will: 1. Help you define your goals and objectives 2. Gather details on ALIE (Assets, Liabilities, Income, and Expenses) 3. Confirm your Social Security Benefits 4. Request last year’s tax return 5. Ask for copies of Estate Planning Documents If this doesn't sound like your advisor, rea...2024-03-2310 min

Planning Matters RadioThe Secrets to Maximizing Your Social Security as a CoupleSocial Security claiming strategies for married couples can be more complex because you need to consider spousal benefits and survivor benefits. In this video, Peter with Richon Planning and Erin Kennedy talk through some key questions, including: Spousal strategies: how to leverage spousal benefits for a bigger joint income. Planning for the future: Understand how claiming decisions impact your survivor benefits and overall financial security. There are more than 9,000 permutations if you're married and looking to claim Social Security, which is why this isn't simply an equation; it needs to be a conversation with an expert. If...2024-03-1613 min

Planning Matters RadioHow to Have a Conversation about Money and Financial Values with Your Kids: 3 Tips!Teaching kids about money and financial values isn't just about preparing them for financial success, it's about teaching them responsible decision-making, boosting their confidence and independence, and reducing their vulnerability to scams and manipulation. In this video, Peter with Richon Planning and Erin Kennedy share 3 tips to get the ball rolling: Tailor your approach to their age: conversations and questions should vary depending on whether your talking to young children versus tweens versus teens Use everyday opportunities to teach: grocery shopping, paying bills, discussing needs versus wants Lead by example: be transparent about your budget, savings goa...2024-03-0911 min

Planning Matters RadioRetirement Planning and Tips for WomenA recent study found women are far less financially prepared for retirement than men. According to TransAmerica, men have more than double the retirement savings of women. As Peter with Richon Planning and Erin Kennedy discuss, there are several factors that contribute to that discrepancy: the earnings gap, women are more likely to be caregivers, and they're more likely to have professional interruptions. Further, 33% of women do not have a retirement strategy versus 18% of men. However, women live longer than men; they need a retirement plan that accounts for longevity! Working wi...2024-03-0212 min

Planning Matters RadioShould Couples Retire Together?Couples should carefully consider the financial and emotional consequences of retiring simultaneously before making the decision. If you're considering retiring at the same time, @peter with @richonplanning and @erinkennedy walk through 4 questions you should consider first: Have You Correctly Calculated Your Cost of Living in Retirement? According to a recent study: 46% of older adults spend MORE money during their first few years of retirement than before retiring! When is the Best Time for each Person to Claim Social Security? Do You Feel Ready to Retire? The decision to retire is not just a financial one. And keep in mind, when...2024-02-2410 min

Planning Matters RadioHave You Heard of the "Rich Person's Roth?Roth IRAs are one of the best ways to minimize taxes. However, many people earn too much to qualify for a Roth IRA (single filers who make more than $161K and married couples who make more than $240k). In this video, Peter with Richon Planning and Erin Kennedy talk through an alternative for those high earners known as the "Rich Person's Roth." However, it's not a retirement account, it's a cash value life insurance policy, which also offers tax free growth and tax free withdrawals. Cash value life insurance can be a great strategy for certain investors...2024-02-1715 min

Planning Matters RadioThe Dow and the S&P Climb to Record Highs... How Long Will the Rally Last?The S&P 500 recently crossed its January 2022 peak, fueled by investor optimism and signaling from the Fed that we'll begin to see lower interest rates. The Dow also recently hit a new high. However, as Peter with Richon Planning explains to Erin Kennedy, this rally can't last forever, which is why it's so important to stick to your financial plan. When the market reaches new highs, investors feel "euphoric" and tend to invest more, precisely when we are at the point of maximum financial risk. This counterintuitive reaction is known as "emotional investing." Remember, the point of...2024-02-1011 min

Planning Matters RadioWhat is a Retirement Drawdown Strategy? 6 Tips to Make Your Money LastYou've spent decades building your nest egg. Then, when you retire, you need a plan to stop saving and start spending, but not too much that you risk running out of money. As Peter with Richon Planning explains to Erin Kennedy, it's a delicate balance that requires you to consider these 6 variables: 1. A Plan to Minimize Taxes 2. Make the Right Decision about Social Security Benefits 3. Choose the Right Pension Payout 4. Balance Guaranteed Income and Long-Term Growth 5. Plan for Longevity 6. Account for Inflation Accounting for each of these variables will be different for everyone. If you'd like to speak with a fid...2024-01-2712 min

Planning Matters Radio5 Benefits of Working in Retirement Retirees may not be ready to stop working! According to the Bureau of Labor Statistics, just over 30 percent of people aged 65-74 are employed! That's up from about 25 percent in 2021. In fact, as Peter Richon with Richon Planning lays out with Erin Kennedy, as Boomers age, more are viewing retirement as another opportunity instead of an ending. Here's a look at the top 5 benefits of working in retirement: 1. Mental Health: people who pursue meaningful activities say they feel happier and healthier, according to the NIH 2. Physical Benefits: working provides you with many opportunities to stay balanced, strong, and healthy 3. Financial Benefits: ...2024-01-2010 min

Planning Matters Radio5 Financial Resolutions for a Happy and Successful 2024We're revisiting an annual favorite with some new action steps you can take now, to set yourself up for success! In this video, Peter Richon with Richon Planning and Erin Kennedy walk through the top 5 resolutions you should consider in 2024: Meet Your Match: contribute at least the minimum amount to your retirement accounts to secure your employer's match Contribute More to Retirement: contribution limits are higher in 2024, and don't forget to contribute to your Roth accounts! Create a Budget: one of the most important and often overlooked (if not avoided) steps. You don't know what you'll n...2024-01-1310 min

Planning Matters RadioHoping to Make a Catch-Up Contribution? One Big Change for High-Income EarnersThe passage of SECURE Act 2.0 changed a lot when it comes to saving for retirement. And we've just received some clarifications from the IRS about catch up contributions. In is video, Peter with Richon Planning and Erin Kennedy break down the changes that could affect you. Despite previous guidance, if you are looking to make a catch-up contribution in 2024, there won't be any changes. However, starting in 2026, those catch-up contributions will have to be made in your Roth account. Here's what you need to know: if you’re at least 50 years old or older, no ma...2024-01-0613 min

Planning Matters Radio5 Retirement Investing Mistakes to AvoidA financially secure and happy retirement doesn't just happen; it takes planning and some modifications as you get older. In this video, Peter with Richon Planning and Erin Kennedy walk through some mistakes: Not Having a Plan Forgetting about Inflation Not Creating any Tax-Free Income Investing too Conservatively Taking on too much Risk as You near Retirement If you'd like to speak with a fiduciary advisor about creating a financial plan that is uniquely tailored to your financial goals, please give Peter a call at (919) 300-5886 or set up a complimentary consultation by visiting www.RichonPlanning.com...2023-12-3010 min

Planning Matters RadioThe Concentration Risk Lurking in Your PortfolioFor the first time since 1973, investors are putting a lot of their money in S&P 500 index funds or in mutual funds that use the S&P 500 as a benchmark. Most investors probably don't know that about 80% of the gains we've seen this year are due to the performance of only 10 companies! In other words, you may have a lot of money tied up in just a few stocks, which could mean you're taking on more risk than you know. In this video, Peter with Richon Planning and Erin Kennedy talk through the reasons behind this new...2023-12-2311 min

Planning Matters RadioA Tax Smart Alternative To CashIt’s been a long time since we’ve seen inflation-adjusted interest rates above zero. Since the Fed began hiking interest rates, investors can once again earn attractive returns on cash. But as Peter with Richon Planning explains to Erin Kennedy, you may be earning less money than you think after accounting for inflation and taxes. Instead of socking your money away in CDs, treasuries, or Money Market accounts, Peter suggests you consider Buffered ETFs, which can offer full principal protection. Also, unlike cash and cash alternatives, Buffered ETFs don’t generate taxable interest. Instead, you get much m...2023-12-2010 min

Planning Matters RadioClimbing Interest Rates Mean Good News for Annuity BuyersThe third quarter of 2023 saw record growth in annuity sales: $89.4 billion! That's an 11% jump over the same quarter last year. Here's one reason why: recent interest rate hikes. When interest rates rise, that often means better returns on annuities, especially for fixed and fixed index annuities. Peter with Richon Planning explains the correlation to Erin Kennedy, while outlining why annuities could make sense as part of your larger financial plan. Annuities function as a private pension. They can provide guaranteed income for the rest of your life. Creating a private pension has become increasingly important because the...2023-12-1612 min

Planning Matters RadioSocial Security COLA Jumps 3.2% for 2024... but Medicare Part B Jumps 5.9%!The 3.2% cost of living adjustment reflects another year of high inflation. However, we now know 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? -Does this COLA increase affect the program's insolvency? I...2023-12-0909 min

Planning Matters RadioNew Retirement Account Contribution Limits for 2024The IRS recently announced that we'll be able to sock away a lot more money for retirement starting in 2024. These increases are in line with an increased cost of living. In this video, Peter with Richon Planning and Erin Kennedy break down those changes, and Peter explains how to prioritize your retirement savings. If you'd like to talk through how to prioritize saving for your retirement, or if you'd like to find out if you're properly tax-diversified, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com #Retirement #401...2023-12-0206 min

Planning Matters RadioHow To Preserve Your Family Wealth?People who are wealthy have much more than money to consider when it comes to estate planning and generational wealth transfer. For the wealthy, the stakes are often higher, the mistakes are magnified, and all members of the family have an incentive (and often the means) to litigate if things don’t go their way. In this video, Peter with Richon Planning and Erin Kennedy discuss five documents that every wealthy person should have in order to protect his or her wealth and the harmony of the family. An updated estate plan Evaluate Various trusts Legacy le...2023-11-0410 min

Planning Matters RadioHappy Retired Couple Are Also Financially HealthyLong before you leave the workforce, talk with your partner about what each of you wants to do, where to live, and what to spend in retirement. In today's video, Peter with Richon Planning and Erin Kennedy take a closer look at the topics that successful couples asked one another in order to become successful and happy retirees. First, discuss retirement expectations long before you retire. Here are some suggested questions to get the ball rolling: How will you spend time together? What will you do together? What will you do separately? How much money will you...2023-10-2810 min

Planning Matters RadioShould I Invest In Gold?Investors who are concerned about a recession are putting their money in "safe havens." As Peter Richon with Richon Planning explains to Erin Kennedy, gold is usually seen as a safe haven when markets and economies are facing headwinds. And during periods of high inflation, gold is often seen as a hedge. Investing in gold makes sense if you're looking to diversify your portfolio, or if you're interested in insuring against the devaluation or collapse of the dollar. However, if you're looking to maximize the growth of your investments, investing in gold is probably not the best...2023-10-2109 min

Planning Matters Radio4 Year End Tax Tips To Get On Track For 2024The end of the year is a great time to start thinking about your taxes for the upcoming year. That's why Peter with Richon Planning and Erin Kennedy are sharing 4 tax saving tips you can do now, to help you get on track for 2024. Max Out Your Roth IRA 2. Tax Loss Harvesting 3. Consider Your Tax Filing Status 4. Seek Tax Efficient Investments If you have any questions about Roth Conversions, or if you'd like to talk through specific tax efficient investments, including Health Savings Accounts, 529s, or Qualified Charitable Distributions, please reach out to Peter by calling (919) 300-5886...2023-10-1709 min

Planning Matters RadioInheriting A Roth IRA? What You Need To KnowWe talk a lot about the benefits of Roth accounts. A Roth IRA allows you to save for retirement with after-tax dollars. That means you pay taxes on your contributions now, but your withdrawals are tax free in retirement. There are also several benefits to inheriting a Roth IRA, as Peter with Richon Planning explains to Erin Kennedy; the distributions are tax-free, and they won't affect your taxable income. However, with a few exceptions, you'll still have to drain the inherited account within 10 years. If you are inheriting a Roth IRA, here's a quick action...2023-10-1412 min

Planning Matters RadioRisks & Rewards of Day TradingFueled by COVID lockdowns and the rise of commission free brokerages like @Robinhood, online trading, or "day trading" has seen a huge rise in popularity in the last few years. However, according to several recent financial studies, almost all "day traders" lose lots of money, particularly after accounting for fees and taxes. If you're considering self-directed investing, @peter with @richonplanning and @erinkennedy break down the pros and the cons, and Peter offers these considerations before you create an online trading account: Consider Your Approach and Expectations: if your expenses are covered by income and you are...2023-10-0716 min

Planning Matters Radio401k Withdrawal Rules: What You Need to KnowMore Americans are tapping their 401ks because of financial distress. In fact, the number of people who made a hardship withdrawal surged 36% from the second quarter of 2022! If you're thinking of tapping your 401(k) early, Peter with Richon Planning and Erin Kennedy explain how it works and the risks, including: -How can I withdraw money from my 401k without penalty? -How the passage of the SECURE Act made hardship withdrawals even easier -The lost "opportunity cost" of tapping your 401(k) Keep in mind, if you're not 59.5 and you make a withdrawal...2023-09-3007 min

Planning Matters RadioOpening A Trading AccountMany retirees are surprised to learn that above a certain income, Social Security is taxed. In retirement, it's important to know how all your income streams will be taxed, and how to mitigate those taxes. In this video, Peter with Richon Planning explains 3 strategies to Erin Kennedy: Convert to a Roth IRA 2. Consider Shifting Income Investments 3. Delay Claiming Your Social Security Benefits Another strategy to consider is a Qualified Charitable Distribution. Determining which strategy is right for you is a very personalized calculation, and it's something we specialize in at Richon Planning. For your detailed and personalized...2023-09-2309 min

The Millionaire Choice Podcast with Tony BradshawEp 91: Developing a Millionaire Mindset. Peter Richon, Founder Richon PlanningThis week on The Millionaire Choice Podcast, Tony talks with Peter Richon, founder of Richon Planning. Tony and Peter discuss debt, millionaire mindsets, and how to make your money work for you.Losing his father at age 8, Peter and his younger brother grew up under the care of their single mother. Learning how to budget from her guidance, Peter took his mother’s teachings forward into his adult life.About Peter RichonPeter started out hosting financial radio show in 2002 while running “North Carolina’s Morning News” on 680AM-WPTF. He was the Program Director...2022-05-1844 min

Business And BrewsRichon Planning with Peter Richon | Business and BrewsPeter is a published author, radio show and podcast host, an independent, fiduciary financial, investment, and retirement planning, advisor. He is a Dave Ramsey SmartVestor Pro. His advice and guidance have been heard on over 150 stations nationwide. His fulfillment in his career comes from helping people gain a better understanding and confidence with their money so that they can enjoy living the retirement they envision. Understanding Your Investment Options: The Most Important Book You'll Read This Year!! https://amzn.to/3okwzuP www.richonplanning.com The Bezos Letters: https://amzn.to/3GaM4vA 2021-12-0556 min