We'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 resolutions you should consider in 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 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 need to live on [... more]

The passage of SECURE Act 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 there won't be any changes However starting in 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 years old or older no matter your income level you can [... more]

The IRS recently announced that we'll be able to sock away a lot more money for retirement starting in 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 - or by visiting www RichonPlanning com Retirement k TaxStrategies TaxFree TaxDeferred [... more]

What rsquo s the best investment option for you mdash a traditional IRA or a Roth On Faith amp Finance Live we get that question a lot as folks try to decide which type of retirement account will put them ahead in the long run So be sure to tune in today as host Rob West welcomes Mark Biller to help us take a fresh look at these two options Then they rsquo ll tackle your questions about investing nbsp See omnystudio com listener for privacy information [... more]

We 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 years If you are inheriting a Roth IRA here's a quick action plan Understand your beneficiary type [... more]

More Americans are tapping their ks because of financial distress In fact the number of people who made a hardship withdrawal surged from the second quarter of If you're thinking of tapping your k early Peter with Richon Planning and Erin Kennedy explain how it works and the risks including -How can I withdraw money from my k without penalty -How the passage of the SECURE Act made hardship withdrawals even easier -The lost opportunity cost of tapping your k Keep in mind if you're not and you make a withdrawal not for a hardship you're going to face a [... more]

There are many reasons people put off saving for retirement it's hard to imagine your life or years into the future But there are also many reasons to start saving as soon as possible So what are the five steps young investors can take today Peter at RichonPlanning breaks it down with Erin Kennedy Track Your Budget it's important to know what's coming in and what's going out before you make any financial decisions Set Aside Money for Big Expenses would you like to save for a down payment A wedding A nice vacation Open a Roth account you'll probably [... more]

When considering which assets to leave your beneficiaries there's one asset that's loaded with taxes IRAs Inheriting an IRA is very different from inheriting a Roth IRA In fact without proper planning as Peter Richon with Richon Planning explains to Erin Kennedy the irs may end up being your largest beneficiary Distributions from an inherited Roth account are both tax and penalty free which means you won't saddle your heirs with a heavy tax burden during their prime earning years If you have any questions about your financial legacy or if you'd like to learn more about strategic tax planning [... more]

Roth IRAs are one of the most powerful tools you can use to become extremely wealthy But as Peter with Richon Planning explains to Erin Kennedy there are many misconceptions about them including -Myth You can't touch any money in a Roth until your years old -Myth Roth IRAs are only for Retirement -Myth You can't contribute to a Roth if you make too much money There are many reasons to consider investing in a Roth account or even converting your traditional IRA to a Roth If you would like to learn more about the tax-free earnings growth of a [... more]

There may never be a better time to open a Roth account Roth IRAs offer tax-free earnings growth and as Peter with Richon Planning explains to Erin Kennedy there are clear-cut reasons you should consider investing in a Roth today Today's Historically Low Tax Rate the Tax Cuts and Jobs Act which reduced federal income tax rates is set to sunset in Your Depreciated Portfolio pay taxes on a smaller value now then allow that future growth to happen tax free Possible Elimination of Backdoor Roths the Build Back Better Act proposed ending Backdoor Roths the loophole dodged the axe [... more]

What should you do if your faith is weak and you're struggling in your walk with Jesus He actually answered that question on the night before His crucifixion Chris Brooks shares the encouragement Christ promised to his disciples and to us Learn to enjoy the person and work of the Holy Spirit who empowers us to live in victory See omnystudio com listener for privacy information [... more]

Starting in you can roll up to from a into a Roth individual retirement account which can jumpstart tax-free retirement savings for young investors all while taking advantage of today's historically low tax rate But opening a as Peter Richon with Richon Planning explains to Erin Kennedy isn't right for everyone In this video Peter lays out the pros and cons and suggests other accounts you should consider maxing out first If you'd like to learn more about opening a for your child or grandchild or if you'd like to talk through other strategies to help fund higher education please [... more]

New Retirement Account Contribution Limits for The IRS just announced that it will boost the maximum contribution limit to k accounts by next year to This is the largest increase on record The contribution limit for an IRA is also set to increase to from As Peter with Richon Planning explains to Erin Kennedy this move will allow millions of us to contribute thousands more into tax- advantaged retirement accounts But keep in mind every retirement plan has to include tax planning and tax diversification In fact k s are known as retirement tax bombs If you'd like to talk [... more]