A 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 of women do not have a retirement strategy versus of men However women live longer than men they need a retirement plan that accounts for longevity Working with a financial advisor can help you create a [... more]

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]

You rsquo d like to be financially free but you just don rsquo t know how to make it happen And even when you learn how to you have to realize that knowing and doing are two different things On today's Faith amp Finance Live host Rob West will let you know how to be financially free mdash but of course the doing part will be up to you Then he rsquo ll answer your calls on various financial topics nbsp See omnystudio com listener for privacy information [... more]

A lot of us want to go into retirement debt free But before you pay down that debt you should consider a few specific variables And as Peter Richon with Richon Planning explains to Erin Kennedy this isn't a strictly financial decision So before you put money toward that mortgage debt first consider -Your mortgage rate if it's very low your money may be better spent in another investment with a higher rate of return -Tax Consequences you would potentially eliminate a mortage write off and there are penalties if you withdraw money from retirement accounts early -Prioritize Paying Down [... more]

Retirement can come with a lot of tax questions and concerns From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income it can be overwhelming On today's episode we'll break down the top ten tax questions retirees are asking in Before you file your taxes and plan ahead for the rest of the year make sure to listen to this episode as we'll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden Here's some of what you'll [... more]

It's a bit tough to keep up with all the changes that have come to Required Minimum Distributions or RMDs which started back in with the original SECURE Act However there are significant changes that went into effect January st of Peter with richonplanning and Erin Kennedy lay out and explain each change including The Starting Age Has Increased Again Lower Penalties if You Miss Taking your RMD Inherited Retirement Accounts accounts inherited before vs accounts inherited after Keep in mind you can correct an RMD mistake but it's best to avoid those missteps if possible which is why proactive [... more]

SECURE Act Later RMDs -to-Roth Rollovers and Other Tax Planning Opportunities Congress recently passed SECURE Act which will bring several changes to retirement account rules Peter Richon with Richon Planning and Erin Kennedy break down the big takeaways including some unique opportunities including -RMD Age Increase -QCDs Will Be Expanded - Plans These changes however will make proactive tax planning even more important Keep in mind when you delay those Required Minimum Distributions it will lead to larger account balances at death which could create a significant tax burden for your beneficiaries If you'd like to talk through these changes [... 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]

With quickly approaching Hans and Robby go over some need to know details about new RMD's and RMD Levels Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com Find us on YouTube Cardinal Advisors [... more]

ROTH CONVERSION OPPORTUNITIES If tax laws reverse over time and start climbing higher it will likely affect those with larger retirement accounts and income disproportionately Tune in to learn more as Peter Richon discusses tax-deferral it's consequences tax-free income Roth IRA's [... more]

There are tax benefits you are going to get out of having a Roth IRA in retirement Hans goes over what these are as well as what you can do right now no matter your age to make sure your IRA and k accounts are in a good spot Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com [... more]

When you retire your life goes through a huge season of change especially when it comes to your finances The recently passed Secure Act adjusted how this season can go for you and your income The most notable adjustment comes to RMDs or Required Minimum Distributions for IRAs and k s The required start age for these has now been pushed back to from While this could be considered a tax break by some it is really important to look at this from a larger standpoint including how you want to pay taxes and leave money for your family Hans [... more]

The SECURE Act was recently passed making big changes to your IRAs and ks Hans talks about what was changed how this will affect you and what you need to do Important note The SECURE act really does not have any affect on your Roth IRAs If you have more questions about all of this please reach out to us we would be happy to go through everything with you Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans [... more]

Proverbs says Hope deferred makes the heart sick but a longing fulfilled is a tree of life With IRA's or individual retirement accounts hope or money deferred allows your longings to be fulfilled when you retire These hopes include a comfortable retirement with travel and fun and providing for your family Robby talks about how his dad wanted to go to Hawaii with his wife but after she passed he instead got to go with his children This was his hope deferred One thing most people where not hoping for is paying taxes on the money in their IRA but [... more]

Robby is reading a book to his dad about lessons you can learn from sheepdogs One of the main points the book makes is that the main way to communicate with sheepdogs is by hand signals not verbal communication Just like sheepdogs you have to follow God's signals as they come into your life Hans had a client come into his life when he was just starting Cardinal Dr Bob introduced Hans to Ed Slott the IRA expert While Hans thought he knew a good amount about IRAs he learned so much by going through the Ed Slott training He [... more]

Is a Roth conversion a logical move for you to make or not John breaks down the pros and cons of converting money to Roth in various situations [... more]

Most people are aware that they're required to start withdrawing money from their retirement accounts at some point Some people even know that the magic age for this is But very few people have appropriately factored this into their retirement income plan [... more]