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The following listen on-demand podcasts matched your search results for: richonplanning
Planning Matters Radio
Peter Richon
March 23, 2024
Is 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 Help you define your goals and objectives Gather details on ALIE Assets Liabilities Income and Expenses Confirm your Social Security Benefits Request last year's tax return Ask for copies of Estate Planning Documents If this doesn't sound like your advisor reach out to Peter for a second opinion Just call - or visit www RichonPlanning com [... more]
Planning Matters Radio
Peter Richon
March 16, 2024
Social 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 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 you'd like to [... more]
Planning Matters Radio
Peter Richon
March 09, 2024
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 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 goals and spending habits [... more]
Planning Matters Radio
Peter Richon
March 02, 2024
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]
Planning Matters Radio
Peter Richon
February 24, 2024
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 questions you should consider first Have You Correctly Calculated Your Cost of Living in Retirement According to a recent study 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 [... more]
Planning Matters Radio
Peter Richon
February 17, 2024
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 K and married couples who make more than k 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 However it's certainly [... more]
Planning Matters Radio
Peter Richon
February 10, 2024
The S P recently crossed its January 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 maximum financial opportunity [... more]
Planning Matters Radio
Peter Richon
January 27, 2024
You'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 variables A Plan to Minimize Taxes Make the Right Decision about Social Security Benefits Choose the Right Pension Payout Balance Guaranteed Income and Long-Term Growth Plan for Longevity Account for Inflation Accounting for each of these variables will be different for everyone If you'd like to speak with a [... more]
Planning Matters Radio
Peter Richon
January 20, 2024
Retirees may not be ready to stop working According to the Bureau of Labor Statistics just over percent of people aged - are employed That's up from about percent in 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 benefits of working in retirement Mental Health people who pursue meaningful activities say they feel happier and healthier according to the NIH Physical Benefits working provides you with many opportunities to stay balanced strong and healthy Financial [... more]
Planning Matters Radio
Peter Richon
January 13, 2024
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]
Planning Matters Radio
Peter Richon
January 06, 2024
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]
Planning Matters Radio
Peter Richon
December 30, 2023
A 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 - or set up a complimentary consultation by visiting www RichonPlanning com Retirement WealthManagement RetirermentMistakes [... more]
Planning Matters Radio
Peter Richon
December 23, 2023
For the first time since investors are putting a lot of their money in S P index funds or in mutual funds that use the S P as a benchmark Most investors probably don't know that about of the gains we've seen this year are due to the performance of only 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 trend and how [... more]
Planning Matters Radio
Peter Richon
December 20, 2023
It'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 more favorable capital gains treatment [... more]
Planning Matters Radio
Peter Richon
December 16, 2023
The third quarter of saw record growth in annuity sales billion That's an 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 percentage of workers [... more]
Planning Matters Radio
Peter Richon
December 09, 2023
The cost of living adjustment reflects another year of high inflation However we now know we'll be paying almost 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 If you have any questions about when you should [... more]
Planning Matters Radio
Peter Richon
December 02, 2023
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]
Planning Matters Radio
Peter Richon
November 04, 2023
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 letter Family Governance Plan Succession [... more]
Planning Matters Radio
Peter Richon
October 28, 2023
Long 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 have saved for [... more]
Planning Matters Radio
Peter Richon
October 21, 2023
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 vehicle In this [... more]
Planning Matters Radio
Peter Richon
October 17, 2023
The 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 tax saving tips you can do now to help you get on track for Max Out Your Roth IRA Tax Loss Harvesting Consider Your Tax Filing Status 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 s or Qualified Charitable Distributions please reach out to Peter by calling - or visit www [... more]
Planning Matters Radio
Peter Richon
October 14, 2023
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]
Planning Matters Radio
Peter Richon
October 07, 2023
Fueled 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 making contributions downturns can [... more]
Planning Matters Radio
Peter Richon
September 30, 2023
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]
Planning Matters Radio
Peter Richon
September 23, 2023
Many 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 strategies to Erin Kennedy Convert to a Roth IRA Consider Shifting Income Investments 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 retirement tax plan [... more]
Planning Matters Radio
Peter Richon
September 16, 2023
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]
Planning Matters Radio
Peter Richon
August 26, 2023
Scams targeting older adults are on the rise In there were almost thousand older victims scammed out of billion In a recent report from the BBB romance scams continued to be the riskiest scams for people - other common scams include government impersonation scams sweepstake scams and robocall scams In this video Peter Richon with Richon Planning walks through several scams with Erin Kennedy and offers this advice -Watch out for phone fraud -Research before making an investment -Be on guard for sweetheart swindles -Reach out to someone you trust -Guard your personal information Older adults are often targeted because [... more]
Planning Matters Radio
Peter Richon
August 05, 2023
Before you exchange your annuity there are several questions you should consider first As Peter with Richon Planning explains to Erin Kennedy there are many situations where an exchange or transfer makes sense and there are many instances when exchanging your annuity is not a good idea So before you do anything watch out for these red flags -You're still within surrender charge period -You are offered a bonus or premium payment -You think you might need money from the annuity soon -You're not offered added benefits or a guaranteed lifetime rider -You pay higher charges for new features or [... more]
Planning Matters Radio
Peter Richon
July 29, 2023
The Social Security fund is set to run out of money by One measure that could help keep the program afloat would be to raise the retirement age possibly to years old In this video Peter with Richon Planning and Erin Kennedy break down the ways this could affect your financial plan An early retirement could be even more costly You may have to work longer than you're able You may run out of savings And remember claiming social security early will become even more costly For example if your full retirement age is claiming Social Security at age will [... more]
Planning Matters Radio
Peter Richon
July 22, 2023
You've heard it before the best time to buy Long Term Care Insurance is before you need it Now you may not have an option Thirteen states are considering taxing you if you don't have a long-term care insurance policy And as Peter with Richon Planning explains to Erin Kennedy he believes we will see more and more states adopt the tax However there are ways to prepare for the tax and for the cost of LTC Insurance Following the passage of the SECURE Act you may be able to buy LTC insurance directly from your K Distributions from those [... more]
Planning Matters Radio
Peter Richon
July 15, 2023
Only one third of retirees are comfortable spending their retirement money Most would rather live off Social Security pensions or income from part-time work rather than spend down their nest egg It is a delicate balance in retirement you don't want to compromise your quality of life but neither do you want to run out of money Peter with Richon Planning specializes in helping people change their mindset in retirement He explains his action plan to Erin Kennedy Create a Spending Plan Assess Fixed Income Sources Bridge the Retirment Gap A holistic financial plan will include sustainable income sources that [... more]
Planning Matters Radio
Peter Richon
July 08, 2023
America's IRA expert Ed Slott recently told other industry experts that an IRA is just an IOU to the IRS Slott says he doesn't see any benefit to using a traditional IRA right now because tax rates are so low However Peter with Richon Planning does not agree with Slott and explains why to Erin Kennedy There are many reasons investors should still consider investing in tax-deferred accounts even though we are living in a historically low tax rate There is no cookie cutter answer No blanket statement can apply to every person there are too many variables to consider [... more]
Planning Matters Radio
Peter Richon
July 01, 2023
k s are generally the most accessible and easiest way to save for retirement but should you really be maxing out your contributions every year In this video Peter with Richon Planning and Erin Kennedy break down the pros and cons of stashing a lot of money in a pre-tax account and Peter explains when you should consider investing in other accounts as well If you'd like to sit down with Peter to determine where you should be putting your money to ensure a happy and tax-efficient retirement please feel free to give him a call at - or schedule [... more]
Planning Matters Radio
Peter Richon
June 24, 2023
The S P recently climbed more than from a low But is the Bear Market really over In this video Peter with Richon Planning reveals to Erin Kennedy which metrics he's keeping an eye on and whether he thinks the upswing in the markets will continue Peter also explains why he believes we're not out of the woods yet when it comes to whether we will see a recession this year If you have any concerns about market volatility or whether your portfolio can withstand another downturn or recession please feel free to contact Peter at - or make an [... more]
Planning Matters Radio
Peter Richon
June 17, 2023
Figuring out the most financially optimal time to claim Social Security is a complicated equation that involves hundreds of variables to complicate matters hidden deep within Social Security's Handbook are a few gotchas that can reduce your benefits forever To make sure you don't shortchange yourself Peter with Richon Planning and Erin Kennedy are breaking down the top five If you take two benefits at once you lose one of the two If you take your retirement benefit at the same time as your spousal or divorced spousal benefit your retirement benefit will generally wipe out your spousal or divorced [... more]
Planning Matters Radio
Peter Richon
June 10, 2023
Despite potentially devastating consequences of Americans don't have a will leaving estate planning to a complicated range of state laws If you die without a will your loved ones might get kicked out of the family house and could face hefty surprise tax bills In this video Peter with Richon Planning and Erin Kennedy share these tips when it comes to creating a will -Know Your State's Laws -Make Sure All Your Assets are Covered -Don't Delay If you die without a will your loved ones may get nothing especially if they are unmarried partners or stepchildren who are left [... more]
Planning Matters Radio
Peter Richon
June 03, 2023
It's not easy to determine exactly what you'll need to live on in retirement that calculation is made even more difficult because there can be a few surprise expenses and some penalties that can last a lifetime In this video Peter with Richon Planning and Erin Kennedy are breaking down some of those hidden penalties in order of severity starting with -the IRMAA Penalty -the Medicare Part B D Penalty this penalty is for life -Inflation -Taxes At Richon Planning we specialize in proactive planning that addresses each of these risks If you would like to talk more about designing [... more]
Planning Matters Radio
Peter Richon
May 27, 2023
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]
Planning Matters Radio
Peter Richon
May 20, 2023
Divorce among middle aged couples is increasing In fact there's a new name for the trend grey divorce And according to the journal of sociology after a grey divorce women experienced a drop in their standard of living and men experienced a reduction Which is why Peter with Richon Planning and Erin Kennedy wanted to talk through some key issues you'll need to consider as you plan your new future including -Revisit your estate plan -Examine retirement and pension plans -Determine how your Social Security benefits will be affected -Consider health insurance and life insurance -Consider hiring a Financial Advisor [... more]
Planning Matters Radio
Peter Richon
May 13, 2023
We knew this day would come we hit our debt ceiling back in January Now the fight continues as to whether we should increase the debt limit While Congress goes back and forth Peter with Richon Planning and Erin Kennedy sort through the latest headlines to break down how it will affect you Of course the biggest fear is that federal spending and funding will stop That could affect those who rely on Social Security or Medicare And this showdown will continue to add volatility to the market If you'd like to speak with Peter about steps you can take [... more]
Planning Matters Radio
Peter Richon
May 07, 2023
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]
Planning Matters Radio
Peter Richon
April 29, 2023
Having a tax-efficient withdrawal strategy in retirement can save you thousands of dollars A good strategy will minimize the total taxes paid over the course of your retirement which will increase your wealth and the longevity of your portfolio In this video Peter Richon with Richon Planning and Erin Kennedy break down two very different strategies traditional and proportional The traditional approach has you spend your retirement money in this order taxable tax deferred tax exempt On the other hand the proportional withdrawal method would have you take a proportional amount from all of your accounts While certain headlines will [... more]
Planning Matters Radio
Peter Richon
April 22, 2023
In this episode of Planning Matters Radio we have a surprise guest TomHegna that is joining us The author of multiple books including Don't Worry Retire Happy and Pay Checks and Play Checks TomHegna joins us to discuss the income planning piece of retirement and how simple it can be when broken down We hope you enjoy this special edition to Planning Matters Radio Give PeterRichon a call at - and visit RichonPlanning com [... more]
Planning Matters Radio
Peter Richon
April 15, 2023
Investing during a recession requires a very different approach In light of recent market volatility inflation and interest rate hikes from the Fed Peter with Richon Planning and Erin Kennedy walk through a few tips for investing during a recession 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 -Keep Investing a strategy known as Dollar Cost Averaging If you'd like to speak with Peter to determine if your portfolio is recession-proof or if you'd just like to talk through these [... more]
Planning Matters Radio
Peter Richon
April 08, 2023
For almost every retiree their biggest fear is running out of money You want your retirement to be a fitting reward to a lifetime of hard work But it's hard to know exactly how much money you'll need to achieve your unique retirement goals without sacrificing your quality of life In this video Peter with Richon Planning and Erin Kennedy break down the three biggest risks to your retirement nest egg Longevity Risk Today a couple at age has a chance of living beyond Changes to Social Security The government will have to make changes to Social Security if the [... more]
Planning Matters Radio
Peter Richon
April 02, 2023
More than of adults who live to will need Long Term Care of some kind Not only is LTC very expensive most costs aren't covered by Medicare nor other health insurance plans As Peter with Richon Planning explains to Erin Kennedy without proper planning this can wipe out your retirement savings but before you buy a policy first crunch the numbers to determine - What is the right age to buy LTC insurance -How Much Coverage to Buy -Should You Consider Other Options like Permanent Life Insurance There's a lot of advanced planning that goes into determining when or whether [... more]
Planning Matters Radio
Peter Richon
March 25, 2023
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]
Planning Matters Radio
Peter Richon
March 18, 2023
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]
Planning Matters Radio
Peter Richon
March 11, 2023
There are unique reasons Charitable Remainder Trusts are good options for your Estate Plan In this video Peter Richon with Richon Planning and Erin Kennedy explain how a crt works it is an irrevocable trust that allows you or a designated beneficiary to receive an income stream for life After you die the remainder of the assets in the trust are donated to your charity or charities of choice Peter also walks through those benefits including You Can Save on Taxes You Can Increase Your Income You Can Support Worthy Causes You Can Protect Your Money from Creditors Naming the [... more]
Planning Matters Radio
Peter Richon
March 04, 2023
If you don't have a tax plan you don't have a retirement plan In retirement you not only want to maximize your income but you also want to minimize your tax bill In this video Peter Richon with Richon Planning and Erin Kennedy break down three strategies that will help you keep more money in your pocket including Roth Conversions take advantage of today's historically low tax rate Have an RMD Strategy consider earlier distributions or Qualified Charitable Distributions Explore Health Savings Accounts the only triple tax advantaged retirement account that can help with what's often your biggest expense in [... more]
Planning Matters Radio
Peter Richon
February 25, 2023
Since the start of the pandemic about of retirees between and have re-entered the workforce If you're thinking of going back to work or unretiring there are a few details you should keep in mind First you will not lose your Social Security benefits but they may change as Peter with Richon Planning explains to Erin Kennedy Also if you unretire you may have to keep taking RMDs and there may be an impact on your medicare benefits If you're thinking about going back to work it's certainly worth having a conversation with a professional to learn how it could [... more]
Planning Matters Radio
Peter Richon
February 18, 2023
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]
Planning Matters Radio
Peter Richon
February 04, 2023
Despite a sharp increase in the COLA for some people may see a lower Social Security payment this year In this video Peter Richon with Richon Planning and Erin Kennedy break down possible reasons why You Earned Too Much Last Year If you're under full retirement age and are collecting SS benefits while still working there is a limit to the earnings you can receive You Made Changes to Your Medicare Coverage If you made a change to your Medicare coverage such as adding Part D this will cause a deduction from your Social Security benefit check A Medicare Premium [... more]
Planning Matters Radio
Peter Richon
January 28, 2023
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]
Planning Matters Radio
Peter Richon
January 21, 2023
was a brutal year for investors is sure to be challenging but there are some action steps you can take now to set yourself up for success no matter how the market behaves In this video Peter Richon with Richon Planning and Erin Kennedy walk through these Resolutions Rebalance Pay Down Debt Lower Expenses Keep Saving for Retirement Update Your Estate Plan Beneficiaries Proactive Tax Planning If you would like some help outlining or setting up and achieving your unique financial goals and resolutions please feel free to reach out to Peter for a complimentary consultation by calling - or [... more]
Planning Matters Radio
Peter Richon
January 14, 2023
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]
Planning Matters Radio
Peter Richon
January 07, 2023
was a tough year for investors and a lot of us may not realize there are strategies that a lot of the pros utilize which are great complements to traditional stocks and bonds As Peter with Richon Planning explains to Erin Kennedy Structured Notes offer a unique source of risk and return Peter and Erin break down the three types of Structured Notes including -Principal Protected - Income -Growth We know the Fed will continue to raise rates in which will affect the value of bonds Now is a great time to consider complementing your portfolio with notes that can [... more]
Planning Matters Radio
Peter Richon
December 20, 2022
What was the biggest financial headline of According to Peter at Richon Planning the two stories of are Inflation and the ensuing Fed Rate Hikes As Peter explains to Erin Kennedy steep interest rate hikes from the Fed affected almost every aspect of our economy and the markets putting pressure on both stocks and bonds Peter also weighs in on whether bonds will make a comeback and how the Midterm elections will affect the markets in If you'd like to speak with Peter about your unique financial goals for and how continuing interest rate hikes may affect your financial plan [... more]
Planning Matters Radio
Peter Richon
December 17, 2022
The latest GDP info shows that the US economy grew in the third quarter a annual rate a rebound but not enough to ease worries of a recession As the Fed continues to raise rates Peter with Richon Planning debates whether we are already in a recession or whether we will avoid a recession entirely He and Erin Kennedy look at key indicators including the GDP to gauge the overall health of the economy and to predict whether the Central Bank will back off its hawkish stance If you have any questions about the market or your investments please reach [... more]
Planning Matters Radio
Peter Richon
December 10, 2022
If you're nearing the age to take Required Minimum Distributions or RMDs and you want to avoid the extra income and its tax implications Peter Richon with Richon Planning and Erin Kennedy break down three strategies to consider Peter recommends these strategies to help reduce your tax exposure Consider taking distributions as early as possible Roth Conversions Qualified Charitable Distributions or QCDs Keep in mind RMDs are income so taking those distributions can boost your taxable income and your income taxes for the year which is why strategic tax planning is so important If you have any questions about these [... more]
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