By it's projected that Social Security will only be able to pay about 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 tips to maximize your benefit Maximize When You Claim Social Security Diversify Your Retirement Income Work Now to Create Tax Free Income in Retirement Have a Plan for Taxes Deciding when to claim Social Security could be one of the most important financial decisions you make in retirement and helping you make that decision [... more]

Hans and Robby are back again this week with a brand new episode This week's discussion is about tax deferred vs tax free 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 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]

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]

Hans and Robby are back again this week with a brand new episode This week Hans and Robby discuss tax free income for life at 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]

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]

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]

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]

If you're considering converting an IRA to a Roth IRA in the clock is ticking In this video Peter with Richon Planning and Erin Kennedy break down everything you need to know before making a decision Keep in mind we are in a historically low tax rate Paying your taxes now will allow your money to grow tax free and any future withdrawals will not be taxed Also to help manage your tax liability you may choose to convert just a portion of your assets There is no limit to the number of conversions you can make so you may [... more]

Good news from the IRS inflation adjustments could mean lower tax rates come As Peter with Richon Planning explains to Erin Kennedy tax rates are adjusted for inflation and saw America's fastest price growth in four decades That means most of us will be able to shield more of our income from taxes in Also new for the IRS is increasing the standard deduction marking the largest adjustment to deductions since However these significant changes underscore the importance of proactive tax planning which is something we specialize in at Richon Planning If you would like to talk through these changes [... more]

We are still firmly in Bear Market territory Stocks and bonds are sharply negative In fact the market recently lost nearly one quarter of its value since the beginning of the year But those negatives actually offer some unique opportunities according to Peter at RichonPlanning He breaks down several strategies with Erin Kennedy including Tax Loss Harvesting Rebalancing Avoiding Phantom Income Roth Conversions RMDs If you have any questions about how to employ some of these tax strategies please reach out to Peter for a complimentary consultation by calling - or by visiting www RichonPlanning com [... more]

Your Best Investment Options to Fight Inflation The Myth of Retiring in a Lower Tax Bracket The Consumer Price Index or CPI dipped to in April marking the first slowdown in eight months Some experts say we're past the peak of inflation but Peter Richon with RichonPlanning disagrees and tells Erin Kennedy there are strategies you can put in place today to guard against inflation including Hedged Equities and Structured Notes Also if you do not have a taxplan you do not have a retirement plan In the second half of the show Peter breaks down this common misconception you [... more]

Hans and Robby discuss tax-free retirement savings and the three different tax characterizations or situations your money might be in including a taxable account a tax deferred account or a tax-free account 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]

Hans and Robby talk about current tax brackets and retirement planning under these parameters 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]

Hans and Robby discuss QCDs or Qualified Charitable Distributions These distributions are a way to give your IRA money tax free to the charity of your choice Find out all the advantages of QCDs this week on Finishing Well 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]

It's and it is time to have a straight talk on taxes Retirement changes taxes that is a fact Once you have different income sources such as IRAs and Social Security taxes are going to look really different You are now in control of your income at least part of it and you need a plan Hans and Robby go over tax charts for and what they mean for you One of the biggest suggestions Hans gives is to not be scared to pay a little more taxes now to live tax free in the future Want to know why [... more]

Ever meet someone who has so much knowledge that they end up sounding like a windbag Hans and Robby discuss how some consumer activists in the financial industry talk about life insurance and what they get wrong this week on Finishing Well Life insurance sometimes gets a bad rap - it is too expensive or a bad investment or you don't need it once you retire Hans goes over where he agrees with these people like about term insurance and where he disagrees People need life insurance in retirement What is your family going to do when you die This [... more]

Life insurance Everyone knows it provides great security to your family when you pass but what many people don't realize is that is can also provide great benefits while are living Certain life insurance products and strategies allow you to take care of your family in life and in death On this show Hans and Robby go over the technical aspects of using life insurance for more than just a death benefit One of the purposes of Finishing Well is to teach but we need to know what motivates you to look into life insurance to teach you about it [... more]

In Luke the big barn parable tells the story of a rich man who grew extra crops and had no place to store them He decided he would tear down his barn and build a larger one which would give him the time to relax and take life easy God told him he was going to die that night and then what would happen to all the crops he was storing for himself God called the man a fool This same idea can be applied to people who want to leave their large IRAs to their beneficiaries Robby uses his [... more]

In Luke Jesus praises the shrewd manager who stole from his boss He says I tell you use worldly wealth to gain friends for yourselves so that when it is gone you will be welcomed into eternal dwellings Many people tend to waste their wealth by not dealing shrewdly Hans and Robby discuss how to apply these principles to income taxes especially in retirement Paying more taxes than you should because you have not planned correctly can be wasteful You should not cheat on your taxes but with proper planning you can make sure you don't pay more than you [... 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]

John says In my Father's house are many mansions if it were not so I would have told you I go to prepare a place for you Jesus isn't just winging it he has a plan for you and your estate You shouldn't wing it with your estate either Having a plan in place and properly set up will save your family the frustration confusion and sadness of having to figure out your estate in their time of grief This week Robby talks about his own personal situation regarding estate planning His father is in his final stages of life [... more]

In Ecclesiastes it says To everything there is a season Retirement is a season in life that is full of change including your taxes Taxes are different in retirement there is Social Security Medicare IRA withdrawals and for some work income Prosperity can come in your season of retirement from not having the tax burden you had while you were working The only way to reach this prosperity though is to plan for it before this season hits Hans discusses a client who retired when he was years old After retiring he started to withdraw money out of his traditional [... more]

The government wants their money and they are going to get their money whether it is from you or your heirs RMDs Required Minimum Distribution or is it Really Motivated Distribution Hans and Robby discuss reasons to take your Really Motivated Distributions early and late this week One really motivated way involves building up your Social Security benefit Another really motivated distributions allows you to give to the Church or other charities tax free 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 [... more]