The 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 Reti...
Jul 27, 2024•12 min•Season 2024Ep. 727
Navigating 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 o...
Jul 20, 2024•13 min•Season 2024Ep. 720
There 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. O...
Jul 13, 2024•14 min•Season 2024Ep. 713
Inflation 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 simp...
Jul 06, 2024•11 min•Season 2024Ep. 706
Required 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, ple...
Jun 29, 2024•13 min•Season 2024Ep. 629
For 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 ...
Jun 22, 2024•15 min•Season 2024Ep. 622
To 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...
Jun 15, 2024•11 min•Season 2024Ep. 615
If 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 wo...
Jun 08, 2024•15 min•Season 2024Ep. 608
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. I...
Jun 01, 2024•14 min•Season 2024Ep. 601
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 contro...
May 25, 2024•16 min•Season 2024Ep. 525
Understanding 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....
May 18, 2024•10 min•Season 2024Ep. 518
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 prepar...
May 11, 2024•15 min•Season 2024Ep. 511
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 ...
May 04, 2024•13 min•Season 2024Ep. 504
If 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 a...
Apr 27, 2024•13 min•Season 2024Ep. 427
The 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 ne...
Apr 13, 2024•11 min•Season 2024Ep. 413
Dreaming 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 i...
Apr 06, 2024•12 min•Season 2024Ep. 406
Discover 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 expe...
Mar 30, 2024•12 min•Season 2024Ep. 330
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: 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 D...
Mar 23, 2024•11 min•Season 2024Ep. 324
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 9,000 permutations if you're ma...
Mar 16, 2024•13 min•Season 2024Ep. 316
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 ve...
Mar 09, 2024•12 min•Season 2024Ep. 309
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, 33% of women do not have a retirement strategy versus 18% of men. However, women l...
Mar 02, 2024•12 min•Season 2024Ep. 302
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 ea...
Feb 24, 2024•11 min•Season 2024Ep. 224
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 l...
Feb 17, 2024•16 min•Season 2024Ep. 217
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 ris...
Feb 10, 2024•11 min•Season 2024Ep. 210
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 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. Acc...
Jan 27, 2024•12 min•Season 2024Ep. 127
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 health...
Jan 20, 2024•11 min•Season 2024Ep. 120
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 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:...
Jan 13, 2024•11 min•Season 2024Ep. 113
The 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 ...
Jan 06, 2024•14 min•Season 2024Ep. 106
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...
Dec 30, 2023•11 min•Season 2023Ep. 1230
For 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 t...
Dec 23, 2023•11 min•Season 2023Ep. 1223
