Join Peter Richon on Dash Town - highlighting local businesses making an impact in Fuquay! Today, we visit with Colton Owczarzak, owner of Iron Varsity, a physical therapy and sports performance business dedicated to helping athletes move, recover, and perform at their best. Colton holds a Doctorate in Physical Therapy from High Point University and a Bachelor’s in Exercise Physiology from California State University - Chico. His experience includes working at EXOS, where he provided care for NF...
Feb 12, 2025•40 min•Season 2025Ep. 212
It's that time of year, time to get ready for tax day. Yes, it's stressful, but as Peter with Richon Planning explains to Erin Kennedy, with a little bit of preparation, it doesn't have to be. To set yourself up for success and a stress-free filing, Peter outlines: -The steps you should take now to ensure you’re fully prepared for tax season -How to avoid common tax filing mistakes -How to maximize deductions and credits If you'd like help getting prepared for tax day, or if you'd like a second ...
Feb 08, 2025•15 min•Season 2025Ep. 208
Annuity sales set new records in 2024. In the first nine months of the year, we saw a 23% increase to $331.2 billion! In this video, Peter with Richon Planning and Erin Kennedy walk through why annuity sales have seen a huge jump in sales, and they discuss whether the Fed's decision to lower interest rates will affect their returns. People often turn to annuities to create sustainable income in retirement. If you'd like to learn more about annuities, how they're taxed, and whether they make sens...
Feb 01, 2025•21 min•Season 2025Ep. 201
Roth IRAs are a great way to create wealth. Roths offer tax-free withdrawals of contributions and earnings in retirement. Plus, that money can grow tax-free indefinitely because Roths are not subject to required minimum distributions. However, as Peter with Richon planning explains to Erin Kennedy, there is a catch: you can only contribute to a Roth IRA if your income is below $165,000 for single filers and under $246,000 if you filed married. If you're over that limit, there are still 4 ways to...
Jan 23, 2025•17 min•Season 2025Ep. 123
According to the @Bureau of Labor Statistics, the average annual expenses for people 65 plus in 2021 was about $52,141.00, which works out to about $4,345 a month. But as Peter with Richon Planning explains to Erin Kennedy, no two people are alike, so figuring out how much money YOU will need depends on your lifestyle and your unique retirement goals. To determine what you'll need for a comfortable, monthly retirement income, first walk through these prompts: 1. Picture your ideal retirement 2. ...
Jan 18, 2025•16 min•Season 2025Ep. 118
For the first time this year, on the 2024-25 FAFSA, students are no longer required to report cash gifts from a grandparent or contributions from a grandparent-owned 529 savings plan. As Peter with Richon Planning explains to Erin Kennedy, that means, grandparents can now use a 529 plan to fund a grandchild's education without impacting the child's financial aid eligibility. Peter also walks through the benefits of contributing to a 529 plan, including perhaps the biggest perk following the pass...
Jan 11, 2025•12 min•Season 2024Ep. 111
Let's address the number one fear of most retirees: running out of money. One way to make your nest egg last longer... figure out how to keep all of it in your pocket, as opposed to sharing it with the government. In this video, Peter with Richon Planning explains to Erin Kennedy how converting your tax deferred accounts to Roth accounts can add years to your retirement nest egg. Not only will you likely pay less in taxes in retirement you'll reap other advantages like keeping your provisional i...
Dec 28, 2024•15 min•Season 2024Ep. 1228
Back in 2022 when inflation was through the roof, we were able to buy I Bonds, or inflation bonds, with a 9.6% return! Now though, the rate of return is just over 3%. In this video, Peter with Richon Planning and Erin Kennedy discuss whether investors should redeem those I Bonds and invest in something else. The short answer is yes. There are several places you can put your money right now that are considered "low risk" and still have a higher rate of return than 3%. That being said, if you sell...
Dec 21, 2024•10 min•Season 2024Ep. 1221
The end of the year is a great time to start thinking about your finances for the upcoming year. So Peter with Richon Planning and Erin Kennedy are sharing 5 tips you can start now, to help you get on track for 2025. 1. Perform a Budget and Emergency Fund Checkup 2. Max Out Your Roth IRA (and HSA) 3. Consider Tax Loss Harvesting 4. Rebalance 5. Consider a QCD If you'd like to talk through your financial goals for 2025 and how you can achieve them, please reach out to Peter for a complimentary co...
Dec 14, 2024•17 min•Season 2024Ep. 1214
By 2034, it's projected that Social Security will only be able to pay about 78% 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 4 tips to maximize your benefit: 1.Maximize When You Claim Social Security 2. Diversify Your Retirement Income 3. Work Now to Create Tax Free Income in Retirement 4. Have a Plan for Taxes Deciding when to claim Social Security could b...
Dec 07, 2024•14 min•Season 2024Ep. 1207
Many people assume their taxes will be lower in retirement, but that’s not always the case. In fact, as Peter with Richon Planning explains to Erin Kennedy, there are 4 good reasons you can plan on your taxes being higher in retirement: 1. You won't be spending less: if you need the same amount of money to enjoy your retirement, you'll be in the same tax bracket when you're not working. 2. Tax rates are set to increase: many financial experts believe that the Tax Cuts and Jobs Act of 2017 reduce...
Nov 30, 2024•15 min•Season 2024Ep. 1130
Financial advisor Peter Richon of Richon Planning interviews Kyle Connor, a Real Estate Exchange Specialist. They discuss the aspects of real estate investment and exit strategies. Real Estate investors can use advanced tax strategies to their advantage when exiting or passing Real Estate as part of their legacy. The 1031 Exchange, 721 Exchange, and DST, Delaware Statutory Trust present significant tax opportunities, but nuances can complicate the process for individual investors. Kyle shares in...
Nov 23, 2024•26 min•Season 2024Ep. 1123
The 2.5% cost of living adjustment reflects a steady decline in inflation. However, it looks like we'll be paying almost 6% 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? -How will...
Nov 16, 2024•14 min•Season 2024Ep. 1116
Annuities can provide a guaranteed stream of income in retirement. And while the benefits aren't as significant for high-net-worth individuals, as Peter with Richon Planning explains to Erin Kennedy, there are a few that can make sense as part of a comprehensive retirement plan, including a: Longevity Annuity 2. Hybrid Long-Term Care Annuity 3. Charitable Gift Annuity 4. Grantor Retained Annuity Trust (GRAT) 5. Medicaid Compliant Annuity Of course, each of these options comes with certain pros a...
Nov 09, 2024•15 min•Season 2024Ep. 1109
There are many different enrollment periods with Medicare, and there are penalties if you miss your enrollment period. October 15th kicks off the Annual Election Period, which runs through Dec 7th. In this video, Peter with Richon Planning speaks with Erin Kennedy to break down deadlines, costs, and the differences between each Part. There is no cookie cutter answer as to which plan or Part is right for you. To talk through your unique goals and priorities, give Peter a call at (919) 300-5886 or...
Nov 02, 2024•13 min•Season 2024Ep. 1102
A recent survey by AARP found that many Americans over 50 don't feel confident about their finances. However, if you follow these 3 specific strategies, as explained by Peter with Richon Planning to Erin Kennedy, you will certainly feel more in control, and you'll be setting yourself up for a financially happy retirement. Here's a look at those three strategies: Utilize the Bucket Strategy: segment your money based on time horizon which will allow you to grow your savings while still paying the ...
Oct 26, 2024•13 min•Season 2024Ep. 1026
You'd think any kind of income would be good, but phantom income, and the taxes that come with it, can take a lot of investors by surprise! Peter with Richon Planning and Erin Kennedy want to make sure you know how to avoid it and talk through some smart tax strategies to consider, including investing in ETFs (exchange traded funds) instead of mutual funds. If you'd like to work with an advisor who focuses on advanced tax planning, please reach out to Peter by calling (919) 300-5886 or visit www...
Oct 19, 2024•16 min•Season 2024Ep. 1019
Roth accounts are an amazing tool when it comes to creating wealth. Roth IRAs are not subject to probate and can be passed on to heirs tax-free. They also grow tax-free! If you're considering a Roth Conversion, Peter with Richon Planning and Erin Kennedy walk through 3 key considerations: 1. Your future tax rate 2. When will you need to access the funds? 3. Your beneficiary's future tax rate Keep in mind, we are living in a historically low tax rate. Many financial experts believe that the Tax C...
Oct 12, 2024•16 min•Season 2024Ep. 1012
In this episode, Peter sits down with special guest Becky Swansburg for an insightful conversation about how the upcoming election could shake things up for your retirement plans. They break down the key issues to watch out for and what changes might be on the horizon. From new tax laws to shifting policies, Peter and Becky cover the important topics that could directly affect your financial future. Whether you're nearing retirement or already there, this discussion will give you valuable tips a...
Oct 05, 2024•22 min•Season 2024Ep. 1005
Interest rates have been high since March of 2022, but now, they're finally coming down. That means it's time to rethink how we're investing. In this video, Peter with Richon Planning and Erin Kennedy talk through why the Fed has decided to lower interest rates, and they discuss specific investments you should consider now that rates are coming down, including: High-yield Investments Bond ETFs Preferred Stock REITs Housing Stocks If you would like to talk to Peter about how to invest as the Fed ...
Sep 28, 2024•14 min•Season 2024Ep. 928
Check out this recent headline: "Hackers may have stolen the Social Security numbers of every American." And according to the experts, those numbers are now available -for free- on an online marketplace for stolen personal data. In this video, Peter with Richon Planning and Erin Kennedy discuss what you can and should do to keep your personal information safe, starting with: 1. Freeze Your Credit 2. Monitor Your Accounts Closely 3. Use Two Factor Authentication 4. Be Vigilant And we need to remi...
Sep 21, 2024•12 min•Season 2024Ep. 921
Concerns about a cooling U.S. economy led to a recent market downturn. And that volatility may continue. As Peter with Richon Planning explains to Erin Kennedy, a correction was somewhat expected. Historically, we often see corrections around this time of year, particularly in August and September. But when our team at Richon Planning constructs portfolios, we always consider the potential impact of volatility, aligning asset allocation with each investor's unique risk profile. This helps manage...
Sep 14, 2024•13 min•Season 2024Ep. 914
Small business owners underreport a significant portion of their income, potentially as much as 30-50%! That's according to the @National Bureau of Economic Research. However attractive as hiding cash may seem, Peter with Richon Planning lays out 4 reasons to Erin. Kennedy, as to why you should report all income to the IRS, including: 1.Legal Risk 2. Long-Term Financial Health and Growth of Your Business 3. Retirement and Insurance Planning 4. Increase Sale Value Peter specializes in helping sma...
Sep 07, 2024•11 min•Season 2024Ep. 907
Are you paying more than you need for financial advice? In this video, Peter with Richon Planning and Erin Kennedy break down the pros and cons of working with "fee-only" versus "fee-based" financial advisors. It's important to know that both structures have different tax implications and perhaps different incentives for the advisor. An advisor who works on commission may not have your best interests at heart, whereas an advisor who charges a percentage of your managed money does have a vested i...
Aug 31, 2024•15 min•Season 2024Ep. 831
Unsure where to invest your hard-earned money as you plan for retirement? This episode offers insights on key strategies for securing your financial future. Are you on the right path? Please feel free to give Peter a call at (919) 300 - 5886 or visit www.RichonPlanning.com
Aug 25, 2024•14 min•Season 2024Ep. 825
The relationship between risk and return is fundamental when it comes to investing. As Peter with Richon Planning explains to Erin Kennedy, higher returns usually come with higher risk, and lower risk typically means lower potential returns. Understanding that relationship and having a clear set of expectations when it comes to market volatility (specifically, what can you tolerate when it comes to market losses?) will help you be a better investor. When you have a plan that is in line with your...
Aug 24, 2024•13 min•Season 2024Ep. 824
Deciding whether to rent or buy a home is one of the biggest financial decisions you’ll ever make. Both options have their pros and cons, and what’s right for you depends on your personal situation and long-term goals. In this episode, we’ll break down the key factors you need to consider when choosing between renting and buying. Please feel free to give Peter a call at (919) 300 - 5886 or visit www.RichonPlanning.com
Aug 18, 2024•12 min•Season 2024Ep. 818
There are so many benefits to rolling your 401(k) into an IRA. But turns out, according to Vanguard, nearly one-third of investors who rolled their 401(k) into an IRA were still sitting in cash seven years later; they never invested their retirement savings! As Peter with Richon Planning and Erin Kennedy discuss, these investors are missing out on billions in investment gains! This problem is most pronounced among investors who've changed jobs and younger investors. While cash has a place in mos...
Aug 17, 2024•14 min•Season 2024Ep. 817
Get ready to pay Capital Gains Tax when you sell an asset, including stocks or real estate, for a profit. It's a good problem to have! But as Peter Richon with Richon Planning explains to Erin Kennedy, there are some strategies that can help you avoid or minimize capital gains tax, including: Paying the Tax Now in a Low Tax Rate Environment Donor-Advised Funds (DAFs) Tax-Loss Harvesting Holding Periods Charitable Remainder Trusts (CRTs) Each of these strategies comes with its own rules and poten...
Aug 10, 2024•13 min•Season 2024Ep. 810
Recently, on his popular show, a well-known, "financial expert" dismissed the common advice to withdraw only 4% of your retirement savings annually as "moronic," advocating instead for an 8% withdrawal rate. In this video, Peter Richon with Richon Planning and Erin Kennedy talk through whether and when an 8% withdrawal rate makes sense. Here's the answer: yes, it might make sense. But it all depends on the individual person. Finding the correct withdrawal rate will vary from person to person. To...
Aug 03, 2024•19 min•Season 2024Ep. 801
