Richon Planning LLC

The Countdown to Retirement continues! A solid financial plan isn't just about investments, it should cover six key areas that impact your entire financial life. As Peter with Richon Planning explains to Erin Kennedy, if even one is missing, your plan may fall short. Those 6 issues are: 1. Is my plan aligned with my goals?  2. Income 3. Investments 4. Taxes 5. Healthcare 6. Legacy If your financial plan doesn't include these 6 issues, it might be time to get a second opinion.  Ready to take action? Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300-5886.

The Countdown to Retirement Continues! Some of the most common beliefs about money, retirement, and investing are myths and believing in them can really hurt your financial future. In this video, Peter with Richon Planning and Erin Kennedy break down the 7 biggest financial myths, including:   -The market always goes up -The market averages 10% a year -The 4% rule works for retirement withdrawals -My taxes will be lower in retirement -I don't need life insurance once I retire -My investments alone will cover retirement -It's too late to plan- I don't have enough   If you'd like to talk to Peter to learn more about these common myths and misconceptions, now is a great time to call!   Ready to take action? Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300-5886.  #RetirementPlanning #FinancialSecurity #WealthManagement #IncomePlanning

If you're within five years of retiring, either before or after, you're at your most vulnerable financially. Retiring in a down market presents a very unique risk known as "sequence of returns risk." In this video, Peter with Richon Planning and Erin Kennedy break down the top 5 steps to weather the volatility.   1. Build a Cash Cushion: protect against Sequence Risk 2. Fix Your Mix (a little): adjust your portfolio according to your risk tolerance 3. Adjust Your Spending: both expenses and withdrawal rate 4. Work a Little Longer: it means sustainable income and the chance to delay claiming Social Security 5. Consult an Advisor: a holistic financial plan will  be tailored to your goals and will protect against volatility   If you'd like to talk through this volatility to make sure you have a plan that accounts for market downturns, or even capitaizes on them, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com   #Retirement #SocialSecurity #SustainableIncome #MarketVolatility

There are times when moving your money isn't just a good idea, it's necessary. Figuring out *when can help you protect your investments, reduce your taxes, and stay aligned with your long-term goals. In this video, Peter with Richon Planning and Erin Kennedy detail the 8 moments you should move your money. They are: -Rebalancing -Roth conversions -Age 59 1/2, the in-service distribution -Leaving a job -Fees are too high -Under performing -Your time horizon has changed -Consolidating accounts Ready to take action? Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. And don't forget to check out the other videos in this special series, as we Countdown to Retirement! Visit www.RichonPlanning.com, or call Peter at (919) 300-5886.

‎As of April , about 60,000 people have been laid off or fired, including thousands more at U.S. health agencies. With the markets rattled and a potential recession on the way, a lot of people are worried about their job right now. In this video, Peter with Richon Planning and Erin Kennedy outline 4 action steps you should take if you've been laid off, or if you're concerned you might be: File for Unemployment Update Your Resume Review Your Severance, Final Paycheck, and Unpaid PTO Review Your 401(k) and other Retirement Accounts If you've been affected by these layoffs, please reach out to your support system and consider speaking with a financial advisor who can help guide you through this time and suggest the best next steps. If you'd like to speak with Peter about how this could affect your savings and your financial goals, please call (919) 300-5886 or visit www.RichonPlanning.com

New rules for Required Minimum Distributions could catch retirees off guard—especially if you're turning 73 this year. One key headline: RMDs now have to be the first money out of your account. From stricter timing requirements to steeper penalties, the IRS is cracking down. In this video, Peter with Richon Planning talks through the new rules with Erin Kennedy, including:  -What “first money out” means for your accounts and rollovers   -Why QCD timing is more important than ever -The costly mistake 73-year-olds need to avoid If you'd like to make sure you're ready for these 2025 changes, or if you'd like to discuss other strategies to minimize the tax burden that comes with Required Minimum Distributions, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

When it comes to retirement, saving enough is only part of the equation. You also need to plan for the risks that could derail your financial future. In this video, Peter with Richon Planning and Erin Kennedy break down the 9 Critical Risks You Need to Plan For: ✅ Sequence Risk – How market downturns early in retirement can deplete your savings. ✅ Legislative Risk – The impact of changing laws and policies. ✅ Withdrawal Rate Risk – Is the 4% rule still relevant? ✅ Healthcare Costs & Long-Term Care – Likely your biggest expense.  ✅ Spousal Income Changes – How losing a spouse affects income. ✅ Market Volatility – The impact of timing and market swings. ✅ Taxation – Strategies to keep more of what you've saved. ✅ Inflation – The silent threat that erodes purchasing power. ✅ Longevity – How living longer amplifies all these risks. Ready to take the next step? Download “The Countdown to Retirement”—a comprehensive guide that encourages you to rethink conventional wisdom and consider planning strategies that protect your lifestyle, comfort, and peace of mind. Head to www.RichonPlanning.com, or call Peter at (919) 300-5886.

Recently, stocks closed out their worst quarter since 2022. The S&P 500 and the Nasdaq logged their worst performance since Russia's invasion of Ukraine. While these headlines can be upsetting, as Peter with Richon Planning explains to Erin Kennedy, the market downturn can also provide some very specific opportunities for smart investors, including: Put Your Cash to Work – Lower valuations let you buy quality investments at a discount for long-term gains. Consider Tax Loss Harvesting – Selling at a loss can offset taxes now or in the future, turning dips into tax savings. Roth Conversions – Converting in a down market means paying less tax now and maximizing future tax-free growth. If you'd like to learn how to take advantage of this market downturn, please feel free to give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

The “retirement red zone” is the 5 years before and after retirement—a critical time when your decisions about investments, income, and risk can have a lasting impact on your retirement security. In this video, Peter with Richon Planning and Erin Kennedy zero in on the 10 Steps to Prepare for Retirement: ✅ Define Your Budget – Why knowing what you'll spend is the foundation of your plan. ✅ Define Your Sources of Guaranteed Income – Create a predictable income stream. ✅ Define Your Income Gap – Identify how much more you'll need to cover expenses. ✅ Strategize on Social Security – One of the biggest decisions you'll make in retirement. ✅ Formulate an Income Plan – Bridge the gap between income and expenses. ✅ Understand Your Risk Exposure – How much risk is too much as you approach retirement? ✅ Consider Taxes – Plan ahead for what may be one of your biggest expenses. ✅ Consolidate “Like-Qualified” Accounts – Simplify your retirement portfolio. ✅ Consider Inflation – Protect your purchasing power over time. ✅ Review & Update Your Legal Documents – Why this final step is crucial for protecting your wishes. Ready to take action? Download “The Countdown to Retirement”—a guide that challenges conventional wisdom and helps you craft a plan that safeguards your lifestyle, comfort, and peace of mind. Visit www.RichonPlanning.com, or call Peter at (919) 300-5886.

Once people retire, their spending habits often change. Housing, healthcare, and groceries will still make up a significant part of your budget, however, as Peter with Richon Planning explains to Erin Kennedy since retirement often means more free time, you'll probably be spending more "fun money" on these common expenses: 1. Travel  2. Recreational Vehicles 3. Vacation Home 4. Hobbies If you'd like to talk with Peter to create a realistic retirement spending plan that accounts for your own unique retirement goals, please call (919) 300-5886 or visit www.RichonPlanning.com

Join Peter Richon on Dash Town — highlighting local businesses making an impact in Fuquay! Today, we visit with Sarah Wills, who works in sales for Spray-Net, a home improvement company specializing in exterior painting and kitchen cabinet refinishing. She holds Bachelor's degrees in International Studies and Spanish with focus areas in Latin American Studies and Ethnobiology from Capital University. Her experience includes 18 years of leadership across multiple industries, 7 years of recruiting, and 5 years in sales, as well as time as a Scrum Master, where she helped teams improve collaboration and efficiency. She integrates her background in customer service and restaurant management to create meaningful connections and deliver standout experiences. At Spray-Net, Sarah uses her experience to help homeowners transform their spaces through customized exterior painting and kitchen cabinet refinishing, offering durable, factory-quality results with a personalized touch. To learn more or get an estimate, you can call (919) 759-6363

Investing during market volatility or downturns requires a very different approach. In light of recent volatility and stubborn inflation rates, Peter with Richon Planning and Erin Kennedy walk through a few tips, 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 and Structured Notes -Keep Investing, a strategy known as Dollar Cost Averaging If you'd like to speak with Peter to create a financial plan that can withstand volatility, or if you'd just like to talk through these recent headlines, feel free to give him a call at (919) 300-5886 or set up a complimentary appointment by visiting www.RichonPlanning.com

Everyone's most favorite retirement account, the 401(k), is a great way to save, but it is just a tool, not a strategy. As Peter with Richon Planning explains to Erin Kennedy, without proper planning, you could face unexpected taxes, income gaps, and market risk. There's a reason 401ks are known as tax time bombs: beyond being tax-deferred (which means you will pay taxes at an unknown and probably higher rate in the future), the Required Minimum Distributions can push you into a higher tax bracket in retirement. We are living in a historically low tax rate right now, and taxes are set to increase at the end of 2025. If you'd like to work with Peter to create tax-free income in retirement, please call (919) 300-5886 or visit www.RichonPlanning.com

Roth Conversions can be one of the best strategies to create tax-free income in retirement. And those accounts can grow tax-free indefinitely because they don't have required minimum distributions. In this video, Peter with Richon Planning and Erin Kennedy talk through the pros and the cons of converting your tax deferred accounts to Roth accounts while you're still working. Keep in mind, when you convert those funds, you'll need to pay the taxes upfront, and it's best if you can pay that bill in cash (pro: if you're working, you may have more financial flexibility). But keep in mind, those dollars are also counted as taxable income, which, without proper planning, could push you into a higher tax bracket. There is no cookie-cutter answer to this question; the answer will depend on your current tax bracket, your projected future tax bracket, and your unique financial circumstances. If you'd like to crunch the numbers with Peter, please call (919) 300 - 5886 or visit www.RichonPlanning.com

According to @Vanguard's "Advisor's Alpha" study, a good financial advisor can add about 3% in net returns *per year* through behavioral coaching, asset allocation, rebalancing, and tax planning. In this video, Peter with Richon Planning and Erin Kennedy discuss, in detail, the reasons behind that performance gap. DIY investors often underperform the market because they tend to react emotionally to market movement versus sticking to a risk appropriate financial plan. For more information, please read this study by @DALBAR titled Investor Behavior Continues to Hinder Returns. hyperlink https://www.dalbar.com/Portals/dalbar/Cache/News/PressReleases/QAIB2024_PR.pdf A good financial advisor should provide concrete value to clients, beyond just portfolio returns. If you'd like to have a no obligation chat with Peter to determine if you could benefit from having a personalized financial plan, give him a call at (919) 300-5886 or visit www.RichonPlanning.com

Before you retire, there are very specific questions you should ask your advisor. In this video Peter with Richon Planning and Erin Kennedy talk through those questions, which, when answered, can give you a much clearer picture as to whether you are really ready to retire. Those questions are: 1. Am I financially ready to retire?  2. What income sources will I rely on in retirement? 3. How can I minimize taxes on my retirement income? 4. What adjustments should I make to my investment portfolio? 5. Do I have enough saved to account for inflation and unexpected expenses? 6. Do I have a plan for long term care? And keep in mind, if your advisor can't answer these questions, it might be time for a new advisor. If you feel like you're ready to retire, but would like to talk it through with a professional, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

Taxes don't disappear in retirement. In fact, understanding tax implications becomes even more important when you're retired. In this video, Peter with Richon Planning and Erin Kennedy talk through the 4 tax questions you should ask your financial advisor before retiring, including: 1. How will my tax situation change once I retire?  2. Are there strategies to reduce my tax liability in retirement? 3. Should I consider a Roth conversion before I stop working? 4. What are the tax implications of withdrawing from my various accounts? If you'd like to learn if you're tax-ready for retirement, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

Investing can seem complex and confusing, and you may wonder whether you're doing all you can to achieve your goals. In this video, Peter with Richon Planning and Erin Kennedy talk through 5 mistakes you might be making and how to turn things around. Here are those mistakes: 1. Getting out when the going gets tough  2. Taking on too much (or too little) risk 3. Not rebalancing your portfolio regularly 4. Paying too much in taxes 5. Not seeking professional advice As for that last mistake, ask yourself: Do I have the skills to do this? Do I have the time to do this? And, maybe most importantly, do I want to do this? If the answer is 'no' to any or all of those, it may be worth asking for some advice. If you'd like a second opinion on your plan, or to find out if you're on track, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com

A new bill, called the Social Security Fairness Act, was just signed into law and will increase payments for nearly 3 million current and former public employees. As Peter with Richon Planning explains to Erin Kennedy, the law repeals the Windfall Elimination Provision and the Government Pension Offset, which limited benefits for recipients with other pensions. That means teachers, firefighters and police officers, among other public-sector occupations, will soon receive benefits in the full amount. If you think you may be eligible for the Social Security Fairness Act benefits, please reach out to Peter to talk through the changes you can expect. You can set up a complimentary appointment by calling (919) 300-5886 or visit www.RichonPlanning.com

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 NFL, NBA, and MLB athletes, as well as time at Cincinnati Children's Hospital, specializing in orthopedic rehab for young athletes. As the former Director of Clinical Services at Youngs PT and Sport Performance, he worked with athletes of all levels to improve movement and recovery. At Iron Varsity, Colton uses his experience to help athletes build strength, recover from injuries, and perform at their best. To learn more or schedule an appointment, you can reach him at colton@ironvarsity.com or call (919) 285-4596.

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 set of eyes on your return before you file, please feel free to reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com

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 sense as part of your financial plan, or if you'd like a second opinion about an annuity you recently bought, please reach out to Peter by calling (919) 300 - 5886 or visit www.RichonPlanning.com

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 contribute to your Roth account, including: 1.Roth 401(k) 2. Roth conversion 3. Backdoor Roth 4. Mega-backdoor Roth IRA Some of these strategies are more complex than others, so if you're above those income limits and are considering one of these strategies, please reach out to Peter by calling (919) 300 - 5886 or visit www.RichonPlanning.com

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. Create a spending plan 3. Consider common risk factors 4. Build a robust nest egg 5. Create a legacy plan  nb If you'd like to speak with Peter to build a personalized retirement plan that addresses your unique goals, please give him a call at (919) 300 - 5886 or visit www.RichonPlanning.com

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 passage of the SECURE Act 2.0: up to $30,000 of unused funds in a 529 account can be rolled over into a Roth IRA for your grandchild, giving him or her a leg up on retirement planning! If you'd like to talk about how to open a 529 account, or if you'd like to learn about other ways to help your grandchildren financially, please call Peter at (919) 300 - 5886 or visit www.RichonPlanning.com

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 income lower, which could decrease the taxes you pay on your Social Security benefit. Now is the time to consider Roth Conversions; we are living in a historically low tax rate, and those rates are set to increase at the end of 2025. To crunch the numbers with Peter, please call (919) 300 - 5886 or visit www.RichonPlanning.com

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 your I Bond before its 5-year maturity date, you will lose the last 3 months' interest. If you'd like to crunch the numbers with Peter, and discuss alternate investments, please call (919) 300 - 5886 or visit www.RichonPlanning.com

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 consultation by calling (919) 300-5886 or visit www.RichonPlanning.com

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 be one of the most important financial decisions you make in retirement, and helping you make that decision is something we specialize in at Richon Planning. To set up a complimentary appointment, please call (919) 300-5886 or visit www.RichonPlanning.com

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 reduced federal income tax rates to the lowest level they may ever be. And those cuts are set to expire at the end of 2025. 3. RMDs: Required Minimum Distributions can push you into a higher tax bracket 4. Government debt: our nation's debt stands at $35 Trillion dollars! The government has two options to make up that deficit, reduce spending or increase revenue, i.e. raise taxes. Without proper planning, taxes may be one of your biggest expenses in retirement. To create a strategic tax plan that minimizes your taxes, please reach out to Peter at (919) 300-5886 or visit www.RichonPlanning.com

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 insights specifically for real estate investors looking to leverage real estate exchanges, optimize tax benefits, and navigate the market dynamics. Tune in for advice on integrating real estate into financial planning and if you have any questions give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com.

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 this COLA affect the taxes we pay on our SS benefit? If you have any questions about when you should claim Social Security or how to pay for Medicare, please reach out to Peter for a complimentary consultation by calling (919) 300-5886 or visit www.RichonPlanning.com

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 and cons for each investor. If you'd like to talk through how you may be able to benefit from an annuity, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

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 visit www.RichonPlanning.com

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 bills Consider Semi-Retirement: According to data from the Bureau of Labor Statistics, the number of people 75 and older who are still working is expected to grow by 96% by 2030 Have a Plan (crunch the numbers): only 42 % of people have ever calculated what they'll need to live on in retirement. First step, make a budget. Then, create a plan that allows you fund your ideal retirement If you have any questions about how to finance your retirement to make sure you don't outlive your money, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com

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.RichonPlanning.com

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.RichonPlanning.com

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 Cuts and Jobs Act of 2017 reduced federal income tax rates to the lowest level they may ever be, and those cuts are set to expire at the end of 2025. In other words, there has never been a better time to determine if a Roth Conversion is right for you. If you'd like to crunch the numbers with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com #WealthManagement #Roth #RothConversion #FinancialAdvisor #Taxes

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 and strategies to stay ahead of the game during these uncertain times. If you have any questions about keeping your money and your personal information secure, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com

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 continues to lower interest rates, please feel free to reach out by giving him a call at (919) 300-5886 or visit www.RichonPlanning.com #InterestRates #Investing #WealthManagement #FinancialAdvisor

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 remind everyone watching... The biggest risk is: us! Hackers will do everything they can to steal our information, and they're very good at it! It's their job! You can freeze and unfreeze your credit reports at Experian, TransUnion and Equifax online, by phone or by mail. The online option is the fastest and easiest. Experian: www.experian.com/freeze/ TransUnion https://www.transunion.com/credit-freeze Equifax https://www.equifax.com/personal/credit-report-services/credit-freeze/ If you have any questions about keeping your money and your personal information secure, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com

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 risk while boosting long-term returns. It's important for investors to remember that these moments can present long-term opportunities. We're always on the lookout for such opportunities to position portfolios for future growth. If you have any questions about whether your portfolio can withstand or even capitalize on market volatility, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com #WealthManagement #Retirement #Investing #MarketTrends #MarketVolatility

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 small business owners navigate complex financial and tax obligations. If you'd like a complimentary consultation to learn more about increasing your business's value, please call (919) 300-5886 or visit www.RichonPlanning.com

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 interest in your financial success. If you'd like to learn more about how each option could affect your taxes and long-term retirement goals, please call Peter at (919) 300-5886 or visit www.RichonPlanning.com

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

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 risk tolerance, you are more likely to stick to that plan instead of reacting to market ups and downs.  If you'd like to speak with Peter and take a Risk Profile Questionnaire to determine how you should be invested, please give him a call at (919) 300-5886 or visit www.RichonPlanning.com #WealthManagement #FinancialAdvisor #Retirement #InvestmentStrategies #Investing

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

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 most portfolios, researchers estimate that the long-term benefit of investing in a target date fund (versus staying in cash) upon rollover is equivalent to an increase of at least $130,000 in retirement wealth at age 65.     If you'd like to read the Vanguard white paper, please click here (https://digital-assets.vanguard.com/corp/public-policy/policy-research/improving_retirement_outcomes_by_default_the_case_for_an_ira_qdia.pdf)

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 potential pitfalls, so it's essential to consult a tax advisor or financial advisor to tailor the approach to your unique goals and current financial situation. If you'd like to see whether these strategies could minimize your Capital Gains Tax, please feel free to give Peter a call at (919) 300 - 5886 or visit www.RichonPlanning.com #WealthPlanning #FinancialAdvisor #CapitalGains #TaxPlanning #TaxStrategies

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 find that number, you need to account for life expectancy, spending habits, and market conditions. Finding that number will ensure your savings will last throughout your retirement while allowing you to maintain your desired lifestyle. If you'd like to find your own unique, personalized withdrawal rate (keeping in mind that the rate should be revisited annually), please give Peter a call at (919) 300 - 5886 or visit www.RichonPlanning.com #DaveRamsey #WithdrawalRate #Retirement #FinancialAdvisor

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 Retirement Saving Outline Your New Financial Goals                                                                                                 If you'd like to talk through your new financial goals and how to achieve them, please reach out to Peter for a free consultation. You can call him at (919) 300 - 5886 or visit www.RichonPlanning.com #GreyDivorce #FinancialPlanning #Divorce #Retirement #SocialSecurity