Planning Matters Radio Richon Planning

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 are:
Roth IRA Conversions 2. Health Savings Accounts 3. Qualified Charitable Distributions There are also instances when you can apply for an IRMAA waiver. To avoid that IRMAA penalty, proactive planning is key. If you'd like to talk through these strategies with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com #IRMAA #WealthManagement
#RothConversion #Retirement #FinancialPlanning

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 needs trust. Proactive planning means you, your child, and your family will be okay in case the worst happens. And keep in mind, estate planning for a child with disabilities is not a one-time event but an ongoing process. If you'd like to speak with Peter about preparing your estate and your finances, please call (919) 300-5886 or visit www.RichonPlanning.com
 
#SpecialNeedsTrust #WealthManagement #FamilyFinances #Retirement

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 important (and often expensive) as we age. 
3. Social Support Network: Moving often means leaving behind friends and support networks; that can be a tough transition!
4. Tax Implications: there's a reason a lot of retirees move to Florida!
5. Your desired climate and lifestyle preferences 
 
Finding a place that matches your hobbies, budget, and lifestyle is vitally important when it comes to quality of life and ensuring that you don't run out of money! If you'd like to crunch the numbers with Peter, give him a call at (919) 300-5886 or visit www.RichonPlanning.com
 
#WealthManagement #Retirement #Budgeting #Lifestyle

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 expenses!
3. Taxes: A lot of retirees underestimate what they'll pay in taxes in retirement. We'll still be paying income taxes (in most cases), and a lot of retirees don't know that Social Security is taxed!
4. Travel and Leisure: We want to enjoy our hard-earned retirement, so it needs to be part of your budget!
 
To avoid surprise expenses in your retirement, create a realistic retirement budget, start saving early, review your budget regularly, and seek professional advice. If you'd like to have that conversation with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com
 
#Retirement #Expenses #WealthManagement #Budget

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 Documents
 
If this doesn't sound like your advisor, reach out to Peter for a second opinion. Just call (919) 300-5886 or visit www.RichonPlanning.com
 
  #FinancialAdvisor #WealthManagement #Fiduciary #SocialSecurity #EstatePlanning

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 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 speak with Peter to learn how to maximize your monthly checks, please give him a call at (919) 300-5886, or schedule a complimentary appointment at www.RichonPlanning.com
 
#SocialSecurity #SocialSecurityClaimingStrategies #Retirement #FinancialPlanning # WealthManagement