Should Couples Retire Together?
10m
·
Planning Matters Radio
·
Couplesshould carefully consider the financial and emotional consequences ofretiringsimultaneously before making the decision. If you're consideringretiringat the same time, @peter with @richonplanning and @erinkennedy walk through 4 questions you should consider first:
- Have You Correctly Calculated Your Cost of Living inRetirement? According to a recent study:46% of older adults spend MORE money during their first few years ofretirementthan beforeretiring!
- When is the Best Time for each Person to Claim Social Security?
- Do You Feel Ready toRetire?The decision toretireis not just a financial one. And keep in mind, when spousesretiresimultaneously, they suddenly start spending A LOT more timetogether.
- Do You Have a GoodRetirementPlan?
If you'd like to work through the financial benefits and drawbacks that come withretiringat the same time, please give Peter a call at (919) 300-5886 or set up a complimentary appointment atwww.RichonPlanning.com
#Retirement #WealthManagement #SocialSecurity
The episode Should Couples Retire Together? from the podcast Planning Matters Radio has a duration of
10:41. It was first published
More episodes from Planning Matters Radio
3 Financial Phases of Life
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.com #WealthManagement #CompoundInterest #Taxes #Retirement
Biggest Retirement Regrets (and how to avoid them!)
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 prepare for a happy retirement! If you'd like to talk with Peter about how to avoid these mistakes and how to create sustainable income in retirement, reach out by calling (919) 300-5886 or visit www.RichonPlanning.com
#WealthManagement #Retirement #RetirementRegrets
What is the Retirement Bucket Strategy?
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 retirement. The strategy aims to provide a reliable income stream while managing investment risk and ensuring your financial security throughout your retirement years. If you'd like to find out whether your retirement savings are properly segmented, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com
#Retirement #WealthManagement #Taxes #Investing
3 Strategies to Reduce Your IRMAA for Medicare Part B
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
Steps to Protecting a Child with Disabilities
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.Withoutproper 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