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

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:

1. Roth IRA Conversions
2. 2. Health Savings Accounts
3. 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.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

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 mostretireesdon't see coming! Inretirement, it's incrediblyimportant to nail down knownexpensesso you can build an income plan around them. In this video, Peter with Richon Planning and Erin Kennedy break down the fourexpensesthatretireesconsistently 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 haveexpenses!

3. Taxes:A lot ofretireesunderestimate what they'll pay in taxes inretirement. We'll still be paying income taxes (in most cases), and a lot ofretireesdon't know that Social Security is taxed!

4. Travel and Leisure:We want to enjoy our hard-earnedretirement, so it needs to be part of your budget!

To avoid surpriseexpensesin yourretirement, create a realisticretirementbudget, 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 visitwww.RichonPlanning.com

#Retirement #Expenses #WealthManagement #Budget

Is yourfinancialadvisor trulyplanningfor 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 genuinefinancialplanning, 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 EstatePlanningDocuments

If this doesn't sound like your advisor, reach out to Peter for a second opinion. Just call (919) 300-5886 or visitwww.RichonPlanning.com

#FinancialAdvisor #WealthManagement #Fiduciary #SocialSecurity #EstatePlanning

SocialSecurityclaiming strategies formarriedcouples 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 financialsecurity.

There are more than 9,000 permutations if you'remarriedand looking to claimSocialSecurity, 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 atwww.RichonPlanning.com

#SocialSecurity #SocialSecurityClaimingStrategies #Retirement #FinancialPlanning # WealthManagement

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:

1. Tailor your approach to their age:conversationsand questions should vary depending on whether your talking to young children versus tweens versus teens
2. Use everyday opportunities to teach: grocery shopping, paying bills, discussing needs versus wants
3. Lead by example: be transparent about your budget, savings goals, and spending habits. Model responsible financial behavior by showing how you make smart financialdecisions

If you would like helping having a conversation about money or finances with your children or even your parents, please give Peter a call at (919) 300-5886 or visit www.RichonPlanning.com #MoneyTalk #FinancialValues #WealthManagement #FinancialLiteracy

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 live longer than men; they need a retirement plan that accounts for longevity!

Working with a financial advisor can help you create a holistic financial plan, and an advisor can help outline several ways to save for retirement, even if you're not working, like a spousal IRA. If you'd like to speak with Peter to see if you're on track for retirement, please give him a call at (919) 300-5886 or visit www.RichonPlanning.com

#WealthManagement #WomenandFinance #WomenandRetirement

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:

1. 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!
2. When is the Best Time for each Person to Claim Social Security?
3. 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.
4. 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