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: conversations and 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 financial decisions

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

Couples should carefully consider the financial and emotional consequences of retiring simultaneously before making the decision. If you're considering retiring at 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 in Retirement? According to a recent study: 46% of older adults spend MORE money during their first few years of retirement than before retiring! 
2. When is the Best Time for each Person to Claim Social Security?
3. Do You Feel Ready to Retire? The decision to retire is not just a financial one. And keep in mind, when spouses retire simultaneously, they suddenly start spending A LOT more time together. 
4. Do You Have a Good Retirement Plan?

If you'd like to work through the financial benefits and drawbacks that come with retiring at the same time, please give Peter a call at (919) 300-5886 or set up a complimentary appointment at www.RichonPlanning.com

#Retirement #WealthManagement #SocialSecurity

Roth IRAs are one of the best ways to minimize taxes. However, many people earn too much to qualify for a Roth IRA (single filers who make more than $161K and married couples who make more than $240k). In this video, Peter with Richon Planning and Erin Kennedy talk through an alternative for those high earners known as the "Rich Person's Roth." However, it's not a retirement account, it's a cash value life insurance policy, which also offers tax free growth and tax free withdrawals.

Cash value life insurance can be a great strategy for certain investors. However, it's certainly not for everyone. It depends on your unique financial goals and how the policy is structured.

If you'd like to speak with Peter to learn whether cash value life insurance makes sense for you, please call (919) 300-5886 or visit www.RichonPlanning.com to set up a complimentary appointment.

#lifeinsurance #cashvaluelifeinsurance #WealthManagment #roth #RothAccount #TaxFree

The S&P 500 recently crossed its January 2022 peak, fueled by investor optimism and signaling from the Fed that we'll begin to see lower interest rates. The Dow also recently hit a new high. However, as Peter with Richon Planning explains to Erin Kennedy, this rally can't last forever, which is why it's so important to stick to your financial plan.

When the market reaches new highs, investors feel "euphoric" and tend to invest more, precisely when we are at the point of maximum financial risk. This counterintuitive reaction is known as "emotional investing." Remember, the point of maximum financial opportunity is when the market is bottoming out.

If you have a well-designed, holistic financial plan any market highs and lows have already been built into your portfolio. But without a plan, you may make knee-jerk investing decisions based on recent headlines.

If you'd like to speak with Peter about constructing a financial plan suited to your unique goals and risk tolerance, please reach out for a complimentary consultation by calling (919) 300-5886 or visit www.RichonPlanning.com

#markettrends #investing #BehaviorialFinance #wealthmanagement #marketrally

We're revisiting an annual favorite with some new action steps you can take now, to set yourself up for success!

In this video, Peter Richon with Richon Planning and Erin Kennedy walk through the top 5 resolutions you should consider in 2024:

1. Meet Your Match: contribute at least the minimum amount to your retirement accounts to secure your employer's match
2. Contribute More to Retirement: contribution limits are higher in 2024, and don't forget to contribute to your Roth accounts! 
3. Create a Budget: one of the most important and often overlooked (if not avoided) steps. You don't know what you'll need to live on in retirement if you don't know what you're spending 
4. Build an Emergency Fund: have at least 3-6 months expenses fully liquid 
5. Insure Yourself: make sure you and your family will be okay in case the worst happens

If you'd like to talk through any of these steps to put your financial resolutions in motion, please feel free to reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com #retirement #wealthmanagement #FinancialResolutions #2024resolutions #financialwellness

The passage of SECURE Act 2.0 changed a lot when it comes to saving for retirement. And we've just received some clarifications from the IRS about catch up contributions. In is video, Peter with Richon Planning and Erin Kennedy break down the changes that could affect you.

Despite previous guidance, if you are looking to make a catch-up contribution in 2024, there won't be any changes. However, starting in 2026, those catch-up contributions will have to be made in your Roth account.

Here's what you need to know: if you’re at least 50 years old or older, no matter your income level, you can continue to make catch-up contributions on a pre-tax basis through your employer-sponsored retirement plan. However, in 2026, those contributions will have to be made on a Roth basis if your income meets or exceeds $145,000.00.

Also, if you are a high-income earner who's maxing out your retirement accounts, you may inadvertently be missing out on some of your employer match. However, determining whether you are missing out comes down to crunching the numbers in your specific plan.

If you'd like to find out whether you're missing out on that match, or if you'd like to talk through these changes brought about by the SECURE Act, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com

#retirement #secureact #Roth #401k

A financially secure and happy retirement doesn't just happen; it takes planning and some modifications as you get older. In this video, Peter with Richon Planning and Erin Kennedy walk through some mistakes:

1. Not Having a Plan
2.  Forgetting about Inflation
3.  Not Creating any Tax-Free Income
4.  Investing too Conservatively
5. Taking on too much Risk as You near Retirement

If you'd like to speak with a fiduciary advisor about creating a financial plan that is uniquely tailored to your financial goals, please give Peter a call at (919) 300-5886 or set up a complimentary consultation by visiting www.RichonPlanning.com

#Retirement #WealthManagement #RetirermentMistakes #Investing