Starting in 2024, you can roll up to $35,000 from a #529 into a #Roth individual retirement account, which can jumpstart tax-free retirement savings for young investors, all while taking advantage of today's historically low tax rate.    But opening a 529, as Peter Richon with Richon Planning explains to Erin Kennedy, isn't right for everyone. In this video, Peter lays out the pros and cons, and suggests other accounts you should consider maxing out first.   If you'd like to learn more about opening a 529 for your child or grandchild, or if you'd like to talk through other strategies to help fund higher education, please feel free to reach out to Peter by calling (919) 300-5886 or by visiting www.RichonPlanning.com   #College #CostofCollege #Retirement #TaxFree

2022 was a brutal year for investors. 2023 is sure to be challenging, but there are some action steps you can take now, to set yourself up for success no matter how the market behaves. In this video, Peter Richon with Richon Planning and Erin Kennedy walk through these 5 Resolutions: 1. Rebalance 2. Pay Down Debt, Lower Expenses 3. Keep Saving for Retirement 4. Update Your Estate Plan/Beneficiaries 5. Proactive Tax Planning If you would like some help outlining or setting up and achieving your unique financial goals and resolutions, please feel free to reach out to Peter for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com #FinancialResolutions #2023resolutions #financialfitness

SECURE Act 2.0: Later RMDs, 529-to-Roth Rollovers, and Other #Tax Planning Opportunities Congress recently passed #SECURE Act 2.0, which will bring several changes to retirement account rules. Peter Richon with Richon Planning and Erin Kennedy break down the big takeaways, including some unique opportunities, including: -RMD Age Increase -QCDs Will Be Expanded -529 Plans These changes, however, will make proactive tax planning even more important. Keep in mind, when you delay those Required Minimum Distributions, it will lead to larger account balances at death, which could create a significant tax burden for your beneficiaries. If you'd like to talk through these changes and how they affect your #retirement plan, please reach out to Peter for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com #rmds #QCDs #taxplanning #wealthmanagement #taxes #roth

2022 was a tough year for investors, and a lot of us may not realize there are strategies that a lot of the pros utilize, which are great complements to traditional #stocks and #bonds. As Peter with Richon Planning explains to Erin Kennedy, Structured Notes offer a unique source of risk and return. Peter and Erin break down the three types of Structured Notes, including: -Principal Protected -#Income -Growth We know the Fed will continue to raise rates in 2023, which will affect the value of bonds. Now is a great time to consider complementing your portfolio with notes that can add protection or create income. To learn more, please reach out to Peter by calling (919)300-5886 or by visiting www.RichonPlanning.com #StructuredNotes #BondAlternatives #CreateIncome

What was the biggest financial headline of 2022? According to Peter at Richon Planning, the two stories of 2022 are: Inflation and the ensuing Fed Rate Hikes. As Peter explains to Erin Kennedy, steep interest rate hikes from the Fed affected almost every aspect of our economy and the markets, putting pressure on both #stocks and #bonds. Peter also weighs in on whether bonds will make a comeback and how the Midterm elections will affect the markets in 2023. If you'd like to speak with Peter about your unique financial goals for 2023 and how continuing interest rate hikes may affect your financial plan, please reach out for a complimentary consultation by calling (919)300-5886 or by visiting www.RichonPlanning.com #wealthmanagement #financialgoals #markettrends

The latest GDP info shows that the US economy grew .6% in the third quarter, a 2.6% annual rate, a rebound, but not enough to ease worries of a recession. As the Fed continues to raise rates, Peter with Richon Planning debates whether we are already in a #recession or whether we will avoid a recession entirely. He and Erin Kennedy look at key indicators including the #GDP, to gauge the overall health of the economy and to predict whether the Central Bank will back off its hawkish stance. If you have any questions about the market or your investments, please reach out to Peter who'd be happy to "stress test" your portfolio to see if you're prepared for this or any future market volatility; simply call (919) 300-5886 or visit www.RichonPlanning.com

If you're nearing the age to take Required Minimum Distributions, or #RMDs, and you want to avoid the extra income and its tax implications, Peter Richon with Richon Planning and Erin Kennedy break down three strategies to consider. Peter recommends these strategies to help reduce your tax exposure: 1. Consider taking distributions as early as possible 2. Roth Conversions 3. Qualified Charitable Distributions, or QCDs Keep in mind, RMDs are income, so taking those distributions can boost your taxable income and your income taxes for the year, which is why strategic #tax planning is so important. If you have any questions about these strategies, or if you'd like to determine if a Roth Conversion or QCD is right for you, please reach out to Peter for a free consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com

The end of the year is upon us, so now is a great time to consider a Qualified Charitable Distribution or #QCD. As Peter with Richon Planning explains to Erin Kennedy, this is a great way to make a large gift to your favorite non-profit while lessening your tax burden. When structured correctly, a QCD allows your donation to go directly from your IRA custodian to your chosen charity. Not only can it be counted toward satisfying your required minimum distributions or #rmds , but it also decreases your adjusted gross income. Richon Planning specializes in holistic tax planning. If you'd like to determine if a QCD is right for you, please reach out for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com

If you're considering converting an #IRA to a #Roth IRA in 2022, the clock is ticking. In this video, Peter with Richon Planning and Erin Kennedy break down everything you need to know before making a decision. Keep in mind, we are in a historically low tax rate. Paying your taxes now will allow your money to grow tax free, and any future withdrawals will not be taxed. Also, to help manage your tax liability, you may choose to convert just a portion of your assets. There is no limit to the number of conversions you can make, so you may convert smaller amounts over several years. If you'd like to get started, or if you'd like to talk through the benefits of a Roth Conversion, please call (919) 300-5886 or schedule an appointment at www.RichonPlanning.com

New #Retirement Account Contribution Limits for 2023 The #IRS just announced that it will boost the maximum contribution limit to #401k accounts by $2,000 next year... to $22,500! This is the largest increase on record. The contribution limit for an IRA is also set to increase... to $6,500 from $6,000. As Peter with Richon Planning explains to Erin Kennedy, this move will allow millions of us to contribute thousands more into tax- advantaged retirement accounts. But keep in mind, every retirement plan has to include tax planning and tax diversification. In fact, 401(k)s are known as "retirement tax bombs." If you'd like to talk through the tax implications of your retirement accounts, and why you should consider #Roth accounts, please feel free to reach out for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com #TaxPlanning #RetirementPlanning #WealthManagement #TaxDiversification