How to Protect Your Retirement Savings Now as Markets Plunge
Release Date: 05/31/2025
🚨 Big 401(k) Change Ahead for High Earners 50+ 🚨
Planning Matters Radio
Starting next year, workers age 50 and older earning more than $145,000 will lose a major 401(k) tax break. As Peter with Richon Planning explains to Erin Kennedy, catch-up contributions that used to reduce taxable income must now be made after tax - as Roth contributions. That could mean less take-home pay today, but potentially tax-free withdrawals later. In this interview, Peter answers: 💬 What does this mean for your retirement strategy? 💬 Should you reconsider Roth vs. traditional contributions? 💬 And can strategies like Roth conversions or HSAs help offset the lost deduction? If...
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🚨 Social Security Benefits Could Be Cut by 23%: Here’s How to Prepare
Planning Matters Radio
The Social Security trust fund is projected to be insolvent by 2033, and by 2035, benefits could be reduced by 23% if no action is taken. As Peter with Richon Planning and Erin Kennedy explain, that means future retirees may only receive about 77% of promised benefits... a potential shortfall that could cost the average worker $138,000 in lost income! 💡 What can you do now? ✔️ Max out your retirement contributions and catch up contributions ✔️ Take advantage of your employer match ✔️ Diversify your investments ✔️ Work with a financial advisor who can help you decide when to...
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🚫 Thinking About Borrowing from Your 401(k)? Think Again.
Planning Matters Radio
According to the Transamerica Center for Retirement, more than one-third of workers have taken a loan, early withdrawal, or hardship withdrawal from their 401(k). It might feel like “borrowing from yourself,” but as Peter with Richon Planning and Erin Kennedy explain, it can come with long-term consequences: missed market growth, double taxation, and a smaller nest egg when you need it most. In our latest conversation, we’re breaking down the real cost of a 401(k) loan, including: 💸 How even a small loan today can erase tens of thousands in future gains. 📉 Why you’re actually...
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💰 4 Strategies to Reduce Taxes in Your Portfolio
Planning Matters Radio
You’ve heard of asset allocation, but what about asset location? Where you hold your investments can be just as important as what you invest in when it comes to lowering your tax bill. In this new conversation, Peter with RichonPlanning and erinkennedy break down 4 simple but powerful strategies that could help keep more of your money working for you: Traditional vs. Roth IRAs and their unique tax advantages Tax-loss harvesting explained (with real-life examples) Why dividend-paying stocks might belong in tax-advantaged accounts How...
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💡 The 4 Best Investments for Minimizing or Avoiding Taxes
Planning Matters Radio
Did you know some investments can generate income without triggering a big tax bill? From municipal bonds to tax-advantaged accounts, there are several smart ways to keep more of what you earn. In this interview, Peter with Richon Planning and Erin Kennedy walk through: Municipal Bonds — why their interest is federally tax-free Tax-Exempt Money Market Funds — and how they work Series I & EE Bonds — interest that’s free from state and local taxes Treasury Bills — federal tax applies, but no state or local taxes ...
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Should You Claim Social Security at 62?
Planning Matters Radio
Age 62 is the earliest you can claim Social Security benefits, but should you? In this video, Peter with Richon Planning and Erin Kennedy talk through what you gain and what you lose when you claim your benefits before Full Retirement Age, including: Why claiming early means smaller monthly checks for life How the Earnings Test could reduce benefits if you’re still working Why waiting can mean a bigger benefit... but that doesn't mean everyone should wait to claim According to Forbes, only 4% of people claim Social Security at the most "financially...
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Is $4,000 a Month Enough to Retire Comfortably?
Planning Matters Radio
Can you live on $4,000 a month? According to The Motley Fool, median monthly income for retirees is just over $4,100 a month. But determining whether YOU can live on that depends on where you live, your expenses, and your other income sources. And as Peter with Richon Planning explains to Erin Kennedy, it also depends on: Location & cost of living Monthly expenses & lifestyle choices Other income sources (Social Security, pensions, investments) Inflation & longevity To learn if $4,000 a month is truly enough for you, or to learn how to build an income...
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Should You Buy Risky Assets (like crypto or real estate) in Your 401(k)?
Planning Matters Radio
Big changes could be coming to your 401(k). A new Executive Order paves the way for riskier assets, like private equity, real estate, and even crypto, to be included in workplace retirement plans. But is this a good move for everyday investors? Peter with Richon Planning and Erin Kennedy break down the pros and cons, including: What private equity really is The risks vs. rewards of alternative investments Why fees matter—and who really benefits Who (if anyone) should consider these risky assets Saving for retirement is complicated. If you want to make...
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Should You Convert Your Term Life Policy to Whole Life?
Planning Matters Radio
Are you thinking about converting your term life policy to a whole life policy? Many people purchase term life insurance for the affordability and protection it offers during their working years. But as life changes, the question often comes up: should you convert your term life policy into a whole life policy? In this video, Peter with Richon Planning and Erin Kennedy break down what you need to know, including: ✅ The key differences between term and whole life ✅ Why some people choose to convert ✅ The potential costs and drawbacks ✅ How to know if it’s the right move for you If...
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💊 3 Medical Costs Retirees Often Miss
Planning Matters Radio
Thinking about retirement? You might want to budget more for health care than you'd expect. A recent Wall Street Journal article highlights three big costs retirees tend to underestimate. In this video, Peter with Richon Planning and Erin Kennedy walk through these 3 (often overlooked) medical costs. They are: 1️⃣ Medications – especially new or non-generic prescriptions 2️⃣ Medical Isolation – higher costs in areas with limited access to care 3️⃣ Concierge Care – in some markets, doctors aren't accepting Medicare and instead are charging an annual fee (averaging $3,500) to...
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