In a medium bowl, combine the creamy peanut butter, softened butter, and powdered sugar. Mix until smooth and well combined.

If desired, add optional ingredients like vanilla extract, rice cereal, or a pinch of sea salt to the mixture. Stir until evenly distributed.

Using your hands or a spoon, scoop out small portions of the mixture and roll them into 1-inch balls. Place the balls onto a parchment-lined baking sheet.

Place the baking sheet in the refrigerator for at least 30 minutes to allow the balls to firm up.

While the peanut butter balls are chilling, melt the chocolate chips or melting wafers in a microwave-safe bowl in 20-second intervals, stirring in between, until fully melted and smooth.

Once the peanut butter balls have chilled, dip each ball into the melted chocolate, ensuring it is fully coated. Return the coated balls to the parchment-lined baking sheet.

After all the balls are coated, refrigerate them for an additional 30 minutes to allow the chocolate to set.

Once the chocolate has hardened, store the peanut butter balls in an airtight container in the refrigerator for up to 2 weeks.