Uncommon Cents with Bowman Financial Strategies

Today we're going to dive into the intricacies of tax planning for small business owners facing a major transition: the sale of their business. This episode is particularly relevant for those in the midst of a liquidation event, where understanding the tax implications can make a significant difference in financial outcomes.

Here's what we discuss in this episode:

0:00 – Intro

1:40 – Retirement savings

3:50 – Year 1 strategies

7:14 – Strategies after year 1

12:12 – Social Security strategies

14:19 – Next step

Get access to all of our free guides on Social Security, RMDs, Investing, and more: https://www.bowmanfinancialstrategies.com/resources#Guides

Watch all of our educational videos on YouTube: https://bit.ly/3XcNgZE

Book at 20 minute introductory phone call with Erik: https://calendly.com/bfs-2019/web-inquiry-phone-call-with-erik-bowman?month=2024-09

Other ways to get in touch:

Phone: (303) 222-8034

Our website: https://www.bowmanfinancialstrategies.com/

LinkedIn: https://www.linkedin.com/in/bowmanfinancialstrategies/

Facebook: https://www.facebook.com/bowmanfinancialstrategies/

Everyone loves a good game show. Whether it's spinning the big wheel or hitting the buzzer with all the right answers. But what happens when people turn their retirement planning into a game? Spoiler alert: it's not always a win!

In this episode, we tackle the risky moves people make when they treat their finances like a game of chance. Instead of gambling with your retirement, let's discuss how thoughtful planning can help you avoid common pitfalls and set you on a path to success.

Here's what we discuss in this episode:

0:00 – Intro

0:26 – The Price is Right

2:26 – Are You Smarter Than a Fifth Grader?

3:21 – Family Feud

Get access to all of our free guides on Social Security, RMDs, Investing, and more: https://www.bowmanfinancialstrategies.com/resources#Guides

Watch all of our educational videos on YouTube: https://bit.ly/3XcNgZE

Book at 20 minute introductory phone call with Erik: https://calendly.com/bfs-2019/web-inquiry-phone-call-with-erik-bowman?month=2024-09

Other ways to get in touch:

Phone: (303) 222-8034

Our website: https://www.bowmanfinancialstrategies.com/

LinkedIn: https://www.linkedin.com/in/bowmanfinancialstrategies/

Facebook: https://www.facebook.com/bowmanfinancialstrategies/

If you find yourself newly single, it can be an incredibly difficult time emotionally. Add in the major financial changes that happen during this transition and it becomes overwhelming for anyone to try to navigate on their own. Today, ​we ​are ​going ​to ​be ​talking ​about ​three ​things ​that ​a ​divorcee or widow can do to get a hold on their finances during this tumultuous time.

Here's what we discuss in this episode:

0:00 – Intro

0:34 – Understand your finances now

1:20 – Tax considerations

2:33 – Knowing your expenses

3:27 – Challenges

Get access to all of our free guides on Social Security, RMDs, Investing, and more: https://www.bowmanfinancialstrategies.com/resources#Guides

Watch all of our educational videos on YouTube: https://bit.ly/3XcNgZE

Book at 20 minute introductory phone call with Erik: https://calendly.com/bfs-2019/web-inquiry-phone-call-with-erik-bowman?month=2024-09

Other ways to get in touch:

Phone: (303) 222-8034

Our website: https://www.bowmanfinancialstrategies.com/

LinkedIn: https://www.linkedin.com/in/bowmanfinancialstrategies/

Facebook: https://www.facebook.com/bowmanfinancialstrategies/

Are you looking for ways to make the most of your retirement savings while also supporting a cause you care about? In this episode, Erik dives into the ins and outs of Qualified Charitable Distributions (QCDs), a smart financial strategy that allows retirees to fulfill required minimum distributions (RMDs) while reducing taxable income. You'll learn exactly how QCDs work, who they're best suited for, and the key tax benefits they offer.

Here's what we discuss in this episode:

0:00 – Intro

1:34 – How QCDs work

4:19 – When does it make sense to do this?

Get access to all of our free guides on Social Security, RMDs, Investing, and more: https://www.bowmanfinancialstrategies.com/resources#Guides

Watch all of our educational videos on YouTube: https://bit.ly/3XcNgZE

Book at 20 minute introductory phone call with Erik: https://calendly.com/bfs-2019/web-inquiry-phone-call-with-erik-bowman?month=2024-09

Other ways to get in touch:

Phone: (303) 222-8034

Our website: https://www.bowmanfinancialstrategies.com/

LinkedIn: https://www.linkedin.com/in/bowmanfinancialstrategies/

Facebook: https://www.facebook.com/bowmanfinancialstrategies/

If you could save tens of thousands of dollars in taxes every year, you'd have more freedom to pursue what truly matters- whether it's travel, hobbies, or leaving a financial legacy. In this episode, Erik explains how diversifying your retirement accounts by taxability can help you do just that. By building a mix of IRAs, 401(k)s, Roth IRAs, and non-qualified brokerage accounts, you gain more control over how and when your income is taxed, helping you protect your wealth from future tax hikes and legislative changes.

Tune in as Erik walks you through the tax rules for each type of account, the risks of relying too heavily on pre-tax retirement savings, and how a strategic approach to withdrawals can help you minimize taxes. Whether you're just starting to plan or approaching retirement, these strategies will help you make tax-efficient decisions and preserve more of your hard-earned wealth. Don't leave your retirement at the mercy of future tax laws- learn how to take control today!

Here's what we discuss in this episode:

0:00 – Intro

1:16 – Pre-tax and post-tax accounts

6:06 – Strategies for tax-efficient distribution

10:49 – When to start diversifying accounts?

Get access to all of our free guides on Social Security, RMDs, Investing, and more: https://www.bowmanfinancialstrategies.com/resources#Guides

Watch all of our educational videos on YouTube: https://bit.ly/3XcNgZE

Book at 20 minute introductory phone call with Erik: https://calendly.com/bfs-2019/web-inquiry-phone-call-with-erik-bowman?month=2024-09

Other ways to get in touch:

Phone: (303) 222-8034

Our website: https://www.bowmanfinancialstrategies.com/

LinkedIn: https://www.linkedin.com/in/bowmanfinancialstrategies/

Facebook: https://www.facebook.com/bowmanfinancialstrategies/

People talk all the time about tax efficiency in retirement, but what does that truly mean and why does it matter? It's much more than a buzzword; it's a vital strategy for preserving more of your money in retirement.

Today we're going to explain why tax efficiency matters, the risks of not being tax efficient, and strategies for becoming tax efficient. You'll be able to learn about different types of retirement accounts, the impact of legislative risk, and how to prepare for potential changes in tax laws. Plus, we'll explain our Roth conversion analysis tool and how it helps us determine when you want to take advantage of a conversion to help build a tax-free retirement fund.

Tax efficiency isn't just about saving money. Being proactive about your tax planning now can help secure your financial future.

Here's what we discuss in this episode:

0:00 – Intro

1:55 – Why does this matter now?

4:24 – Tax rate changes

6:26 – Legislative risk

8:38 – Types of accounts and how they're taxed

12:56 – HSA

14:06 – Actions you can take now

16:58 – Roth conversion analysis

Get access to all of our free guides on Social Security, RMDs, Investing, and more: https://www.bowmanfinancialstrategies.com/resources#Guides

Watch all of our educational videos on YouTube: https://bit.ly/3XcNgZE

Book at 20 minute introductory phone call with Erik: https://calendly.com/bfs-2019/web-inquiry-phone-call-with-erik-bowman?month=2024-09

Other ways to get in touch:

Phone: (303) 222-8034

Our website: https://www.bowmanfinancialstrategies.com/

LinkedIn: https://www.linkedin.com/in/bowmanfinancialstrategies/

Facebook: https://www.facebook.com/bowmanfinancialstrategies/

Are you nearing retirement or thinking about changing jobs? One of the most common questions people face is what to do with their 401(k). Should you keep it where it is, or roll it over into an IRA? In this video, we're going to discuss the reasons you might want to rollover your old 401k today.

Here's what we discuss in this episode:

0:00 – Intro

1:58 – Scenarios that allow you to roll over old 401Ks

3:42 – Benefits of a rollover IRA

6:42 – Tax considerations in rollovers

9:35 – Consolidation & fees

12:13 – Common concerns

14:04 – Reason you'd keep the old 401k

Get access to all of our free guides on Social Security, RMDs, Investing, and more: https://www.bowmanfinancialstrategies.com/resources#Guides

Watch all of our educational videos on YouTube: https://bit.ly/3XcNgZE

Book at 20 minute introductory phone call with Erik: https://calendly.com/bfs-2019/web-inquiry-phone-call-with-erik-bowman?month=2024-09

Other ways to get in touch:

Phone: (303) 222-8034

Our website: https://www.bowmanfinancialstrategies.com/

LinkedIn: https://www.linkedin.com/in/bowmanfinancialstrategies/

Facebook: https://www.facebook.com/bowmanfinancialstrategies/

One of the most common questions we get is about Social Security and whether it's going to run out. If you only read headlines, it seems to be a valid concern. But what's the reality of the situation and how does it impact you when it's time to file for Social Security?

Here's what we discuss in this episode:

0:00 – Intro

1:43 – 2024 Trustees Report

2:40 – What goes into the projection?

4:30 – What happens if it runs out?

6:10 – Making Social Security more viable

10:15 – When will change happen?

12:34 – Retirement planning

14:47 – Filing strategies

Get in Touch:

Phone: (303) 222-8034

Book an appointment with us: https://www.bowmanfinancialstrategies.com/contact

Our website: https://www.bowmanfinancialstrategies.com/

LinkedIn: https://www.linkedin.com/in/bowmanfinancialstrategies/

Facebook: https://www.facebook.com/bowmanfinancialstrategies/

Watch the Podcast on YouTube: Bowman Financial Strategies - YouTube

Recent rule changes have made it more crucial than ever to understand the tax implications and distribution timelines associated with inherited IRAs. Listen in as Erik and Ben break down the latest IRS rule changes affecting inherited IRAs, including the newly condensed 10-year distribution timeline. They explore the implications of these rules for both spousal and non-spousal beneficiaries and share some strategies to help navigate these changes effectively.

Here's what we discuss in this episode:

0:00 – Intro

1:09 – How the rules for inherited IRAs have changed

4:08 – What are the new rules for non-spousal IRAs?

7:01 – What about spousal IRAs?

8:54 – Tax strategies for inherited IRAs

13:56 – Working with a qualified professional

Get in Touch:

Phone: (303) 222-8034

Book an appointment with us: https://www.bowmanfinancialstrategies.com/contact

Our website: https://www.bowmanfinancialstrategies.com/

LinkedIn: https://www.linkedin.com/in/bowmanfinancialstrategies/

Facebook: https://www.facebook.com/bowmanfinancialstrategies/

Watch the Podcast on YouTube: Bowman Financial Strategies - YouTube

Very often, we see people who know that the financial decisions that they're making aren't the best decisions, but they try to create excuses or explanations for why they're doing what they're doing. Let's talk about why these excuses usually don't hold water. Whether it's procrastination, fear of market crashes, or misunderstanding Social Security, these common excuses can have long-term impacts on your financial health.

Here's what we discuss in this episode:

0:00 – Intro

1:49 – Social Security at 62

5:34 – Taking too much risk

7:57 – Having too much in cash

10:17 – Financial planning disinterest

12:38 – Staying with the wrong broker or advisor

Get in Touch:

Phone: (303) 222-8034

Book an appointment with us: https://www.bowmanfinancialstrategies.com/contact

Our website: https://www.bowmanfinancialstrategies.com/

LinkedIn: https://www.linkedin.com/in/bowmanfinancialstrategies/

Facebook: https://www.facebook.com/bowmanfinancialstrategies/

Watch the Podcast on YouTube: Bowman Financial Strategies - YouTube