How Do You Become Tax Efficient in Retirement?
Uncommon Cents with Bowman Financial Strategies
Release Date: 09/19/2024
Divorce and Widowhood: Financial Changes When You Become Single
Uncommon Cents with Bowman Financial Strategies
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...
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QCDs: Who They’re For, How They Work & Key Benefits
Uncommon Cents with Bowman Financial Strategies
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...
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The Power of Diversifying Your Retirement Accounts By Taxability
Uncommon Cents with Bowman Financial Strategies
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,...
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How Do You Become Tax Efficient in Retirement?
Uncommon Cents with Bowman Financial Strategies
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...
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Should You Rollover Your 401k Into an IRA?
Uncommon Cents with Bowman Financial Strategies
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...
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Is Social Security Going to Run Out?
Uncommon Cents with Bowman Financial Strategies
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...
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Inherited IRA Changes You Need to Know About
Uncommon Cents with Bowman Financial Strategies
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...
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Combatting Popular Excuses For Poor Financial Decision-Making
Uncommon Cents with Bowman Financial Strategies
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...
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The Beauty of Simplicity When Planning For Retirement
Uncommon Cents with Bowman Financial Strategies
Retirement planning doesn’t have to be overwhelmingly complicated. It certainly doesn’t have to be as complicated as some people make it. So, in today’s episode, we’ll talk about the beauty of straightforward financial planning. Here’s what we discuss in this episode: 0:00 – Intro 0:46 – The 80/20 retirement formula 2:26 – How financial planning gets overcomplicated 4:10 – Does technology help or hurt? 5:57 – Accumulate, protect, and avoid 8:19 – Saving as much as you can 10:13 – Social Security education, minimizing taxes, and protecting assets Get in...
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Getting To Know Your Host, Erik Bowman
Uncommon Cents with Bowman Financial Strategies
Welcome back to Uncommon Cents, where Eric Bowman of Bowman Financial Strategies brings clarity to the world of financial planning. We're back with a revamped version of the show on YouTube and all your favorite podcast streaming platforms. We have a lot of exciting content coming your way- but first, let’s get to know your host! Here’s some of what we discuss in this episode: 0:00 – Intro 0:52 – How he got into financial planning 3:31 – What he likes most about the business 4:17 – What our financial planning looks like 5:39 – An event that changed his life 7:39 – What...
info_outlinePeople 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/