Podcasts about uncommon cents

In this episode, my guest and I discuss several options for saving for college or for a Child's future.We discuss: FL Prepaid / 529 SavingsCoverdell ESA & UGMA/UTMAand more...How much do you need to saving in a 529 plan? Check out this College Savings Calculator here. You can reach me or one of my team members at 561-744-9516Visit us online at www.UnCommon-Cents.comDisclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor which has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing, taxes, or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not nessasarry represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are no a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved. 

In today's episode, we are discussing how to "Master Our MasterCard". Is it possible to get all the benefits while reducing the dangers that come with credit card use? I believe so, and I will share my tips to Mastering your MasterCard rather than it mastering you.Visit www.RichChickJen.com for the Savvy Wealth Management Course Join the UnCommon Cents Facebook group here.Follow me on Instagram @ RichChickJenContact me at jen@smartplaninvesting.comDisclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor which has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing, taxes, or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not nessasarry represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are no a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved. 

It's St. Paddy's Day! On today's episode I talk about my surprising ancestry, guess what? I'm Irish. We'll explore the history of St. Patrick's Day. Who is St. Patrick and why do some drink to celebrate? We'll look at some other fun facts too. Oh yeah, and many Americans are seeing green today and I don't mean for St. Paddy's Day. Many are discovering a little pot of gold in their bank accounts or mailboxes. Listen as I share my 10 top ways to spend your stimulus money these days.Disclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor which has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing, taxes, or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not nessasarry represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are no a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved. 

On today's show I'm going to share three simple rules to investing that I follow, the three things I avoid, and break down an academic investing strategy I utilize.Is this just a passing fad?Disclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor which has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing, taxes, or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not nessasarry represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are no a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved. 

Since we are in tax season we are going to explore a little history of how income taxes came to be, and how you can legally, morally, and ethically pay less of them? I don't know anyone who likes to pay taxes, but there are ways you can reduce your fair share. No one wants to pay more than they need to, so there are many ways to reduce one's tax liability and one way is by funding one's retirement. In addition to funding a 401(k), you may be able to fund a Traditional, Roth, or Both. Some may need to fund the Roth using the backdoor method. https://www.irs.gov/retirement-plans/ira-deduction-limits NOT covered by a plan at work https://www.irs.gov/retirement-plans/plan-participant-employee/2020-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-not-covered-by-a-retirement-plan-at-workIf you ARE covered by a plan at workhttps://www.irs.gov/retirement-plans/plan-participant-employee/2020-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-workAre you a small business owner or self-employed, you may want to contribute more than 6 or 7 thousand a year.  I'll chat briefly about the SIMPLE IRA, SEP-IRA, and Solo 401(k).https://www.irs.gov/retirement-plans/one-participant-401k-planswww.uncommon-cents.comJoin the UnCommon Cents Facebook group here.Follow me on Instagram @ RichChickJenDisclaimer:Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor that has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing, taxes, or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartP

Today we're going to take a look at what lessons we can learn from a professional athlete. I was reading an article about a professional athlete's diet and fitness routine. The article went on the detail his daily routine as well and here I found some very helpful distinctions we can borrow for our lives. www.uncommon-cents.com Join the UnCommon Cents Facebook group here.Follow me on Instagram @ RichChickJenDisclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor that has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing, taxes, or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee a profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not necessarily represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are not a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved.

In this episode of UnCommon Cent$, I go backstage to have a real conversation with my team member Robroy Wiley about debt mindset. We also will talk about the implication of the extension of the CARES Act repayment of Student Loans and interest charges relief extended through September 30, 2021, by President Biden. Disclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor which has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing, taxes, or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not nessasarry represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are no a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved. 

In this episode of UnCommon Cent$, I go backstage to have a real conversation with my friend and a fellow Advisor/Coach about faith, family, finances and how his purpose saved his life. Disclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor which has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing , taxes or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing  will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not nessasarry represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are no a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved. 

In today's episode, we talk about money mindset, budgeting, and credit repair hacks. This episode is packed full of UnCommon cents. Disclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor that has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing, taxes, or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations, can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not nessesarily represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are no a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved. 

In this episode of UnCommon Cents we are talking Investing Lingo.Have you ever been in a conversation when other starts talking about investing, and you had no idea what they were talking about?Do you ever wish you could join in on those conversations with confidence?You can. Stay tuned as I teach you what I know.Before you know it you can be a walking, talking, Financial Ninja.Disclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor which has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing , taxes or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing  will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not nessasarry represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are no a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved. 

In this week's episode, we are going backstage to explore one of the common investing myths. A myth is something we believe to be true, but when it comes to investing something are just not the way they appear.  The first myth is a common investing pitfall and is can be destructive. Join us as we dive into the first myth, Stock Picking. Join the UnCommon Cents Facebook group here.Follow me on Instagram @ RichChickJenDisclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor which has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing , taxes or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing  will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not nessasarry represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are no a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved. Publish: Jan. 20, 2021 @ 1PM EditPublishTranscript is Live

Join me backstage in this new year to have a real conversation about what else? Resolutions, goals, and better yet our uncommon solutions to discovering the power to fuel your resolutions and goals.I have a complimentary Weekly Commitment Guide that you could download by visiting us online at www.Uncommon-Cents.com If you decide to do this exercise, we want to hear how it is working out. Email us at info@smartplaninvesting.com And be sure to put UnCommon Cents-Goals in the subject line. You can follow me on Instagram at @RichChickJenJoin the UnCommon Cent$ Facebook group here. Disclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor which has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing , taxes or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that in-person presentations do not.  For example, it can often be difficult for a viewer to read the footnotes/endnotes to a presentation that was conducted live online on their computer monitor at home.  SmartPlan Investing's presentations often depict performance statistics (both actual and hypothetical) for educational purposes, and those sections often have a substantial amount of disclaimers.   In recognition of this, SmartPlan Investing  will provide any footnotes/endnotes to viewers upon request.  Additional information can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.Past performance is no guarantee of future results. All investing involves risks and costs and clients may experience a loss.  SmartPlan Investing will therefore provide any GIPS composites or footnotes/endnotes to viewers upon request. Additional information, including GIPS composites referenced in presentations can also be obtained from the SmartPlan Investing website as well as mutual fund prospectuses and other reports related to our investments.All investing involves risks and costs.  Your advisor can provide you with more information about the risks and costs associated with specific programs.  Your advisor is not affiliated with Matson Money, Inc.  No investment strategy, including asset allocation and diversification strategies) can ensure peace of mind, guarantee profit, or protect against loss.  This is not an offer or sale of securities. All investing involves risk, and particular investment outcomes are not guaranteed. This podcast is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or an offer to provide advisory or other services by SmartPlan Investing in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information should not be construed as financial or investment advice on any subject matter.The thoughts and opinions of guests do not nessasarry represent the ideas of SmartPlan Investing. You should seek professional advice on any subject matter. Any securities mentioned are no a recommendation, for recommendations seek advice from a professional. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS© 2020 SmartPlan. All rights reserved. Episode is Not Live

Welcome to Uncommon Cents, a podcast fostering real conversations about money. This podcast is designed specifically for eager investors who want to get real about money, investing, and winning at their dreams. I'm Jennifer Foster, your host, a former Administrative Assistant turned American Dream leader and Investing Strategy coach. With over 17 years in the financial services industry, I've witnessed firsthand what worked and, sadly, what didn't. I'll go backstage each Wednesday with friends to have real, honest, and uncommon conversations about one of the most important and taboo topics- money. My goal is to give you down to Earth episodes filled with uncommon sense so that you have an opportunity to discover something new. Be at the edge of your seat as we unleash the possibilities of transforming your thinking and actions so that you can gain confidence and win at your personal financial journey. So let's begin this journey together.In this episode of UnCommon Cents, I give you an opportunity to get to know me.  A girl who should have never graduated High School, from being pregnant and homeless to becoming one of the Premier Investor Coaches of South Florida and how we can begin a journey to transforming our thinking and actions around money and investing. Buzz Sprout Ad:Are you a podcast junkie like me? If so, you've probably thought about starting your own.Well, I can tell you first-hand, starting a podcast is one of the best decisions I've ever made. But it can be overwhelming if you don't know where to start. Well, that's where Buzz Sprout comes in. Buzz Sprout is hands down the easiest and best way that I have found to launch a professional podcast. In fact, they're so good that they've already helped over 100,000 people launch their own podcast. Buzz Sprout will get you in your podcast on every major podcasting platform like Apple podcast, Spotify, Google Podcast, and more. You'll get a great looking podcast website audio players that you can drop into other websites. Detailed analytics to see how people are listening tools to promote your episodes and on and on. Buzz Sprout posts new blog posts, post podcast episodes, and YouTube videos every week, so you can learn the ends in the outs of podcasting from the people that eat, drink, and breathe it. To start your own podcast and to get a $20 Amazon card, click here. This lets Buzz Sprout know that I sent you and helps support the show. Buzz Sprout is a fun and easy way to start a podcast. I want to thank you for joining me on the very first episode of UnCommon Cents and in the holiday spirit, I have a free gift for you. It is a checklist on the 7 Savvy Steps for Slaying Credit Card DebtYou can get your copy by visiting us online at www.uncommon-cents.com and you can download the checklist. Join the UnCommon Cents Facebook group here.Follow me on Instagram @ RichChickJenI look forward to seeing you each week in 2021. Have a blessed holiday season!Disclaimer: Financial Planning Counselors, Inc . DBA SmartPlan Investing  “SmartPlan” is a state registered investment advisor which has been in business since 1984.  Content is based on the views of the host.  Other persons may analyze investments and the approach to money, investing , taxes or other subjects from a different perspective than that reflected.  Nothing included herein is intended to infer that the approach to investing espoused in our social media will assure any particular investment results.Presentations conducted online pose a number of issues that i

Erik: (00:06) You're listening to uncommon sense, a podcast by Bowman Financial Strategies. I'm your host, Erik Bowman, and thank you for joining me today. Hi everyone and thank you for joining me today. This is Erik Bowman, owner of Bowman Financial Strategies. Our topic today is required minimum distributions or more commonly known as RMDs. Erik: (00:32) To some of you, it may come as a shock that you cannot keep your retirement funds in your retirement account indefinitely. Generally speaking, you really must start taking withdrawals from your IRA, your simple IRA or your SEP IRA or even your qualified retirement plans such as a 401k or 403B when you reach 70 and a half. Roth IRAs by contrast do not require withdrawals until after the death of the owner. Your required minimum distribution or RMD is the minimum amount of taxable distribution that you must take out of your retirement account each year. Once you reach 70 and a half. Erik: (01:16) The RMD poses all sorts of conundrums for retirees, like how is it calculated? Who calculates it, when is it due? What happens if I don't take it and what if I don't want to take it? And the list goes on. Today I'm going to cover the basics of an RMD. Who does it apply to? Calculations and resources to further educate yourself and of course some potential strategies that may alleviate some of the challenges surrounding RMDs, namely taxes. Erik: (01:52) So let's start from the beginning. When you turn 70 and a half, you are required to take an RMD from your retirement account, an IRA, for example, by April 1st of the following year. For all subsequent years, you must take the distribution by December 31st of that year. For example, if you turn 70 and a half in August of 2020 you must make your distribution by April 1st of 2021. If you choose to do that, you would also have to calculate your 2021 RMD and also take that in 2021. So in actuality, in the first year that you decided to take that RMD, you would actually have to take two distributions. Now you don't have to delay until April 1st you can take your RMD in the year that you turn 70 and a half. Erik: (02:49) An exception to this rule applies to 401ks, also known as a qualified retirement plan, which is the terminology that's used to describe an employer sponsored 401k, 403B, 401A, just to name a few. For these accounts, you must take an RMD by April 1st of the year following the year you turn 70 and a half or upon retirement, whichever is later. If you're still gainfully employed for example, and you have an act of 401k and you're 72 years old, you don't have to take an RMD from that qualified plan that you have at that current employer, even though you're older than 70 and a half. However, once you retire, those RMDs are due by April 1st following the year that you retire. And one really big caveat and a mistake that you do not want to make that is even if you are working and you're older than 70 and a half, if you have an IRA in addition to your 401k, you still must take your required minimum distribution from that IRA. Don't make that mistake and I'm going to be talking about the penalties the IRS can impose if you fail to take your RMDs. Erik: (04:07) here are a few other points that may save you some headaches and money in the future. If you have multiple qualified plans or multiple 401k's, meaning maybe you've worked at previous employers and you have simply left your money behind at those various employers 401ks and you have not moved them into IRAs, you must calculate the RMD for each account individually and then take the distribution from each of those respective 401ks by the deadlines. By contrast though, if you have an IRA or multiple IRAs, you can calculate the required minimum distribution for each IRA individually. Add those together and take the total sum of those as a distribution from one of your IRAs. Now, depending on how you're investing your assets, this may be a beneficial thing to do. It certainly seems a little bit simpler than making a distribution from multiple IRAs. Since 403B's are considered qualified plans, you might think that the same rule applies. Erik: (05:09) However, it is a little bit different. If you have more than one 403B tax, sheltered annuity account, also known as a TSA, you can total the RMDs from each of those 403Bs and then take them from any one or more of the tax sheltered annuities. So I mentioned penalties a little bit earlier. So let's gather round and chat about this one. Most people are aware that if you take money out of an IRA before 59 and a half, that you will pay a 10% penalty on that distribution in addition to the taxes. And that's not fun and should be avoided in most cases. By comparison, if you fail to take your RMD on time, you will pay a whopping 50% penalty to the IRS. Yes, that's a 5- 0% penalty. So if you were supposed to take $10,000 out and you failed to do that, by the respect of deadline, you would literally owe a $5,000 penalty to the IRS in addition to income tax on the total amount. The IRS wants their taxes and they will get them one way or another. So don't let this rule catch you by surprise. Erik: (06:27) So let's talk a little bit about the actual distributions themselves. You actually do have a couple of options. First, if you've calculated your RMD for the current year, you can actually opt to take the full calculated amount in one lump sum anytime up until December 31st of that year. The one exception, of course, is your first year of required minimum distributions. You do have until April 1st of the following year, but that is only for year one. Another option is you may also choose to take periodic distributions over the course of the year to meet your obligation. You also want to take into account income, cash flow and expenses to help guide you here. But there could be strategic and tactical reasons why you might want to spread that out on a monthly or quarterly basis over the course of that year as opposed to making one large lump sum distribution. It's a little synonymous with the concept of dollar cost averaging when you're buying into stocks and bonds and other investments that you get a better average share price potentially by buying in over time. Same on the way out when you're making distributions from your IRA. It could be beneficial to take smaller amounts out over a 12 month period and in that case in, if there was a declining market, you may have actually saved yourself some principle over time. Erik: (07:56) Okay, now onto calculations. How do we determine how much you must withdraw each year? No surprise here. It's not the same every year. It's kind of complex and it totally depends on your unique situation. The IRS publishes a table called the uniform lifetime table. It's table three on the IRA RMD distribution worksheet that's available on our website on this podcast page. For example, your first IRA distribution for the year you turn 70 and a half, requires you to know your exact balance of your IRA or IRAs on December 31st of the prior year. You then take this balance and divided by 27.4. Seems like an odd number but it's a joint life expectancy number. So by dividing that balance by 27.4 the answer to that equation is the exact amount you must make as required minimum distribution. You need to do this for every single retirement account you have unless one of the exceptions I mentioned or other exceptions that your financial professional mentions may apply to you. Erik: (09:06) In the next year, when you turn 71, you will take the prior year's 1231 balance and divided by 26.5 and by the time you reach 114 yes, the table actually goes out to 115 and older, you will divide by 2.1. So 2.1 is the divisor for one 14 it drops down to 1.9 when you reach one 15 and stays there if you happen to live longer than that. But what you'll notice is that each year that goes by, the lower number in this equation gets smaller and smaller, which means the amount of money you have to distribute from your account becomes a larger portion of that account every single year. Erik: (09:53) another exception that we see periodically, it's not an everyday occurrence, but it could be your situation. So this is an exception to the rules on that table and that is if your spouse is the sole beneficiary of your IRA and he or she is more than 10 years younger than you in this case, the IRA utilizes another table for you to calculate your distribution. The IRS wants more money from you while you are alive so that when your IRA is left to your younger spouse, who by the way can usually take RMDs based on their age and spread that out over a longer period of time. Well, there's going to be less money in that account to spread over a supposedly longer lifespan of your younger spouse. It's just another way of the government saying, we would like to ensure that we get these tax dollars sooner than later, but don't forget that it is a totally different calculation with a different bottom number on that fraction when you're calculating your RMDs, if your spouse is more than 10 years younger than you. Now there are many, many other rules regarding RMDs. If you're a 5% owner of a company for example, and you're still working in that company and you have a 401k, you're not allowed to continue to delay RMDs, passed 70 and a half. You actually still have to take them per the original rules, but just know that you really should be talking with your financial professional before you solidify any of your RMD calculations or distribution strategy. Erik: (11:30) So relating to strategies, the name of our company after all is Bowman Financial Strategies and we really try to look for opportunities to save our clients money, save them on taxes and just to be efficient when it comes to the distribution of their assets during the retirement stage of their life. So relating to strategies, one of the challenges to a moderately high net worth individual is that you may have a pretty substantial retirement account. When you turn 70 and a half, you're going to be forced to take a large taxable distribution if that account has grown and you haven't made any distributions up until then. So for example, if you have a $3 million IRA under current law, your distribution that's required the year you turn 70 and a half is roughly $109,000. Imagine you began taking your social security benefits at age 64 because you wanted to get it while the getting was good, you are afraid it was going to run out. Erik: (12:26) And that's a separate topic. So you don't take any meaningful distributions from your IRA from age 64 to age 70 and a half. Now you find that not only is your social security payment forever reduced because you filed early, but now you're forced taxation at 70 and a half, maybe significantly higher than it otherwise would've been. All this is to say that your social security filing strategy should include understanding how your retirement accounts will be impacted by RMDs and ultimately how much in taxes you may pay by appropriately timing your social security filing, potential Roth conversions and IRA distributions along with distributions from your non-qualified brokerage accounts and other income streams, you may be able to significantly lower your tax burden over the life of retirement. Erik: (13:20) Well, I'm afraid I only scratched the surface on RMDs and all of the moving parts and potential strategies. Suffice to say it is complex penalties can be onerous and there may be strategies available to you that could lower your taxes significantly under the right circumstances. If any of this information is compelling to you and you want to learn more, I would love to hear from you. You can email me at E R I K @bowmanfinancialstrategies.com. That's E R I K @bowmanfinancialstrategies.com. You can call our office at (303) 222-8034 and just simply schedule an appointment to come on in, have a cup of coffee and allow us to perform some analysis for you. Thanks so much for your time and I hope you have a great day. Thank you for joining me for Uncommon Cents, the Bowman Financial Strategies financial education series. I'd love to hear your feedback on financial topics you would like to learn more about. Just drop me an email at Erik, that's E R I K @bowmanfinancialstrategies.com or go to the Bowman Financial Strategies website and send me a note on our contact page. In addition, you can always search for topics of interest in my archive on our podcast page at www.bowmanfinancialstrategies.com/podcasts. Have a great day. Disclosure: (14:52) This communication does not constitute federal tax advice and may not be used as such. Please consult a qualified tax professional for tax advice or assistance. In addition, investment advisory services offered by ChangePath LLC, a registered investment advisor, Change Path and Bowman Financial Strategies are unaffiliated entities.

My guest today is Sheena Hanson, CFP® and Principle at Uncommon Cents Investing with $210M AUM. Sheena gives you some timeless uncommon cents investing lessons that you don't want to miss. Sheena can be reached: Phone: 608-563-2437 Website: www.uncommoncentsinvesting.com --- Support this podcast: https://anchor.fm/smartmoneycircle/support

Before Mok and Alby head to Vegas, Timmy & Mok share a couple pet peeves of gambling, then discuss some of their most memorable moments. Spoiler: we enjoy gambling.

Erik:                                     00:00                    You're listening to Uncommon Cents, a podcast by Bowman Financial Strategies. I'm your host, Erik Bowman and thank you for joining me today. Hi everyone. Today we're going to be discussing common beneficiary mistakes and how to prevent them. It is June 20th, 2019. Thanks for joining me today. Erik:                                     00:32                    Before I get into the common beneficiary mistakes, I thought I might take a moment to briefly give you an overview of some of the principles that we adhere to at Bowman financial strategies when it comes to beneficiary designations. The first thing is that we always want to name at least a primary beneficiary and whenever possible or when it makes sense. We also want to name a contingent beneficiary. The rationale for this really revolves around ensuring that your assets are going to whom you want them to go to after you've passed away without interference from the probate courts in the government and potentially contested wills and things like that where what you want to have happen may not actually work out smoothly if you don't designate it in the original contract or by making an additional beneficiary designation after a contract has already been opened up. This would apply to investment accounts, qualified and non-qualified example of a qualified account would be an IRA or an individual retirement account. And then there's non-qualified taxable brokerage accounts. Then of course, life insurance policies. All of these, you want to make sure that you have appropriate beneficiary designations. Erik:                                     01:51                    So the first primary issue is not naming a beneficiary on a life insurance policy or an investment account. Most of our custodians, fidelity and Schwab, for example, when we open up an IRA or a Roth IRA, they actually mandate that you list a primary beneficiary at a minimum before they'll even open the account. However, for non-qualified accounts, also known as transfer on death accounts, they actually do not require a beneficiary to be named if there is no beneficiary, the investment company or the custodian typically has their method of how they're going to dispose of those funds upon the death of the account owner. And usually it means it's going to go to the estate and then you're going to have the state get involved through probate with probate courts and lawyers cost, time and aggravation. So if you want to ensure that your assets flow through to who you want them to flow to after you're gone, you want to ensure that you are listing at least a primary beneficiary on all of your accounts. Erik:                                     02:57                    As an extension of this, first of not naming a beneficiary, as we've just discussed, you should always name it primary, but it's also problematic if you don't name a contingent beneficiary, a contingent beneficiary as the person who's going to receive the assets. If the account owner dies and if the primary beneficiary is also no longer alive, then the cash or the assets will flow directly to that contingent beneficiary. Once again, if a husband and wife die in an auto accident to be morbid for a quick moment and the surviving or the spouse, the wife was listed as the beneficiary and they both died in that car accident and if there's no contingent beneficiary, then once again those assets are going to be subject to probate. Erik:                                     03:47                    Another issue can run into sometimes, is that with an individual retirement account, what we find is that some people want to name a trust as the beneficiary. The issue with this is that upon the death of the account owner, the assets are going to then be liquidated and pass on to the trust, which is going to create some tax implications that are not usually very beneficial. That doesn't mean however, that every time you want to have a trust as a beneficiary for an IRA that it's wrong. There could be an example where we have a single parent and the children are minors and they don't want to leave $500,000 to a two year old. So you would accept that there are tax consequences and have the beneficiary be the trust. But at least the trust then and through the trustee is going to be able to exercise control over the distribution of those assets. Erik:                                     04:40                    But in most situations you would want to list your spouse as the beneficiary, which offers the definitive benefit of the IRA simply becomes the account of the surviving spouse. It's in their name, it doesn't have any reference to the deceased. And that means all tax deferral applies to the surviving spouse and their age. So for example, if the deceased spouse was older than the surviving spouse, this would delay the required minimum distribution rule so that they don't have to start taking money out of this IRA until they're age 70 and a half as opposed to, I'm taking it out based on the age of the deceased. Erik:                                     05:27                    A third issue with beneficiary designations would be not taking into account special circumstances. Not all loved ones should receive assets directly. These individuals might include minors or individuals with special needs. Individuals with special needs, for example, may be receiving benefits from the state to the State Medicaid program. And if you were to leave them money directly through a beneficiary designation, those assets then would fall into their ownership and therefore into their estate and would be counted against them, if you will, that might prevent them from receiving future valuable government benefits. So you want to evaluate that with an estate planning attorney and determine if potentially a special needs trust or some type of trust might make sense in that case to prevent that person from losing valuable government benefits. Erik:                                     06:25                    The fourth issue that we often see is not updating beneficiaries over time. Who you want to or should name as a beneficiary will most likely change over time as circumstances change and naming a beneficiary is part of an overall estate plan just as life changes. So should your estate plan. Beneficiary designations are an important part of that overall plan, so you want to make sure that they're updated regularly. Erik:                                     06:54                    A final error that people can make when naming a beneficiary is to name the wrong beneficiary. Now this may be unintentional because sometimes the beneficiary section of an application may not ask for a lot of information. It may only ask for a name and if you have multiple people in a family with similar names such as senior junior or the second or third, but the beneficiary designation form doesn't allow you to be that specific. Well that can cause potential litigation down the road and confusion. So you want to make sure you have the ability potentially through a letter of instruction in addition to the actual application to get very specific about exactly who that person is. Now many times on the application they actually have a place for the social security number and date of birth of the beneficiary. By adding these two pieces of information, you can be assured that the correct person is going to be receiving the benefits should the owner pass away. Erik:                                     07:52                    So in review, the primary mistakes we see regarding beneficiaries are number one, not naming a beneficiary. Number two would be not taking into account special circumstances when naming a beneficiary. Number three, not updating your beneficiary designations over time. And number four, naming beneficiaries incorrectly, which could lead to some confusion on who actually gets the money. And one of the subcategories that I also discussed was the downside of potentially naming a trust as the beneficiary. You want to make sure you're doing that with full knowledge of why you're doing it and the implications. As always, if you have any questions about beneficiary designations, please feel free to reach out to me, Erik Bowman at Bowman Financial Strategies. You can give a call to our office at (303) 222-8034 or you can send me an email at Erik that's E R I K at Bowman Financial Strategies.com. I appreciate you listening to this podcast today. Please feel free to share it with your friends and I look forward to speaking with you all again soon. Thank you for joining me for Uncommon Cents, the Bowman Financial Strategies financial education series. I'd love to hear your feedback on financial topics. You would like to learn more about. Just drop me an email at erik@bowmanfinancialstrategies.com or go to the Bowman Financial Strategies website and send me a note on our contact page. In addition, you can always search for topics of interest in my archive on our podcast page at www.bowmanfinancialstrategies.com/podcasts have a great day. Disclosure:                         09:39                    This communication does not constitute federal tax advice and may not be used as such. Please consult a qualified tax professional for tax advice or assistance. In addition, investment advisory services offered by Change Path, LLC, a registered investment adviser. Change Path and Bowman Financial Strategies are unaffiliated entities.  

Erik:                                     00:00                    You're listening to Uncommon Cents, a podcast by Bowman Financial Strategies. I'm your host, Erik Bowman and thank you for joining me today. Hi everyone. This is Erik Bowman, your host for Uncommon Cents and today we're going to be talking about the Colorado retirement income tax exemptions. Before I get into the details of these specific exemptions that can help lower your Colorado state taxes, it is important to note that before you make any assumptions or attempt to take any of these exemptions, I highly recommend that you get with an accountant to understand how these are going to actually impact your taxes and to ensure that you're following current state law. The primary topics we're going to cover today are what is the exemption and what type of income qualifies for the exemption, who does it apply to, and what are some of the planning opportunities that may make sense for you if you're in retirement and currently taking some type of retirement income? Erik:                                     01:07                    First, if you meet certain qualifications, you may be able to deduct or subtract some or all of your qualified retirement income on your Colorado individual income tax return. For these purposes, Colorado determines retirement income and defines it as annuity or pension income, IRA distributions, portions of your social security income as well as Roth conversions. All of these potentially apply for this exemption. In addition, if you derive retirement income from the Colorado public employee retirement association, commonly known as Colorado Para, or if you receive a pension from the Denver public school retirement system, you may be able to claim those as well. So first things first, who can actually claim this exemption? Well, you may be able to claim the exemption if you received qualifying retirement income and you meet the following criteria. First, you have to have been at least 55 years old or older at the end of the tax year that you're wishing to claim the exemption. Erik:                                     02:17                    Or, you should have received the qualifying pension or annuity income as a beneficiary because of the death of a person who earned the pension or annuity. One of those two are the minimum requirements. Let's talk a little bit more about the type of income that is potentially exempt. As I mentioned, annuity income can be exempt. A Colorado Pera pension may be exempt as well, and so our distributions from your traditional Ira and what we're talking about here are the taxable distributions from a traditional Ira, not the distributions from a Roth Ira or a non-qualified account. In addition, portions, social security income may be exempt. We do need to remember though that all of your social security income is not necessarily taxable at the federal level, and in order to qualify for the state exemption, the social security income must be taxable at the federal level, so that's going to require a little bit of accounting help to make sure that you're accurate in that respect. Roth conversion income is exempt as a part of this rule as well. That's very important because as a financial strategy, Roth conversions may be a very valuable tool to save income taxes over the life time of retirement. Erik:                                     03:41                    The second topic I'd like to discuss is how much is potentially exempt? Well, if you're at least 55 years old but less than 65 years old at the individual level, you may be able to have a maximum allowable subtraction or deduction of $20,000 once you are at least 65 years old, that maximum allowable exemption increases to $24,000. That means that for a married couple filing jointly, you actually have a total potential household state exemption of 24,000 each, which is 48,000 total at the household level. If you're both over 65 years old, however, you can't share that exemption, meaning if one person took $48,000 of income from a traditional IRA and the other spouse did not take any retirement income, the spouse that took the $48,000 traditional IRA distribution is capped at the $24,000 maximum allowable subtraction. There are certain exemptions for tax-payers that are under 55 years old where you may have a maximum allowable subtraction of up to $20,000 for example. Erik:                                     04:59                    You may be able to claim the subtraction for pension or annuity income received due to the death of a person who earned the income even if you're younger than 55 next, I'd like to touch on some of the planning strategies that you may be able to consider as part of your overall income and tax planning as a retiree. So let's take an example. This may be the easiest way to explain it. Let's assume that we have a married couple. Both are age 63, at age 63 if you recall, you have up to a $20,000 exemption because they're not 65 yet, and let's assume they both have traditional IRAs of $500,000 each. Just as a reminder, a traditional IRAs is an IRA where you made contributions pretax, you did not pay income tax on the year of contribution. Those dollars grew tax deferred and now upon distribution in the tax year of distribution, you're going to pay income tax on those distributions. Erik:                                     06:03                    Well under that scenario, each of the spouses is eligible for a $20,000 state exemption because they are older than 55 but younger than 65 one of the planning strategies would be to consider how much money you're going to actually take at the household level in distributions to meet your expense needs and then potentially split those distributions between the two traditional IRAs, the husband and wife, so that you can maximize the household deduction. As a more specific example, if they needed to take $48,000 of distributions from traditional IRAs at the household level, you might consider splitting those distributions between the two IRAs so that each person could get a $20,000 exemption. By comparison. If, let's say we have one of the spouses take all $48,000 from their personal traditional IRA, they are only, you are only going to get a total of a $20,000 exemption in this case as opposed to the household $40,000 exemption. Erik:                                     07:06                    If they both leverage their $20,000 individual exemption at the state level, that is a potential state tax savings of over $900 and that is because at the individual level, even though they're married, the maximum allowable potential exemption is $20,000 per person and there is no sharing of that exemption even between a husband and a wife. So once again in review, a potential planning strategy is to maximize the state exemption by looking at the distributions required to meet your income need in retirement and split those distributions between two traditional IRAs, one owned by one spouse and one by another so that each can maximize that state exemption. Erik:                                     07:59                    Another potential strategy revolves around Roth conversions. Let's imagine the same couple husband and wife are both age 63 years old, but they don't need to make any traditional IRA distributions to meet their expense needs. What they can do, if it makes sense for their long term retirement plan, is to perform Roth conversions. This means moving the assets from a traditional IRA to a Roth IRA and pay the taxes on that movement of money or distribution in the year of conversion. The Roth conversions are typically going to be taxable at the federal level as well as at the state level. However, Roth conversions do qualify for the state level exemption, so in any given year, if you actually do Roth conversions and you're over 55 you can take up to a $20,000 state exemption per person at the state level for that Roth conversion. That type of strategy and managing your marginal tax rates and exemptions can be very beneficial in the long run for your income plan and something that you should be reviewing with your adviser. Erik:                                     09:10                    One very important consideration when looking at any of these plans is that this exemption does not count at the federal level. Federal exemptions are totally separate and calculated separately. You need to ensure that you're working with an accountant that has a full understanding of the state tax laws and also understands how specific retirement income exemptions may fit into your tax filing. If you ever have any questions about the financial situations involving Roth conversions, the state exemptions of retirement income, or just want to review your current financial situation, by all means, you can reach out to us at Bowman Financial Strategies at 303-222-8034. You can also feel free to send me an email at erik@bowmanfinancialstrategies.com and that's Erik, spelled E. R. I. K. We look forward to hearing from you soon and please share this with people that you know, if you think that it would be beneficial to them. If you're an existing client, you can always call my cell phone or reach out to the office to schedule or call for a face to face meeting. Thanks for joining me today to discuss the Colorado state retirement income tax exemption. Let me know if you have any topics that you would like to see discussed here at uncommon sense. We do want to provide you with information that you find helpful. Thanks again and have a great day. Erik:                                     10:29                    Thank you for joining me for Uncommon Cents, the Bowman Financial Strategies financial education series. I'd love to hear your feedback on financial topics you would like to learn more about. Just drop me an email at erik@bowmanfinancialstrategies.com or go to the Bowman Financial Strategies website and send me a note on our contact page. In addition, you can always search for topics of interest in my archive on our podcast page at www.bowmanfinancialstrategies.com/podcasts Have a great day. Disclosure:                          11:11                    This communication does not constitute federal tax advice and may not be used as such. Please consult a qualified tax professional for tax advice or assistance. In addition, investment advisory services offered by Change Path, LLC, a registered investment adviser. Change Path and Bowman Financial Strategies are unaffiliated entities.                                                                            [Informational sources from https://www.colorado.gov/pacific/sites/default/files/Income25.pdf. Not affiliated with any government entity.  This podcast is for informational purposes only.]  

Not all appliances should be automatic. Sometimes the technology just doesn't make that much sense. That's the topic of today's Uncommon Cents. Let's get weird.

Erik:                                     00:06                    You're listening to uncommon sense, a podcast by Bowman Financial Strategies. I'm your host Erik Bowman, and thank you for joining me today. Hi everyone. Erik Bowman here, the owner of Bowman financial strategies in Englewood, Colorado. I appreciate you listening today. Today's podcast is going to be discussing something that we work on every single day in our firm and that is social security maximization. We're going to discuss not only the basics of social security maximization, but what are the three biggest mistakes people tend to make when filing for social security? So to get started, social security maximization is the process of analyzing all potential filing strategies available to a household and determining which strategy offers the highest potential income. You have worked over 80,000 hours [based on a 40 hour work week times 35 years] and contributed to social security for your whole life. You deserve to receive the highest income possible. Unfortunately, the social security administration cannot and will not help you determine what filing strategy is in your best interest. Erik:                                     01:15                    The Social Security Administration can only tell you how much your benefit would be at any filing age. They are neither licensed nor allowed to discuss filing strategies with the public. With a lifetime value of potentially over $1 million for a household. We recommend that you put the appropriate amount of effort into making this extremely important choice when to take social security. So to the question when to take social security, everybody has 96 basic social security filing choices, meaning you can take it as early as age 62 and you can delay as long as age 70 and if you count the number of months up (because you can take your social security benefit at any month in between those two ages), you have a total of 96 discrete choices and if you're married, your spouse also has 96 discrete choices, which means when you look at the combinations of filing strategies, there are over 9,216 basic filing strategies for an American couple. Erik:                                     02:18                    In addition, if you include all of the spousal benefit choices that are available to a married couple and to divorce participants, potentially the number of filing choices exceeds over 100,000 [https://www.ssa.gov/benefits/retirement/matrix.html] and if you compare all of those potential combinations of filing strategies, you could sort them from the highest amount of income you'll receive over retirement to the lowest amount of household income you're going to receive over retirement, and that difference can be as high as $150,000 or more of lifetime retirement income. In other words, by making the wrong filing choice, you could receive $150,000 less in lifetime income than if you made a more strategic decision. Erik:                                     03:04                    The three biggest mistakes that people make when filings for social security, in my opinion, are number one, not paying attention to potential spousal survivor benefits, and only looking at a basic break even equation for your own personal benefit. By doing this, you totally miss out and don't calculate the additional survivor benefit that would go to a surviving spouse in the event of death of a social security recipient. For example, if the higher wage earner delays taking benefits until age 70 increasing the total amount of social security they would get each year. If that person were to pass away, that higher check is going to be left behind for the survivor. On the other hand, if that higher wage earner took their social security benefit at age 62 for example, the earliest possible age to be able to take social security, the reduction is tremendous and that is going to be forever reduced in the amount that would be left behind for a surviving spouse. Most of the time it is the male that's going to pass away first and therefore leaving a lower amount of ongoing monthly benefit to a surviving spouse. Erik:                                     04:21                    The second mistake that I often see is filing too early and having to pay back your benefits to the Social Security Administration. If you're working and make over a certain income threshold and you are taking an early benefit from social security meaning before you hit full retirement age, also known as FRA and (by the way your FRA is determined by your year of birth but it's going to land somewhere between age 66 and age 67) well if you take your social security benefit prior to FRA and you're still working in making over the income threshold that changes each year, you very well are going to be stuck paying back $1 for every $2 earned over that threshold and it is possible that you could pay back all of your social security benefits. In addition, it's a decision that is very hard if not impossible to unwind a very unwelcome situation. Erik:                                     05:22                    The third mistake I often see is not coordinating your social security filing decision within the context of your other assets. That means taxable assets that upon distribution you will pay income tax on such as IRAs and 401k's and non qualified assets. Those that don't have any tax benefits but you don't necessarily have to pay income tax when you make distributions, you'll only have to pay capital gains tax on the growth. Well in some cases, as an example, it may make sense to delay social and utilize your IRA assets until age 70. This may not apply to you, but the longest you can delay your benefits is age 70 and by doing so and lowering your IRA account balance from your mid sixties till age 70 when it comes time to take your required minimum distributions, you very well will be forced to take less out each year than you otherwise would. Erik:                                     06:23                    And then by turning on social security at age 70 what we see and what we need to understand is that only 85% of your social security benefits are taxed. So now at age 70 if you only have 85% or up to 85% of your social security wages being taxed and you are allowed to take smaller distributions from your IRA, you very well could find yourself paying less than federal taxes. The way I look at it is a dollar saved in taxes is an extra dollar you can spend in retirement. Now, this strategy does not necessarily work for everybody. If you need income, you very well will have to turn on your social security to start producing income if you're not working anymore. However, if you do have a sizable retirement assets such as an IRA worth over a million dollars, you would want to analyze how it would look to delay social security, increasing that benefit and potentially utilizing your IRA in the earlier years of retirement to consciously reduce that account balance. Therefore, you would be reducing your RMDs or required minimum distribution amounts starting at age 70 and a half. You should always consult with a financial adviser and an accountant to ensure that if you're going to implement a strategy such as this, that it makes financial sense Erik:                                     07:47                    Because the value of your social security decision is so high, often worth over $1 million in lifetime income at the household level. We believe all retirement income plans should contain a thorough analysis so you make the most appropriate social security filing choice to maximize your social security income. After all, you have paid taxes into the system for decades and you deserve to maximize what you get in social security benefits. If you're an existing client, please reach out anytime. If you ever have questions or need to sit down to discuss your plan. If you're not a client and have questions, please contact our office to schedule an appointment by calling (303) 222-8034 or you can go to our website at www.bowmanfinancialstrategies.com and drop us a note. I look forward to hearing from you all. Have a great day. Thank you for joining me for Uncommon Cents, the Bowman Financial Strategies financial education series. I'd love to hear your feedback on financial topics. You would like to learn more about. Just drop me an email at erik@bowmanfinancialstrategies.com or go to the Bowman Financial Strategies website and send me a note on our contact page. In addition, you can always search for topics of interest in my archive on our podcast page at www.bowmenfinancialstrategies.com/podcasts Have a great day. Disclosure:                         09:25                    This communication does not constitute federal tax advice and may not be used as such. Please consult a qualified tax professional for tax advice or assistance. In addition, investment advisory services offered by Change Path LLC, a registered investment adviser, Change Path and Bowman Financial Strategies are unaffiliated entities.                                                                            [Please see the Social Security website at www.ssa.gov for more information.  The information for this podcast has been taken from the Social Security Handbook found at https://www.ssa.gov/pubs/EN-05-10035.pdf .  This podcast is meant for general knowledge, not specific to your personal needs. We are not affiliated with the Social Security Administration or any other government agency.]  

It's time for another episode of Uncommon Cents, where we list out some of our biggest pet peeves. This time, it's the office edition. Thanks for listening!

Links and Show Notes The IRS has a checklist here, https://www.irs.com/articles/tax-form-checklist.  The financial Website Investopedia has a great article and checklist to help you get prepared here:  https://www.investopedia.com/articles/pf/07/tax_prep.asp if you are making Charitable contributions, here is a link to the IRS pamphlet Common Informational IRS Forms: W2 (Income earned, and taxes paid.  For an Employee) 1098 Mortgage Interest Statement 1098-C, E, T (Donations, student loan interest, and Tuition payments) 1099-Misc (Non-employee compensation) 1099-B (reports Gains or Losses on securities investments) 1099-R (IRA distributions) 1099 INT (Interest received) 1099-DIV (Dividend received) 1099-LTC (LTC benefits received) 5498 (IRA contributions)       Contact Information  Please feel free to send me questions by going to our website at www.bowmanfinancilastrategies.com and go to the Contact Us page or send me an email at erik@bowmanfinancialstrategies.com.  Finally you can always reach us at 303-222-8034.   You're listening to Uncommon Cents podcast by bowman financial strategies. I'm your host, Erik Bowman, and thank you for joining me today. 00:34                                     Hi everyone. Thank you for joining me today for Uncommon Cents, episode one. My name is Eric Bowman and I am your host. Uncommon Cents is the financial education series by bowman financial strategies. Today's podcast is the inaugural episode of Uncommon Cents and I wanted to provide you a brief overview of what you can expect and how this podcast differs from its sister podcast mastering Mondays. Many of you may be familiar with mastering Mondays. It's a non-financial podcast discussing topics to help you live better in retirement, covering topics like health psychology, food travel, relationships, and hobbies, just to name a few Uncommon Cents by contrast is focused solely on financial topics with a focus on areas relevant to those that are near or at the transition from accumulation to distribution. Today we're talking about tax forms, just saying it makes every accountant get excited. Ooh, tell me more about my 10, 99 are please. 01:39                                     Today I'm going to review the most common forms that you will run across and some other basic tax preparation tips. Many of these forums are related to accounts I manage for my clients, so if you're a client you ever have questions about any tax form or need a copy from a current or prior year, please reach out to my office and we are glad to help. As you prepare for the 2018 tax filing season, you may find the following checklists helpful on the text and blog version. You can click on the active links they outlined, the forms you should be collecting in the coming months so you can successfully file your taxes. The IRS has a checklist@www.IRS.com/articles/tax-form-checklist. The financial website Investopedia has a great article and checklists to help you get prepared. It's located at www.investopedia.com/articles/pf/07/tax _prep.asp, and of course you can just click on it if you look in the notes section of the podcast, 02:58                                     now as many of you sit down at your computer to begin gathering documents in preparing for your tax appointment, I wanted to go over some of the common steps that can help make this process more efficient for you. Here's a summary of the action steps that you should be considering to prepare for tax season. Step one, schedule a time with your preparer so you can have an appointment prior to April 17th. This allows you to ensure that you can institute any tax savings actions prior to deadlines imposed by the IRS. If you use an accountant be early, they get very busy during the accounting season and the first folks in the door will get taken care of first. If you don't use an accountant, I recommend finding one unless you're taxes are extremely simple. Step to gather information. We're going to dig into many of the forms that you will be required to have as part of your tax filing process, so I'll be digging into that more a little bit later on. 04:02                                     Step three, gather receipts and charitable contribution information. In addition, if you are making charitable contributions and you believe their deductible, here's a link to an IRS pamphlet that details that type of substantiation. You may need to include your contribution as a deduction. Once again, you can find that link in our notes section of the podcast. Step four, gather all personal information like social security numbers for you and any dependents you will be filing for gather he ends if you happen to own a company or have one associated with a trust. In addition, a TIN, taxpayer identification number or your social security number may also be the number that's appropriate for the trust. Step five, gather last year's tax returns, particularly if you're using a new accountant they will need to see last year's, state and federal tax returns. Step six, go to your appointment and file your taxes. Now here's a quick list of forms I commonly see my clients receiving. You can click on the name of a form in the quick list, and it will take you to the Investopedia website where you will find the specific description of each forum. I also wrote a brief description of each form below as well as a slightly longer description and some unique circumstances that may apply to you. 05:26                                     Common Informational IRS forms. The first one is the [inaudible], which is based on income earned and taxes withheld. You would receive this forum if you are an employee of a company. Ten Ninety eight mortgage interest statement, the 10 98 c or the 10 98 e or the 10 98 t in order these cover donations, student loan interest and tuition payments, the 10 99. Miscellaneous shows, non employee compensation. Most people think of themselves as an independent contractor when they receive these forms, a 10 99 B, which reports gains and losses on securities and investments in non qualified accounts, a 10 99 r which shows IRA distributions the 1099 INT that shows interest received 10 99 dividend or d I v for dividends received 10 99 ltc which shows long-term care benefits received and the 5498 which shows IRA contributions. 06:40                                     Now some details on each of these forms. First, the w two, many of you are still working. Many of my clients are still working and very well. We'll be working potentially part time during the early part of retirement. If you are an employee of a company, you will receive your annual w two from each company you work for in that calendar year. This form is provided by your employer and per the IRS website. It reports the wages earned by employees and the taxes that were withheld from their paychecks. It also reports a social security tax, also known as the Federal Insurance Contributions Act, tax or FICA to the Social Security Administration. The FICA tax has two components, the social security portion and the Medicare portion, which are separately reported on tax form w two, you should receive these forms per current law by January 30. First, you may have multiple w two forms. 07:37                                     If you worked for more than one company in the calendar year and you should receive one from each employer. 10, 99. Miscellaneous. For those who are not w two employees but earn their income as independent contractors, you will receive a 1099 miscellaneous per the IRS tax form 1099-Misc is commonly used amongst self-employed professionals to report profits from services performed for other organizations. If you are a sole proprietor and were paid more than $600 for services during a given tax year, the business you work for is required to send tax form 10 99. Miscellaneous. The 10 99 are a common form that our clients will see each year. The 10 99 form is issued by the IRS and reports distributions from IRAs, annuities, profit sharing plans, insurance contracts, or pensions. The form must be mailed to the recipients by the custodian at the latest by January 30, first of the year after the distribution was made. 08:44                                     Now more on the 10 99 R and for my clients, you may see this form in three common scenarios, although all scenarios may not apply directly to you. One, the first common scenarios is when you make a distribution from an IRA. If you're taking the distribution during the normal course of retirement just to supplement your income called a normal distribution and it's used to cover expenses, for example, will those distributions will be taxable at your ordinary income tax rate and are reportable on a 1099 are so the account that you took your distribution from that custodian will be the entity that sends you the 10 99 are number two. If you perform a rollover or a qualified transfer of funds from one IRA or qualified plan to another IRA, that transaction is considered a distribution, although a nontaxable one if done correctly, and you will receive a 10, 99 are some of you to get specific about some of the strategies that we put in place at Bowman financial strategies may have a one America asset care three long-term care plan. 09:55                                     That specific strategy incorporates a qualified 20-year fixed annuity that pays annual distributions as premiums into a whole life policy with long-term care benefits each year. The 20 year fixed annuity will pay that premium through a distribution and that distribution will show up on a 10 99. Are each year the purpose of having the annuity payout over 20 years is simply to spread out your tax obligation over a 20 year period while still enjoying long-term care coverage immediately. The next form you may see as a 1099-DIV for dividends, and this is a form you received from banks and other financial institutions to report dividends and other distributions to taxpayers and to the IRS. The 10 99 int is sent to those taxpayers who receive interest income during the current tax year, such as that from a savings account. Ten Ninety nine LTC reports long-term care benefits received from a long-term care insurance policy. Just because you receive that 10 99 LTC does not necessarily mean that those long-term care benefits are taxable. You will want to check with your accountant and poor professional advisor the form 54 98 lists any contributions into IRAs during the calendar year. Depending on your situation. All or some of those contributions may be tax deductible. Once again, please confer with your tax professional. 11:32                                     Then there's also a 1098 series of forms, and in that series of forms we cover the mortgage interest statement where you will receive the 1098 mortgage interest statement documents showing how much you paid in interest on your mortgage during the previous calendar year. You may also receive a 10, 98 C or e or t as in tango, and these cover in order donations, student loan interest and tuition payments. These are just some of the highlights. They probably represent about 80 percent or more of the tax forms you should receive. However, your situation is unique and what applies to someone else may not apply to you, so be sure to get with an accountant professional to ensure you're not paying more in taxes than you need to with all of the tax changes in the last year. I believe it is wise to consider using an accountant speak with your accountant to determine how these tax forms will be used to calculate your taxes this year and you don't want to get sideways with the IRS. 12:40                                     I hope that this podcast helps you prepare and maybe get you started earlier than you otherwise would have to have a successful tax filing season. Thank you for joining me for Uncommon Cents, the Bowman Financial Strategies Financial Education series. I'd love to hear your feedback on financial topics you would like to learn more about. Just drop me an email at Eric that's Erik@Bowmanfinancialstrategies.com, or go to the Bowman Financial Strategies' website and send me a note on our contact page. In addition, you can always search for topics of interest in my archive on our podcast page at www.bowmanfinancialstrategies.com/podcasts. 13:24                                     Have a great day.  

With Halloween just around the corner, let's talk some candy. Give in to your sweet tooth as we discuss the best of the best when it comes to all kinds of sugar ranging from chocolates to gummies.

Nick and Aaron deviate from global news and chat about war games (virtual ones, not USA vs North Korea).

Nick and Aaron deviate from global news and chat about war games (virtual ones, not USA vs North Korea).

Join your hosts Scott Bull and Jennifer Jacker-Bull as they take a look at the smarts and unsmarts of the world as faced by the intellectuals and nontellectuals of the world as well as how many made-up words may be in this grimbulious show description.