Time to Read: 3 Minutes The SECURE 2.0 Act of 2022 makes it easier to accumulate retirement savings at every stage of the financial journey. But the Act also took steps to potentially enhance retirement savings for those close to or in retirement. Required minimum distributions (RMDs) can be burdensome from both an income
Time to Read: 5 Minutes Growing your business across every measure is the priority for business owners, no matter their stage. Just starting out and working to be revenue-positive or coping with early income In the mid-stage and building your strategy and tactics for long-term growth Late-stage revenue maximization for exit planning Every stage
Time to Read: 7 Minutes So what even is a defined benefit plan? The defined benefit plan is a lesser-known retirement savings strategy that many business owners can implement in their business, in addition to the 401(k) plan, which is a type of defined contribution plan. Defined benefit plans are more complex than a
Time to Read: 7 Minutes Many high earners want to know what strategies they can implement to help reduce the tax burden caused from large, unwanted required minimum distributions (RMDs) in retirement. In Part 6 of a 7-part series, “Tax Saving Strategies for High Earners,” we break down what you need to know about
Time to Read: 16 Minutes At BWM Financial, we’ve helped executives, engineers, and scientists at San Diego companies with their financial affairs for over 20 years. This often involves navigating the complexities of employee benefits, such as company stock, options, retirement plans, and insurance benefits. Many executives are simply so focused on their career that they lack the bandwidth to spend their time and energy: Deciding between selling vested
Time to Read: 5 Minutes Maxing out a 401(k) plan is the foundation of a retirement savings plan. But many local San Diego and national companies offer highly compensated executives the option to participate in an additional deferred compensation plan that can offer the opportunity to save well above the limits on a 401(k)
Time to Read: 13 Minutes The backdoor Roth gives high earners access to a tax-free Roth IRA. It can protect from rising taxes, give flexibility in retirement, and provide more for loved ones. However, a backdoor Roth IRA isn’t right for everyone, and done incorrectly it can run up a hefty tax bill. At BWM Financial, we guide clients through every step from understanding their options to ensuring a smooth experience. Before we
Time to Read: 16 Minutes At BWM Financial, we’ve helped executives, engineers, and scientists at San Diego companies with their financial affairs for over 20 years. This often involves navigating the complexities of employee benefits, such as company stock, options, retirement plans, and insurance benefits. In over two decades, we’ve amassed comprehensive knowledge on the benefits at companies like Qualcomm. Many executives are simply so focused on their career
Time to Read: 7 Minutes Maximizing retirement savings and devising strategies to keep taxes low are the cornerstones of building wealth. But with relatively low limits on 401(k) savings, how should high earners invest excess cash? There’s an extremely productive strategy that can turn your 401(k) into a vehicle for saving above the income limits and creating tax-free distributions
Time to Read: 3 Minutes Consistently saving into a 401(k) plan during your working years is the foundation of a successful retirement plan. The process is usually quite simple, and an additional benefit can be a 401(k) match offered by an employer, which essentially amounts to free money, once you’ve met the threshold to qualify. There are some