Providing Retirement Solutions since 1989
Providing retirement solutions
The Team at Bowman Financial endeavors to understand each of our clients to provide the highest level of service and information.
Our approach utilizes four steps to best understand you and recommend strategies to fit your goals.
We also specialize in Medicare Solutions to best serve you throughout retirement.
Welcome to Bowman Financial Group
Our commitment is to help you work towards achieving all your financial goals and to provide you with a “worry free” retirement. With over 30 years of experience, our team has faithfully served clients in the Pacific Northwest since 1989.
Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the last.When you are older, “and-a-half” birthdays start making a comeback. In fact, starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications regarding your retirement income.Age 50At age 50, workers in certain qualified retirement plans are able to begin making annual catch-up contributions in addition to their normal contributions. Those who participate in 401(k), 403(b), and 457 plans can contribute an additional $6,500 per year in 2022. Those who participate in Simple Individual Retirement Account (IRA) or Simple 401(k) plans can make a catch-up contribution of up to $3,000 in 2022. And those who participate in traditional or Roth IRAs can set aside an additional $1,000 a year.1,2
Age 59½At age 59½, workers are able to start making withdrawals from qualified retirement plans without incurring a 10% federal income-tax penalty. This applies to workers who have contributed to IRAs and employer-sponsored plans, such as 401(k) and 403(b) plans (457 plans are never subject to the 10% penalty). Keep in mind that distributions from traditional IRAs, 401(k) plans, and other employer-sponsored retirement plans are taxed as ordinary income...
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