Business Exit Success: Recent Episodes
Tom Poltersdorf Jr.
A podcast dedicated to helping business owners: Maximize Business Value - Optimize Personal Finances - Reach Financial Independence
If you are a small business owner looking to exit your business within the next 5 years, this podcast is designed to help you understand the logistical details and necessary preparation steps to plan well for your transition.
Hey there! I'm CERTIFIED FINANCIAL PLANNER™ Tom Poltersdorf Jr. and each week I'll be answering your top questions and help you successfully exit your business on your terms. Tune in weekly for new episodes to gain the knowledge and actionable steps to help you map out your successful business exit strategy.
If you are a FERS federal employee in your 50s or early 60s and you are torn between retiring at 57 or waiting until 62, this episode is for you. In this Confident Federal Retirement episode, Tom walks through a simple example to compare retiring at your Minimum Retirement Age versus staying to age 62. You will hear how the FERS pension formula really works, what changes with the 1 point 1 percent multiplier at 62, and how much of the difference is just more years and a higher high-three salary.
In this episode, you will learn:
• How to compare FERS retirement at 57 versus 62 in plain English • What the FERS Retiree Annuity Supplement is and what happens to it at age 62 • How the Thrift Savings Plan can help fill the income gap when the supplement stops • Why FEHB health insurance is often not a good reason to work all the way to 62 • Four key questions to help you decide which retirement age fits your life and your spouse
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
If you are a federal employee and you are married, the survivor benefit can feel confusing. Your pension check goes down when you pick it. You may wonder if it is taxed, if it lowers your income, or if you are somehow paying twice.
In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP, explains survivor benefits in plain, simple language. You will hear how the survivor choice changes your own pension check, what your spouse would see if you die first, and why the cost is not taxed twice.
In this episode, you will learn
- How the survivor benefit changes your pension before tax
- How survivor checks are taxed to your spouse, and what part can be tax-free
- Why the IRS spreads out the money you paid in over many months
- How state taxes can change what lands in your bank account
- A simple way for you and your spouse to think about this choice together
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
Many married federal employees feel confused about FEHB when one spouse retires and the other keeps working. They want to know who should hold the health plan, how long they need to be covered, and whether they can still pay premiums pre tax.
In this episode of Confident Federal Retirement, Tom explains FEHB premium conversion and the five year rule in plain English, with a special focus on dual federal couples. You will hear how coverage as a spouse counts toward your own five years, what happens when you move the FEHB enrollment to the working spouse, and how survivor benefits tie into FEHB for the surviving spouse.
In this episode, you will learn.
- How FEHB premiums work for active federal employees and retirees.
- What the FEHB five year rule really means for each spouse in a two fed home.
- When it may make sense to keep one family plan or use two Self Only plans.
- A step by step example of moving FEHB to the working spouse for pre tax savings.
- How survivor pension choices and timing can affect FEHB for the surviving spouse.
- A simple checklist to help you avoid gaps and protect your FEHB in retirement.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
If you're a federal employee in your 50s or early 60s with most of your savings in the traditional TSP and IRAs, Roth conversions can feel confusing. You may like the idea of tax-free growth, but worry that a big tax bill today could hurt your retirement plan or your spouse later.
In this episode of Confident Federal Retirement, Tom explains Roth conversions in plain English for FERS and CSRS employees. You will see how tax brackets really work, how your FERS pension and TSP fit into the picture, and three smart ways to pay the tax bill without guessing.
In this episode, you will learn
- What a Roth conversion is for federal employees with TSP and pensions
- How tax brackets work like buckets and why gap years matter
- Three main ways to pay the tax bill, including cash, pension withholding, and quarterly payments
- Why using outside cash often wins, and what to do if you cannot
- How Medicare premium surcharges can sneak in if conversions push income too high
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
For FERS federal employees with a big unused sick leave balance, the rules can feel confusing. Can sick leave help you retire earlier? Can it boost your FERS pension by getting you the 1.1 percent multiplier at age 62? Or does it only make a small difference in your federal retirement?
In this episode of Confident Federal Retirement, Tom explains what unused sick leave really does in the FERS pension formula, and where it fits into your retirement timing decision.
In this episode you will learn:
- What unused sick leave can and cannot change in your FERS pension
- The two rules you must meet to get the 1.1 percent FERS multiplier
- When sick leave can push you over twenty years of service at age 62
- Why sick leave does not change your age, retirement date, or eligibility
- How to think about "burning" sick leave versus banking it before retirement
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
If you're a FERS federal employee and your agency is talking about VERA, Voluntary Early Retirement Authority, it can feel scary and rushed. You may be in your 50s or early 60s with many years of service, and now there's an early retirement offer on the table. You do not want to guess wrong on VERA, a buyout, or a future reduction in force.
In this episode of Confident Federal Retirement, fee-only fiduciary planner Tom Poltersdorf explains VERA for federal employees in plain English so you can slow down and make a clear decision.
In this episode, you will learn:
- What VERA, Voluntary Early Retirement Authority, is and why agencies use early outs during big workforce changes and RIFs.
- Who can qualify for a VERA early retirement under FERS and CSRS, and the basic age and service rules.
- What VERA does not do, including how it does not change the pension formula and is different from a VSIP buyout.
- How a VERA offer can affect your FERS pension, FEHB health insurance, TSP withdrawals, and your cash flow in retirement.
- Simple questions to talk through with your spouse before you say yes or no to any federal early retirement offer.
- A simple case study of a couple who compared taking VERA to working a few more years.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
Many federal employees are surprised when their FERS pension in retirement is smaller than the estimate they saw on paper. In this episode, Tom Poltersdorf, CFP, walks through four common FERS pension reductions so you can plan your federal retirement with clear numbers instead of guessing.
You will learn how deductions like federal income tax, state tax, survivor benefits, FEHB health insurance, dental, vision, and life insurance can lower your FERS pension check. Tom explains which types of federal service do not count as creditable service for FERS, and how military service deposits and other deposits can increase or reduce your pension if they are not handled correctly.
You will also hear how part‑time federal service is used to reduce your pension based on actual hours worked, and how the FERS MRA plus ten retirement option can trigger a permanent age reduction if you start your pension before age 62.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
If you're a FERS federal employee and you want to retire before age 62, you've probably heard about the "Special Retirement Supplement." But what is it really? Is it part of Social Security? How long does it last? And what happens if you work another job after you retire?
In this episode of Confident Federal Retirement, Tom explains the FERS Special Retirement Supplement in simple, plain English so you can see how it fits into your retirement paycheck.
In this episode, you will learn:
- What the FERS Special Retirement Supplement is and what gap it is meant to fill
- Which retirement paths qualify for the supplement, and which do not
- A simple way to estimate your supplement using your age 62 Social Security amount and your FERS years
- Why the supplement stops at 62 and does not change your Social Security
- How wages from a new job can reduce or erase your supplement, while pensions and TSP do not count in that test
- How the supplement is taxed and how to think about it inside your full retirement plan
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
For federal employees in their 50s and early 60s with most of their savings in the Thrift Savings Plan, the shift from saving to spending can feel confusing. The market does what it wants. The tax code has its own rules. And small decisions about how you set up your TSP and withdrawals can have a big impact on how confident you feel once the paychecks stop.
In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP, walks through two common TSP mistakes he sees with soon to retire and newly retired federal employees, and how to start fixing them.
In this episode you will learn:
- What sequence of returns risk really means when you have a FERS pension and a large TSP balance.
- How a simple three to five year sleep at night bucket can help you ride out early market drops.
- Why taking all your retirement income from traditional TSP can push you into higher tax brackets.
- A basic way to blend withdrawals from TSP, taxable savings, and Roth accounts more intentionally.
- How a clear withdrawal map ties together your TSP allocation, income plan, and tax picture.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
Many federal employees keep hearing the same story. Retire, let your income drop, then do big Roth conversions from your TSP in the low-income years. The issue is that once a FERS pension and maybe a spouse pension start, those years are often not very low at all. That can leave you worried you are missing something or paying extra tax now for very little benefit later.
In this episode, you will learn:
- Why the classic Roth conversion playbook was built for people without pensions
- How a FERS pension, the supplement, and later Social Security can keep you in similar tax brackets after you retire
- A simple example of a federal couple with about one hundred and thirty thousand dollars of pension income before Social Security
- The five key questions to look at before you decide how much to convert
- A step by step way to start with your retirement paycheck instead of starting with your accounts
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
If you're a married federal employee under FERS, the survivor benefit election is one of the biggest one time choices you'll make at retirement. Check the wrong box, and your spouse could lose income, or even health coverage, if you pass first. Check too safe, and money can feel tight while you're both still here.
In this episode, I break down the three main FERS survivor options in plain English. You'll get a simple five step checklist you can do at the kitchen table, covering income, expenses, TSP and savings, FEHB and taxes, and one honest gut check with your spouse. I also walk through when a smaller survivor benefit might be okay, and when cutting it could leave the surviving spouse under real stress.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
Many married federal employees in their 50s and early 60s feel the same two fears. Before retirement, the fear is, do we have enough to stop working? After retirement, the fear is, are we spending this money too fast?
In this episode, you will hear simple stories from real federal couples and see how a clear plan can help calm your mind before and after you retire.
In this episode, you will learn:
- The two main fears most FERS and CSRS federal employees face
- How missing information about spending, pension, and TSP feeds those fears
- A simple way to think about your "retirement paycheck" from FERS, TSP, and Social Security
- How a basic bucket plan can guide your spending after you retire
- Easy steps you can take this week to start turning vague worry into clear questions
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
Many married federal employees look at their FERS pension and their TSP as two separate choices. Then they treat the survivor benefit form like a small checkbox, without seeing how it can change a spouse's income and healthcare for the rest of their life. That can lead to a lot of stress.
In this episode, you'll learn how your TSP and survivor benefit really work together, and how Federal Employees Health Benefits, or FEHB, can keep that choice from being as simple as it looks on the form.
In this episode, you will learn:
- The three FERS survivor benefit options in plain English.
- How to think about your TSP as a second paycheck in this choice.
- The key FEHB rule that can affect a surviving spouse's health coverage.
- A simple four question framework you can walk through at home.
- Case style examples of how different federal couples approached this decision.
- Common mistakes and myths that can put a spouse at risk.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
Many married federal employees under FERS feel stuck on the survivor benefit choice. They do not want to give up too much of their pension while both spouses are alive. But they also do not want to leave the surviving spouse short if the federal employee dies first.
This episode is for federal employees in their 50s and early 60s who are within about 5-10 years of retirement, and where only one spouse is the federal employee.
In this episode, you will learn.
- What the FERS survivor benefit really is and how the cost shows up in your monthly pension.
- Why this choice feels so scary and what "overpaying" can look like.
- The key questions to ask about the non-federal spouse before you choose an option.
- A simple step by step checklist to compare full, smaller, and zero survivor benefits.
- A short story of how one couple worked through this decision together.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
Soon‑to‑retire federal employees with most of their savings in the traditional Thrift Savings Plan often worry about making a mistake in the final stretch before retirement. The rules are not always clear-cut and small decisions can have big effects on your stress level later.
In this episode, you will learn:
- Why maxing out your TSP too fast can cause you to lose part of your agency match
- How drifting into the G Fund over time can reduce the growth you need in later years
- When it can backfire to roll your entire TSP to an IRA as soon as you retire
- How TSP withdrawals really work when you are trying to use a safe bucket in a down market
- What it means to have a tax window in your 60s, and how missing it can lead to higher taxes and Medicare premiums later
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
If you are a federal employee with a military pension in the mix, the rules around buying back your time can feel especially confusing. Maybe you retired from active duty and now work under FERS. Or you spent years in the reserves or Guard and are trying to sort out what can count toward your civilian retirement.
You might have heard that you can never buy it back if you get a pension. Or that you would have to give up your military check. Or that reserve time does not count at all. A lot of that is incomplete or only true in certain situations.
In this episode, you will learn
- How military buyback works differently for active duty retirees versus reserve and Guard retirees
- When an active duty retiree might consider a buyback, and what waiving retired pay would really mean
- How reserve and Guard retirees can often buy back active duty periods and still keep their reserve or Guard pension
- Why drill weekends usually do not count, but federal active orders often can
- Simple steps to gather records, request deposit estimates, and compare your options calmly
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
If you and your spouse are both high-income federal employees under FERS, earning strong salaries and maxing the traditional TSP, the biggest risk you face is often not saving too little. It is how and when all of that pre-tax money comes out, and what that does to your taxes, Medicare costs, and surviving spouse.
In this episode, you will learn
- Why large traditional TSP and IRA balances can turn into very large required withdrawals later on
- How many high-income federal couples miss their early retirement tax window without realizing it
- What the widow's penalty is, and how a surviving spouse can pay higher tax on lower income
- How Medicare IRMAA can increase your Part B and Part D premiums years after a big withdrawal or Roth conversion
- Why a clear withdrawal order and paycheck design is a form of advanced retirement income planning, not just "where do we pull from this year"
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Federal Retirement YouTube Videos - youtube.com/@TomPoltersdorf
Many married federal employees focus on whether they have enough to retire, but not on what happens to the surviving spouse's taxes when one of them passes away. The hard truth is that a widow or widower can end up paying more in taxes and Medicare costs on less income, because the tax brackets, deductions, and Medicare IRMAA thresholds all tighten for single filers.
In this episode of Confident Federal Retirement, Tom breaks down the widow tax trap in plain English and shows how it plays out for federal retirees with FERS pensions, TSP balances, and Social Security.
In this episode, you will learn:
- What actually changes in the tax code when a married couple becomes a single filer.
- A simple case study of a retired federal couple, before and after one spouse passes away.
- Why pensions, Social Security, and TSP required minimum distributions can push a surviving spouse into higher brackets.
- How Roth conversions and other planning moves can help manage future surviving spouse taxes.
- A practical checklist to start this conversation now, while you are both alive.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
YouTube Link - youtube.com/@TomPoltersdorf
Many federal employees with prior military service have heard about "buying back" their time, but are not sure if it's worth writing a big check just a few years before retirement. The rules are confusing, the stakes feel high, and most people only get one shot at this decision.
If you're a FERS federal employee in your 50s or early 60s, with active duty, reserve time on orders, or academy service in your past, this episode will help you think through the decision without guessing.
In this episode, you will learn
- What a military service buyback really is under FERS, in plain English
- How military time can affect both your retirement eligibility and your pension amount
- Why the service date on your paystub can be misleading for retirement planning
- Three simple examples of active duty, reserve, and academy service, with real break even math
- A step by step overview of how to request your deposit estimate and start the process
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a married federal employee in your 50s or early 60s with most of your savings in the traditional Thrift Savings Plan, you might be wondering how required minimum distributions will affect your taxes and retirement paycheck. Many federal employees have never seen their FERS pension, Social Security, and future RMDs all on one page, which can lead to nasty surprises in their 70s.
In this episode of Confident Federal Retirement, you will learn
- What required minimum distributions are
- How RMDs stack on top of your FERS pension and Social Security in your 70s
- A real-world style case study of a federal couple whose income jumped more than they expected
- How RMDs can push you into higher tax brackets and trigger Medicare IRMAA surcharges
- Five simple steps to map your own "income stack" and spot your gap years
- When it might make sense to explore Roth conversions or shifting your savings mix
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee in your late 50s or early 60s, you've probably had this thought. We have a FERS pension coming, a six‑figure TSP, maybe some IRAs. And we still aren't sure we can actually afford to retire. That feeling is more common than you'd think, and it usually doesn't mean you're behind. It usually means nobody has helped you put all the pieces together yet.
In this episode of Confident Federal Retirement, host Tom Poltersdorf, CFP®, walks soon‑to‑retire federal employees through seven key things to check before you hand in your retirement paperwork. We cover why your TSP balance is the wrong scoreboard, how to think about the FERS pension and Social Security as two paychecks for life, the real tradeoff hiding inside the age 62 decision, how to define your true retirement number, and how to protect each other with FEHB, FEGLI, survivor benefits, and a tax plan that accounts for RMDs and Roth conversions.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Most federal employees assume their will is the document that decides where their money goes when they're gone. For your TSP, your IRAs, and your life insurance, that's usually not true. Those accounts pay out based on a beneficiary form on file, and in most cases that form beats whatever your will says. If an old name is sitting on one of those accounts right now, the people you love could be the ones who pay for it.
In this episode of Confident Federal Retirement, fee-only fiduciary financial planner Tom Poltersdorf, CFP®, breaks down how your TSP, FEGLI life insurance, and IRAs actually pay out after you die, why federal employees have several separate beneficiary designations instead of one, and what happens when no valid beneficiary is on file. You'll hear the mix-ups he sees most often, including ex-spouses left on old policies, blended-family gaps, and trusts that never got connected to the accounts they were built to hold.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
You are a great saver. The mortgage might be gone, the kids are grown, and every month there is money left over piling up in your checking and savings account. But you keep wondering, am I being smart with this, or am I just sitting on cash? If you are a federal employee in your 50s or early 60s, this episode walks you through that exact question.
Today, Tom Poltersdorf, CFP®, a fee-only fiduciary financial planner, shares how one FERS couple saving $2,000 a month finally figured out where their extra money should go. You will learn a simple framework for giving every dollar a job, why a large cash position can actually be smart this close to retirement, and how the main account types compare in plain English. We cover money market and high-yield savings, your TSP, traditional and Roth options, and a regular brokerage account, and how they fit together with your FERS pension, Social Security, and taxes.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee getting close to retirement, you probably know your FEHB health insurance can follow into retirement. What most feds don't realize is that the premium while you were working can end up costing you more once you're living on your pension. In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, breaks down exactly why that happens.
The reason comes down to a program called premium conversion. While you're working, your FEHB premiums are paid with pre-tax dollars. In retirement, those same premiums come out of your annuity with after-tax dollars. The coverage is the same and the government still pays its share, but the tax treatment changes, and that can shift your real monthly cash flow more than you'd expect. Tom walks through a simple example and shows you how to build this into your retirement income and tax plan before you retire, so it's never a surprise.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee in your late 50s or early 60s, sitting on a healthy TSP and a strong FERS pension, this episode is going to feel familiar. In this case study, Tom walks through an anonymized story of two long-career federal employees with about $1 million each in their TSP, paid-off mortgage, no debt, and a real plan to travel $50,000 a year in retirement. They've done a lot of things right. And the first time they saw a projection of their future Required Minimum Distributions, the wife looked at Tom and said, "you've traumatized us with your RMD graphs."
You'll hear what that graph actually showed, why RMDs stack so hard on federal couples with two pensions and two Social Security checks coming, and the planning window most federal employees never realize they have. That window is what Tom calls the gap years, the years between when you retire and when RMDs start. Inside that window are real levers, including Roth contributions, modest planned Roth conversions, withdrawal order strategy, and Social Security timing. None of these are magic. Used together, they can smooth a scary income line into something much calmer.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee, you've probably wondered whether to retire as soon as you qualify or push to age 62 for a bigger FERS pension. In this episode, Tom walks you through a real federal couple wrestling with that exact question. The husband, in his early 60s, wasn't sure he'd "make it to 62" given his parents' declining health. His wife, in her late 50s, was burnt out from constant reorgs but didn't want to leave the 62 bonuses on the table.
Tom unpacks:
- The actual math of retiring at 60 versus 62 under FERS, including how the pension multiplier moves from 1% to 1.1% at age 62 with 20 or more years of service
- How the Special Retirement Supplement works for immediate, unreduced retirements
- And how to think about TSP, Social Security, and travel spending together.
If this sounds like your situation, the first step is to visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
If you're not ready for a call, get your free copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee 5-10 years from retirement, you've probably wondered what to do with your FEGLI coverage. Maybe you've been carrying Option B and Option C for years and the bill keeps creeping up every age band. Or maybe you've heard FEGLI gets expensive in retirement and you're not sure whether to keep it, drop it, or replace it with private term life insurance. In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, walks through how FEGLI actually works as you transition from federal employment into retirement.
Using a real federal LES as an example, Tom breaks down what you're paying for FEGLI Basic, Option A, Option B, and Option C, and how those costs accelerate every five years. He explains the rules for carrying FEGLI into retirement, including the 5-year requirement and the immediate annuity rule that catches a lot of federal employees off guard, especially those considering postponed or deferred retirements. He covers the post-65 reductions for Basic, the Full Reduction versus No Reduction choice for Option B, and when private level term life insurance is a cheaper, more flexible alternative. You'll hear a simple framework for deciding what to keep, what to drop, and how to mix FEGLI with private coverage to fit your actual retirement plan.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Should You Work to 62? FERS Supplement vs. 10% Pension Bump. If you are a FERS employee in your late 50s, you might be wondering if you should retire as soon as you hit your Minimum Retirement Age or stick it out until age 62 to qualify for the 1.1 percent pension multiplier. On paper, it can look like "just a little bump," but in reality, that higher multiplier compounds across more service, a bigger benefit, and more years of cost-of-living adjustments.
Today I walk through a real-world style example of a 57 year old FERS employee who is thinking about retiring now versus working until 62. We talk about how much larger her pension would be if she waits, what the break-even age looks like, and why the 1.1 percent kicker shows up as roughly a 28 percent higher pension for life. Then we zoom out and look at the salary, TSP savings, Social Security credits, and sick leave she would keep building if she stays, and what it really means to trade five years and two months of freedom for those dollars.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Most federal employees have heard of the FERS Special Retirement Supplement, but very few truly understand the tradeoffs. In this episode of Confident Federal Retirement, Tom walks through a real‑life style case study of a GS‑15 with just over 30 years of service who is about to hit Minimum Retirement Age. The core question is simple. Should they retire now with the FERS supplement, or keep working until age 62 for a larger pension.
You will hear how the supplement is estimated, how the Social Security earnings test can reduce or wipe it out if you keep working, why the supplement has no cost‑of‑living adjustment and ends hard at 62, and what it really means to give up the 1.1 percent pension multiplier by retiring early. Tom also connects this directly to taxes, TSP withdrawals, Roth conversion opportunities in your late 50s and early 60s, and the 5‑year FEHB rule so you can see how all the pieces fit together.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee in your early to mid 50s, there's one IRS rule that can completely change how you think about retiring before age 59½. It's called the Age 55 Rule, and it's one of the most misunderstood pieces of the federal retirement puzzle.
In this episode, Tom Poltersdorf, CFP® and fee-only fiduciary at GT Wealth, breaks down what the Age 55 Rule actually does, who it applies to, and how it interacts with your TSP, FERS pension, FEHB, and early retirement planning. You'll hear the three biggest traps Tom sees federal employees fall into, plus a simple framework for deciding whether this rule even fits your plan.
Ready to see how all of this fits together for your specific situation? Visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Most federal employees plan their retirement around one number. The pension estimate from OPM. But that gross pension figure can be misleading, and it almost never tells you whether your retirement paycheck will actually feel like your working paycheck. In this episode of Confident Federal Retirement, Tom Poltersdorf walks you through a simple reframe that changes how you plan.
You'll learn why your current net paycheck, the one that hits your checking account every two weeks, is the right starting point for a FERS retirement income plan. Tom breaks down the three retirement paychecks that work together, your FERS pension, Social Security, and your TSP, and walks through a composite case showing how to sketch a realistic target paycheck in about 15 minutes. You'll also hear the four levers you can pull if the numbers don't line up the way you'd like.
If you want help turning your rough numbers into a real retirement and tax plan, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Most federal employees spend years making sure the numbers work for retirement. The pension is set, the TSP (Thrift Savings Plan) balance looks solid, Social Security is mapped out. But there's a question I see trip people up more than any spreadsheet ever could: Are you actually ready to retire as a person?
In this episode, I walk through a conversation I have on almost every Blueprint call with federal employees who are financially green-lit but still hesitant. We talk about why your identity matters more than your income floor, how to test-drive retirement before you pull the trigger, and the real reason some people regret leaving federal service.
When you're ready for one-on-one help, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Thinking about leaving federal service before you hit full retirement eligibility, or just want to know what your options are if life forces that decision? This episode breaks down exactly what happens to your FERS pension if you separate before you're ready to retire, including the three paths most federal employees don't fully understand until it's too late.
Tom walks through the deferred retirement option, the MRA+10 early retirement with its built-in age reduction, and the one move that permanently wipes out your pension, withdrawing your FERS contributions. You'll also learn what happens to your TSP, your health coverage, and the special retirement supplement if you walk away early.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee considering leaving before a traditional retirement date, you've probably heard the terms "deferred retirement" and "postponed retirement" tossed around, sometimes like they mean the same thing. They don't. And confusing them is one of the most expensive mistakes I see federal employees make.
In this episode, I break down exactly what each option means under FERS, who qualifies for each, and what you lose when you choose one over the other. We'll talk about the age reduction penalty, health insurance in retirement, the FERS Special Retirement Supplement, and the one question you need to ask yourself before you walk out the door.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
"Can I actually afford to retire right now?" is the question I hear most from federal employees in their 50s. They've spent decades building up a pension, a Thrift Savings Plan balance, and Social Security credits, but when it comes down to it, they aren't sure whether all of it adds up to the lifestyle they want. In this episode, I walk you through exactly how to think about retirement income as a federal employee, step by step.
We cover how your FERS pension is calculated using your high-3 average salary and years of service, how the Special Retirement Supplement works before Social Security kicks in, and what role your TSP really plays in filling the gap. We also talk about what most people underestimate: the tax bite, the cost of FEHB premiums in retirement, and why your gross income number on paper almost always looks different than the net income you actually live on.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
➡️Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you and your spouse are both federal employees heading into retirement, the survivor benefit conversation gets a lot more complicated, and a lot of people get it wrong.In this episode, I break down exactly how to think through the Survivor Benefit Plan and FEGLI Option B when both spouses have federal pensions. I'll walk through what most couples overlook, the costly trap that wastes thousands in premiums, and the real questions you need to answer before you fill out those retirement forms.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
Most federal employees spend decades building their retirement, then rush the last 12 months. The result is missed deadlines, wrong elections, and costly surprises that are hard to undo. In this episode, Tom Poltersdorf, CFP® walks you through a plain-English, step-by-step checklist for retiring from federal service the right way.
Tom covers your Service Computation Date, how to estimate your FERS pension and TSP income, how to pick the right retirement date, what happens to your FEHB health insurance, and how to coordinate Social Security and Medicare, all without guessing. Whether you're 3 years out or 10 years out, this episode gives you a clear picture of what needs to happen and when.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee and 80–95% of your retirement savings are sitting in the traditional TSP, you might feel great about how much you've saved. But what most people don't see coming is how those pre‑tax balances can turn into very large required minimum distributions (RMDs) in their 70s, and a tax bill that keeps going up, even when their lifestyle doesn't.
In this episode of Confident Federal Retirement, Tom walks through a real‑world style scenario of a federal couple with strong pensions and substantial TSP balances who were shocked to see six‑figure RMDs and $50,000+ per year in federal and state taxes later in retirement. You'll learn why having almost everything in traditional TSP can create a "tax surprise," how RMD rules work for federal employees, and the planning window many FERS employees have in their 50s and 60s to start fixing the problem.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee in your late 50s or early 60s and you actually still like your job, this might be the hardest retirement decision you ever make. Because now the question isn't "Can I survive a few more years?" It's "Am I crazy to retire… or am I crazy to keep working?" In this episode of Confident Federal Retirement, I walk you through three simple tests I use with federal couples to separate "just one more year" fear from a clear, confident decision.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
You can do everything "right" on paper as a federal employee. Hit your service time, lock in the FERS pension, build a solid TSP balance, and still end up in a retirement that feels stressful, lonely, or disappointing. One spouse is loving the new freedom, the other is quietly resentful, and both are wondering, "Did we make a mistake?" In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, breaks down seven key conversations federal couples need to have before they retire, so their money and their life are actually working toward the same goal.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
A lot of federal employees assume, "I've got my FERS pension, Social Security later, and some money in my TSP… we should be okay." On paper, that can look fine. But in real life, mortgages, car payments, FEHB premiums, and everyday expenses can make that pension feel smaller every year, especially as inflation slowly pushes costs higher. In this episode of Confident Federal Retirement, Tom walks through how to tell if you have a real retirement income gap and what to do about it.
You'll learn the three main levers you can pull when your federal pension doesn't feel like enough: cleaning up the wrong types of debt before you retire, building a clear "income stack" using your FERS pension, Social Security, and TSP in the right order, and making sure your plan has enough growth to keep up with inflation over a 20‑ to 30‑year retirement. Tom shares a simple, real‑world style example of a married federal couple where a scary‑looking shortfall turns into a workable plan once the numbers are mapped out.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Can you retire under FERS right now… or is waiting a little longer the smarter move? In this episode of Confident Federal Retirement, we walk through what an "immediate retirement" under FERS actually means, the four main paths to qualify, and why one of those paths (MRA+10) can quietly lock in a smaller pension for the rest of your life. You'll hear how immediate retirement affects your pension, FEHB, FEGLI, the FERS supplement, and how much pressure ends up on your TSP later.
We'll also talk about the tradeoff between short‑term relief and long‑term consequences. I'll show you when immediate retirement usually makes sense, when I'd slow someone down before they file the paperwork, and the five questions I'd want you to answer before you decide. So you can see exactly whether retiring now strengthens your plan or weakens it.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
If you're a FERS employee, one of the most confusing parts of retirement planning is "creditable service." Most people assume every year they've worked for the government counts the same way toward their pension and retirement date. The reality under OPM's rules is very different. Misunderstanding what actually counts can move your retirement date by years and shrink your pension in ways that are hard to fix later.
In this episode, you'll learn the simple test for what usually counts, why unused sick leave helps your pension but not your eligibility, and the biggest traps around temporary time, nondeduction service, refunds, military time, and leave without pay. We'll keep it focused on the most common misunderstandings so you can spot red flags in your own work history without needing to become an OPM expert.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
When the market suddenly tanks, most federal employees do the exact wrong thing: they panic and start changing their TSP. If you're within about 10 years of retirement, that fear is totally understandable… but reacting emotionally can quietly cost you years of retirement income.
In this episode of Confident Federal Retirement, I walk you through a step‑by‑step way to think during a market crash so you're not guessing. We'll talk about why zooming out matters more than checking your TSP balance every hour, how to line up your investments with when you'll actually need the money, and why the real danger is bad markets plus withdrawals in the first few years of retirement. I'll also cover practical moves like rebalancing instead of reacting, what to do if you're still contributing to TSP, and how downturns can create tax opportunities with Roth conversions and smart loss harvesting in taxable accounts.
If you're a FERS or CSRS employee who's worried about running out of money, making big tax mistakes, or guessing wrong with your TSP, this episode will help you see exactly what to focus on in a crash.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Most federal retirees don't blow up their Thrift Savings Plan in one dramatic move. The damage usually happens quietly in the first 3–5 years of retirement, when everything looks fine… until the market drops. In this episode, I walk you through the four big mistakes I see federal employees make with their TSP after they retire, and how to build what I call a "Sleep‑at‑Night TSP Plan" so you can handle market downturns without panicking, manage your taxes on purpose, and stop obsessing over every headline.
You'll hear the difference between risk capacity and risk tolerance, why your FERS or CSRS pension and Social Security already act like a built‑in bond or annuity portfolio, and how to create a simple five‑year spending bucket inside your TSP to protect against sequence of returns risk. We'll also cover the often‑ignored "spouse risk" and why being your own full‑time money manager in retirement might not be the job you actually want.
If you want step-by-step help with your numbers, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint.
We'll map out your federal benefits, TSP, Social Security, and tax plan so you can retire from federal service without guessing.
If you're a federal employee and the only thing you look at during Open Season is the FEHB premium, you might be missing the bigger picture. The "cheapest" plan on paper often becomes the most expensive plan in real life once you add deductibles, coinsurance, prescriptions, and a bad health year into the mix. In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, walks you through a simple way to compare FEHB options based on total cost, risk, and your stage of life instead of just this month's paycheck.
You'll learn how to think in three buckets (fixed cost, variable cost, and maximum risk), what changes in low, average, and high‑usage health years, when an HDHP + HSA can be powerful and when it's a headache, and why your doctors, hospitals, and Medicare coordination near age 65 all matter.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
For many FERS employees in their late 50s and early 60s, claiming Social Security at 62 feels like the "safe" move. You get your check, you lock something in, and you worry less about rule changes. But if you're a federal employee with a pension, TSP, and possibly the FERS supplement, that decision doesn't just shrink your own benefit. It can quietly reduce your spouse's future income, shrink your tax‑planning window, and limit what you can safely do with your TSP in retirement.
In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, breaks down why generic "always claim at 62" or "always wait until 70" advice often fails federal employees. You'll learn the three levers that actually matter for FERS and Social Security decisions, when claiming at 62 does make sense, and how delaying can sometimes be one of the most powerful gifts you leave your spouse. Tom also walks through a critical tax window most federal retirees completely miss when they start Social Security too early.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee within 10 years of retirement, your Roth TSP vs Traditional TSP decision is one of the biggest levers you still have to control your lifetime tax bill. Most people think it's just a paycheck choice. In reality, it affects how much of your Social Security is taxed, how big your required minimum distributions (RMDs) are, your future Medicare premiums, and even what happens to your surviving spouse's tax bracket if something happens to you.
In this episode of Confident Federal Retirement, I break down Roth vs Traditional TSP specifically for federal employees in their final 5–10 working years. We'll walk through three common federal couples, show where Roth can help, where Traditional may still make more sense, and the four biggest mistakes I see when people make this decision based only on their pay stub or a rule of thumb. You'll learn how to think in "tax phases," spot your own tax window, and decide whether your current mix is helping or quietly hurting your retirement plan.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Right now, more people are claiming Social Security at 62 than I've seen in years. And many of them don't actually need the income yet. They're reacting to scary headlines about Social Security "running out of money" and locking in a permanent pay cut on their benefit without really understanding the tradeoffs. In this episode of Confident Federal Retirement, we break down what's actually happening with Social Security, what it really costs to claim early, and how this decision fits into your larger retirement plan as a federal employee.
I'll walk you through the impact of claiming at 62 versus your full retirement age versus waiting until 70, why delaying can function like longevity insurance for you and your spouse, and the specific situations where claiming early can still make sense. We'll also talk about how Social Security interacts with your FERS pension, TSP, and other savings so you can see the bigger picture, not just one decision in isolation.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Deciding how Medicare Part B should fit with your FEHB in retirement is not just a "yes or no" checkbox at 65. For federal employees, the real risk is in the hidden mistakes: enrolling too early, enrolling too late, overpaying for coverage you don't need, or accidentally breaking HSA rules without realizing it. In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, walks through five common Medicare and FEHB mistakes he sees federal employees make in their 60s – and what to do instead.
You'll learn the difference between being an "active employee" versus a retiree in Medicare's eyes, how FEHB actually coordinates when Medicare is primary, why IRMAA surcharges can blindside you two years after a big income year, and how HSAs can quietly become a tax problem if you don't time things correctly. Tom also shares a simple way to pressure‑test your own plan so you're not guessing on one of the biggest retirement decisions you'll make.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Crossing the $2 million mark as a federal employee should feel like freedom… but for a lot of FERS employees, it actually creates a new kind of anxiety. At that level, you do not just have a "retirement problem" anymore. You have a wealth‑preservation and tax problem. And when you layer in your FERS pension, TSP, Social Security, and FEHB, the stakes get higher and the decisions get more complex.
In this episode of Confident Federal Retirement, I walk through why the $2M mark is different for federal employees, the five big traps I see federal retirees fall into at this level, and the step‑by‑step planning process I use with clients to turn that anxiety into clear, confident decisions. We'll talk about knowing your real retirement number, the "tax time bomb" in pre‑tax TSP and IRAs, portfolio alignment inside TSP, generic advice and sales pitches to avoid, and federal‑specific legacy blind spots that can cost your family money and peace of mind.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
If you're a FERS employee and you've been planning your retirement around that nice, clean pension number from OPM, there's a good chance you're overestimating what will actually hit your bank account each month. In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, breaks down the gap between your gross FERS pension and your net retirement paycheck. We walk through survivor benefits, taxes, and FEHB premiums so you can see how quickly that headline number shrinks once real life shows up.
When you're ready for a personalized plan built around your specific federal benefits, visit https://gtwealthguide.com/federal-blueprint to request your free Federal Retirement Blueprint. We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Get your copy of the Federal Retirement Readiness Blueprint: a 7‑step checklist to pick the right retirement date and see what will actually hit your bank account after survivor benefits, FEHB, and taxes: https://gtwealth.kit.com/federal-retirement-readiness
If you're a federal employee within ten years of retirement, you probably know your pieces: a FERS pension, a TSP balance, and Social Security coming later. But the real question is, "How do I turn all of this into one clear, after‑tax paycheck I can actually live on without guessing?" That's where most federal retirement plans break down.
In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, walks you through a simple three‑step "retirement paycheck" framework just for federal employees. You'll learn how to build your guaranteed base with your pension and Social Security, how to use your TSP as an income bridge before Social Security starts (instead of just a big pile of investments), and why planning around your net, after‑tax paycheck matters far more than the headline balances in your accounts. Tom also shares a real‑world case study to show how shifting from "three buckets" to one coordinated paycheck can dramatically reduce anxiety in retirement.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
For many federal employees, deciding what to do with your Thrift Savings Plan (TSP) at retirement is one of the biggest financial choices you'll ever make. Keep it in the TSP? Roll everything to an IRA? Or use a smart "split" strategy that combines the best of both? In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, walks you through the three real options you have with your TSP and how to think about each one so you can retire without guessing.
You'll hear when it can make sense to keep everything in the TSP for simplicity and stability, when rolling to an IRA might give you more control and tax-planning flexibility, and how a split approach can create a TSP "foundation" plus an IRA "planning tool."
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
If you're a married federal employee within about 10 years of retirement, your TSP decisions are not just about you. They're about whether your spouse would actually be okay if something happened to you. In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, explains the key TSP choices you really shouldn't make solo, what "spousal rights" actually mean, and how one checkbox can create lasting regret for surviving spouses.
You'll hear why federal rules give your spouse specific protections, how TSP decisions interact with your FERS pension and Social Security, and the most common mistakes couples make when one person "handles everything." I walk you through simple, table‑side action steps to review your TSP beneficiaries, understand what spousal consent really signs away, and stress‑test your retirement income if one of you passes away first, so you can retire from federal service without guessing.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll help you see exactly how your TSP, pension, Social Security, and taxes fit together so you and your spouse can make clear, confident decisions about retirement.
If you're a federal employee five to ten years from retirement, there's a simple "whenever we need it" TSP habit that can quietly add tens of thousands of dollars to your lifetime tax bill. In this episode of Confident Federal Retirement, I walk you through how most retirees naturally stack their FERS pension, Social Security, and TSP withdrawals, and why that default order can backfire.
You'll hear a real‑world case study of a federal couple who looked great on paper but were on track to pay about $60,000 more in taxes than necessary, plus how widowhood and single tax brackets can make the problem worse. I break down a simple, one‑page, year‑by‑year framework to coordinate your pension, TSP, Roth, and taxable accounts with your tax brackets so you can avoid obvious withdrawal mistakes.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Most FERS employees accidentally give away tens of thousands of dollars in pension benefits without realizing it. Once your retirement forms are signed and processed, many of those choices are permanent. In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, walks you through five of the most common FERS pension mistakes he sees with soon‑to‑retire federal employees: survivor benefit elections, timing your retirement date, missing or miscredited service time, planning off gross instead of net, and treating your pension in isolation instead of as part of a full income plan.
You'll hear real‑world examples and simple, plain‑English explanations so you can see how these decisions affect your spouse, your health insurance, your taxes, and your long‑term retirement income. If you're within about 5–10 years of retiring from federal service, this episode will help you avoid some very expensive surprises and make clearer, more confident choices.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
If you're a FERS or CSRS employee approaching age 65, you've probably heard a dozen different opinions about whether you "need" Medicare Part B if you already have FEHB. In this episode of Confident Federal Retirement, I walk you through a simple rule of thumb to cut through the noise, plus the key cost traps and timing rules you need to know so you can make a clear, confident decision without guessing.
You'll learn how FEHB and Medicare Part B actually coordinate in retirement, when it usually makes sense to add Part B, when it can be reasonable to delay it, how IRMAA surcharges work for higher‑income households, and what happens to your Health Savings Account once Medicare is on the table. I'll also walk through a practical example of a federal couple comparing FEHB‑only versus FEHB plus Part B so you can see how this plays out in real life.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
When you retire from federal service, your Thrift Savings Plan goes from "put money in" to "take money out." The problem is, if you guess wrong on your TSP withdrawals, you won't feel it right away. You feel it 10–20 years from now, when it's too late to fix and you've accidentally tipped six figures to the IRS. In this episode of Confident Federal Retirement, I walk you through the main TSP withdrawal options once you separate from federal service, what really happens behind the scenes, and how these choices fit into a step‑by‑step retirement income plan.
We'll cover leaving money in the TSP, setting up installments, taking partial or full lump sums, and using the TSP life annuity option. You'll hear how taxes, the 10% early withdrawal penalty, and required minimum distributions (RMDs) actually work in practice, plus common mistakes federal employees make when rolling money out of the TSP. You'll also learn why timing, account order, and spousal consent can quietly make or break your long‑term plan.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
If you're a federal employee close to retirement and your spouse is on your FEHB plan, one checkbox on your FERS retirement paperwork can have a huge impact on their future. In this episode of Confident Federal Retirement, I walk through how the FERS survivor benefit really works and why it matters so much for both your income and your spouse's health insurance if you die first. You'll learn the difference between the 50%, 25%, and 0% survivor options, how each one changes your pension while you're alive, and what it could mean for your spouse's lifestyle if you're not here.
I also explain the key FEHB rule most people overlook: the requirement for your spouse to be entitled to a survivor annuity or other qualifying benefit to keep FEHB after your death.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Are you actually okay to retire from federal service… or are you missing something big with taxes or TSP?
In this episode of Confident Federal Retirement, I walk you through six key parts of your federal retirement that quietly decide whether you run out of money, overpay in taxes, or retire confidently. You'll see how your FERS pension, TSP, Social Security, and health benefits fit together, why the location of your savings (pre‑tax vs Roth vs taxable) can mean hundreds of thousands of dollars in lifetime tax difference, and how to turn all of that into one clear "retirement paycheck" without guessing.
You'll learn a simple confidence equation (income minus taxes minus surprises) and how to use it to stress‑test your own plan. If you're a federal employee in your 50s or early 60s and you've ever wondered, "Are we going to run out of money?" or "Are we making big tax mistakes with our TSP and withdrawals?", this episode will give you a practical framework you can start using right away.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
If you're a FERS federal employee making around six figures, you might assume your retirement income will feel "pretty close" to what you make now. In this episode of Confident Federal Retirement, I walk through a real case study of a federal employee who goes from a $103,000 salary to about $11,000 of spendable pension income in his first year of retirement. We unpack what actually lands in the checking account while you're working versus after you retire, and why the gap is so much bigger than most people expect.
You'll meet "Mike and Mary," a couple in their late 50s, and we'll compare Mike's last year of federal service to his first year of retirement line by line: FERS pension, the Special Retirement Supplement, FEHB, FEGLI, survivor benefits, taxes, and what it really takes to fill a $30,000+ income hole without guessing. You'll see exactly which levers you can still control in your 50s and early 60s, and how to think about your own "last paycheck vs first retirement check" comparison.
Watch the Video Version: https://youtube.com/TomPoltersdorf
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
If you're a federal employee within 5–10 years of retirement, how you take money out of your TSP can quietly add thousands of dollars in extra taxes over your lifetime. It's not just about growing the balance, it's about coordinating your pension, Social Security, and TSP withdrawals so you actually keep more of what you've saved.
In this episode of Confident Federal Retirement, I walk through three common TSP withdrawal mistakes he sees in real plans: treating the TSP like a checking account, ignoring how withdrawals stack on top of pension and Social Security for taxes, and having no written withdrawal plan when Required Minimum Distributions (RMDs) start at age 73. You'll hear simple examples you can follow, and practical steps to avoid "RMD shock" and surprise Medicare premium jumps.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Big changes are coming to your Thrift Savings Plan in 2026, especially if you're a federal employee in your 50s or 60s who's using catch‑up contributions. A single line on your 2025 W‑2 will determine whether your extra TSP savings in 2026 are forced into the Roth side of the plan. That can quietly shrink your paycheck, change your tax picture, and open up new opportunities to build tax‑free income if you use it on purpose.
In this episode of Confident Federal Retirement, I break down how traditional and Roth TSP actually work, what the new Roth catch‑up rules and in‑plan Roth conversions really mean, and how they might affect your take‑home pay, future tax bills, and even your Medicare premiums. You'll hear simple, plain‑English examples so you can see exactly how these changes could hit your situation.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
If you've built up real money in your TSP, IRAs, or 401(k)s, a new tax law just quietly handed you a four‑year window to lock in lower taxes for the rest of your retirement. Starting with the 2025 tax year, retirees 65 and older get an extra "senior deduction" of up to $6,000 per person, on top of the regular standard deduction and the normal over‑65 add‑on. That window runs from 2025 through 2028. After that, under current law, it's gone.
In this episode of Confident Federal Retirement, I break down what actually changed in the tax code, how this new senior deduction works in plain English, and why it matters so much if you're a federal employee with significant pre‑tax balances in TSP, IRAs, or other retirement plans. You'll hear a simple case study comparing two timelines for the same couple – one where they use the four‑year window, and one where they don't – and see how their tax bill changes when Required Minimum Distributions kick in.
Finally, I walk through three practical levers you can pull during these four years: Roth conversions, realizing capital gains at favorable rates, and smoothing IRA withdrawals before RMDs. The goal isn't to turn you into a tax expert, but to give you a clear framework so you're not guessing with your life savings.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Federal employees ask this all the time: "When I retire, do I lose my health insurance?" In this episode of Confident Federal Retirement, I walk you through step by step through what really happens to your FEHB when you leave federal service. You'll learn how the five‑year rule works, what "immediate annuity" actually means, and how coverage under a spouse's FEHB or TRICARE can count toward that requirement as long as you're in FEHB on the day you retire.
I also explain what changes once you're retired: how your FEHB premiums are paid from your pension instead of your paycheck, why the premiums themselves don't jump just because you retired, and what to know about timing, Open Season, and rising healthcare costs. Finally, he covers what happens if you don't meet the five‑year rule, why temporary continuation of coverage can get expensive fast, and how FEDVIP dental and vision work in retirement with no five‑year requirement at all.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
Deciding whether to add Medicare Part B on top of your FEHB in retirement can feel like a guessing game. In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, walks you through a simple, practical framework to decide what makes sense for your situation as a federal employee. You'll learn how Medicare and FEHB coordinate, when Part B tends to improve predictability and provider choice, and when delaying Part B is perfectly reasonable.
We'll also cover key cost drivers like Part B premiums, IRMAA surcharges based on your income from two years ago, and how your exact FEHB plan handles cost‑sharing when Medicare is primary. Plus, we'll touch on HSAs and the timing traps that can create accidental excess contributions if you're not careful.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
If you're a federal employee, Required Minimum Distributions (RMDs) can stack on top of your other income, push you into higher tax brackets, and trigger Medicare IRMAA surcharges two years later. The result: surprise tax bills and higher Part B and Part D premiums just when you thought you were "done" working.
In this episode of Confident Federal Retirement, Tom Poltersdorf, CFP®, walks you through three legal moves you can use in 2025 to keep more of your money. You'll learn how RMD timing works (including the "two in one year" trap), why the Roth side of your TSP is treated differently, how to use planned Roth conversions to shrink future forced withdrawals, and how Qualified Charitable Distributions (QCDs) can let you give to charity without raising your income.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
After a short break from publishing, I'm back with a big update. My business and my planning work have become increasingly focused on helping federal employees make confident retirement decisions, and it's time for the podcast to reflect that. In this short episode, I share why I'm narrowing the focus, what's changing, and what you can expect from the new direction.
Going forward, this show will be called Confident Federal Retirement. We'll break down FERS and CSRS pensions, TSP, Social Security, taxes, and healthcare in plain English so you can retire from federal service without guessing. If you're not a federal employee, some episodes will still be helpful as you approach retirement, and you're absolutely welcome to keep listening.
When you're ready for one‑on‑one help, visit https://gtwealthguide.com/federal-blueprint to request a personalized Federal Retirement Plan and schedule a call.
We'll map out your federal benefits, TSP, Social Security, and tax plan on one page so you can retire from federal service without guessing.
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
Are you ready to sell your business and retire? Get your free assessment: https://beyondyourexitwm.com/free-readiness-assessment
Are you a business owner looking to build wealth and lower your tax bill? In this episode, we break down everything you need to know about setting up a 401(k) retirement plan for small businesses — including how to choose between a Traditional 401(k) and Safe Harbor 401(k).
You’ll learn how to leverage the 2025 contribution limits, automate your savings strategy, and avoid costly mistakes with the help of a Third-Party Administrator (TPA).
Key Topics Covered:
- Common myths about 401(k) plans for entrepreneurs and small business owners
- Safe Harbor 401(k) vs Traditional 401(k): pros, cons, and compliance differences
- 2025 401(k) contribution limits and how to maximize them
- The role of TPAs in managing and optimizing your plan
- How to automate your retirement investing strategy
Whether you're a solo entrepreneur or have a growing team, this episode is your guide to creating a tax-advantaged retirement plan that helps secure your financial future — without relying solely on selling your business.
Are you ready to sell your business and retire? Get your free assessment: https://beyondyourexitwm.com/free-readiness-assessment
Get the Free Exit & Succession Guide: https://beyondyourexitwm.com/exit-succession-ebook
Thinking about selling your HVAC business? Here are the 4 things buyers are looking for before they'll pay top dollar. Most owners leave hundreds of thousands of dollars on the table simply because they don’t know what buyers are really looking for.
In this video, I’ll break down the 4 proven strategies that can help you sell your HVAC company for maximum profit and avoid the mistakes that destroy deals.
You’ll learn:
- Why "getting out of the van" can double your sale price
- How maintenance agreements boost your business valuation
- The truth about clean financials and why they matter
- Why most buyers avoid businesses focused on new construction
Whether you’re planning to sell soon or just want to build a more valuable HVAC business, this episode will help you create an exit strategy that actually pays off.
Are you ready to sell your business and retire? Get your free assessment: https://beyondyourexitwm.com/free-readiness-assessment
Are you ready to sell your business and retire? Get your free assessment: https://beyondyourexitwm.com/free-readiness-assessment
Get the Free Exit & Succession Guide: https://beyondyourexitwm.com/exit-succession-ebook
If you’re a business owner in your 50s or 60s thinking about selling your company, this is for you. After working with tons of business owners as a Certified Financial Planner and Exit Planning Advisor, I’ve seen a pattern. People hit retirement and suddenly wish they had made a few key moves way earlier.
Today I’m sharing the top 5 things business owners consistently tell me they wish they’d done at 60, so you don’t make the same mistakes.
Here’s what we’ll cover:
- Why guessing your business value could cost you millions
- How saving outside your business gives you way more flexibility
- The tax planning moves that can save you a fortune (but take years to set up)
- What to do now so you don’t feel lost after you sell
- How to avoid family drama by getting everyone on the same page early
Selling your business is a big deal, financially and emotionally. These lessons come straight from the real-life experiences of other owners who’ve been through it.
Are you ready to sell your business and retire? Get your free assessment: https://beyondyourexitwm.com/free-readiness-assessment
Get the Free Exit & Succession Guide: https://beyondyourexitwm.com/exit-succession-ebook
Are you ready to sell your business and retire? Get your free assessment: https://beyondyourexitwm.com/free-readiness-assessment
A lot of business owners dream about selling their business and retiring, but not everyone is truly ready. In this video, I’ll walk you through 7 critical questions to determine if you’re prepared for a smooth and profitable exit.
If you can confidently say YES to all of these, you’re on the right track. If not, don’t worry, I’ll provide actionable insights on what you can do next!
Are you ready to sell your business and retire? Get your free assessment: https://beyondyourexitwm.com/free-readiness-assessment
Get the Free Exit & Succession Guide: https://beyondyourexitwm.com/exit-succession-ebook
Are you ready to sell your business and retire? Get your free assessment: https://beyondyourexitwm.com/free-readiness-assessment
Mark sold his business at 60 and walked away with $850,000. A year later, he was filled with regret.
Why?
Because like many business owners, he didn’t plan beyond the sale. In this episode, I walk you through the four major pitfalls that caused Mark's retirement to unravel and how you can avoid the same costly mistakes.
Whether you're planning to exit in one year or five, understanding these critical areas could save you from a million-dollar mistake.
Are you ready to sell your business and retire? Get your free assessment: https://beyondyourexitwm.com/free-readiness-assessment
Many business owners go broke after selling because they underestimate taxes, overspend without a plan, and fail to invest wisely leading to financial regret and instability. In this episode, we break down the five biggest exit planning mistakes and reveal strategies to protect and grow your wealth after selling your business.
Take the first step by getting your Free Readiness Assessment.
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
Selling your business is one of the most significant decisions you'll make as a business owner, whether you’re retiring, transitioning to new leadership, or planning to sell your business.
Listen in and learn:
- The three components of your exit readiness
- Essential steps to prepare your business for sale
- Strategies to maximize the financial and personal benefits of your exit
Take the first step by getting your Free Readiness Assessment.
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
What if working longer is costing you more than you realize? In this video, I reveal 6 compelling reasons to retire sooner rather than later, including the impact on your health, the value of your time, and the relationships that truly matter.
Watch the YouTube Version
The Value of Time: Why time is our most precious resource and why delaying retirement could cost you.
Health Benefits: How retiring can significantly reduce stress and improve your quality of life.
Limited Best Years: Understanding the difference between lifespan and health span, and why your healthiest years might be right now.
Strengthening Relationships: How retirement allows you to invest in meaningful connections with family and friends.
Breaking Free from Work Identity: Avoiding the trap of defining yourself solely through your career.
Your Financial Readiness: Why you may be in a stronger financial position than you think to retire comfortably.
If you're considering retirement, this video will help you weigh the benefits and understand the true cost of continuing to work when you're already ready to step back.
Resources:
Expenses In Retirement Chart
Time Spent With Children Chart
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
Listen in as I break down the critical details of 401k loans—the pros, cons, and major risks you need to be aware of before borrowing from your retirement savings. We discuss how a 401k loan works, the ease of accessing funds, and the potential advantages like no credit checks and quick approval.
However, we also explore the often-overlooked dangers, including missed investment growth, double taxation, and the significant risk of repayment penalties if you change jobs or can't pay back the loan in time. Whether you're in a financial emergency or considering a major purchase, this video offers essential insights to help you make an informed decision. Learn about alternative borrowing options like home equity loans, personal loans, and even 0% APR credit cards.
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
Here are my top 10 actionable recommendations to help you get your retirement savings on track, even if starting from zero in your 40s or beyond. Whether you’re 40, 45, or even 50 with no savings, these strategies will guide you through the steps needed to build a solid financial foundation. We’ll cover everything from how to save money effectively, budgeting tips, and smart investing strategies to growing your income, improving your mindset, and preparing for unexpected events.
Watch the YouTube Video: 40 Years Old and Nothing Saved For Retirement - Top 10 Recommendations
RESOURCES:
Books
The Psychology of Money
Think And Grow Rich
The Path
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, we dive into the critical topic of borrowing from your 401k and why it could be a major setback for your financial future. Many business owners see 401k loans as a quick and convenient way to access cash, especially in tough times or for significant purchases.
However, the hidden costs, double taxation, and missed investment opportunities make borrowing from your retirement savings a risky move. We’ll explore the common pitfalls of 401k loans, the true cost of paying yourself back with interest, and why this strategy often backfires. Learn how these loans can jeopardize your long-term financial security and what you should consider before making the leap.
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, we dive into strategies to help business owners maximize their 401k to build wealth and reduce the need to rely solely on selling their business for retirement. Learn actionable tips on how to optimize your 401k, including when to start investing, how much to contribute, the best ways to invest your funds, and what to do with your 401k when changing jobs.
We also discuss common mistakes to avoid, such as paying high fees, taking loans against your 401k, and not increasing contributions over time. Tune in to take control of your retirement savings, minimize risk, and ensure a successful transition into retirement.
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
Investing during market highs can be intimidating, but it’s also a great opportunity if you have the right strategies. I’ll guide you step-by-step on how to take advantage of soaring markets while keeping your investment goals on track.
Resources:
New Highs Happen In Clusters Chart
Investing Before Market Crash Returns Chart
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode of Business Exit Success, we dive into the concept of redefining retirement for high-achieving entrepreneurs who have successfully exited their businesses. Rather than settling into a traditional retirement, we explore how to channel the same drive and energy that fueled your business success into new, fulfilling ventures. Whether it’s through mentorship, volunteering, or lifelong learning, this episode will inspire you to think beyond the exit and embrace the next chapter of your life with purpose and passion.
Resources:
Ivan and Mariana Polic Interview - Episode 80
Marcia Barnes Interview - Episode 65
Matt Sharrers Interview - Episode 95
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, I address the crucial question many business owners face: "Should I Retire Now?" I walk you through five critical questions to help determine if it's the right time to step away from your business. From assessing your financial readiness and calculating retirement needs to understanding the tax implications and managing post-sale investments, this episode offers a comprehensive roadmap for business owners considering retirement.
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, I share six key strategies to help you thrive when the market crashes. Drawing from my experience guiding clients through market downturns, I explain how to navigate financial turbulence and make the most of down markets. Whether you’re a business owner or an individual investor, this episode provides valuable insights on shifting your perspective, aligning investments with your timeframe, leveraging tax loss harvesting, considering Roth conversions, rebalancing your portfolio, and sticking to your plan. Tune in to learn how to protect and grow your wealth even during market volatility. -----
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
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In this episode, I discuss the critical number every business owner gets wrong when selling their business: the net amount that goes into their pocket after the sale. I explain the various deductions that can significantly reduce the final proceeds from the sale price, including broker fees, outstanding debts, and taxes. Using a real-life example, I illustrate how a business sale price of $5.2 million can dwindle to just over $3 million after all deductions. Tune in to learn how to accurately calculate your net proceeds and ensure you're financially prepared for life after your business sale.
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode of Business Exit Success, we dive into a vital topic for anyone looking to secure their financial future: the importance of asset allocation. Learn why asset allocation is the most crucial investment decision you'll ever make, how to determine the right mix for your portfolio, and the strategies that work for 99% of people. Whether you're planning for retirement, saving for a big purchase, or simply want to optimize your investment strategy, this episode offers actionable insights to help you achieve long-term financial success.
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, I dive into the top three investment mistakes that can derail your financial future and how to avoid them. Learn why timing the market is nearly impossible, the dangers of selling in a down market, and the stress caused by checking your accounts too frequently. I share my personal experiences and practical tips to help you make smarter investment decisions, reduce stress, and build lasting wealth. Tune in to discover strategies that can help you stay on track and maximize your returns.
Resources:
Missing Best Market Days InfoGraphic
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, I share six essential money lessons that can transform your financial future. I discuss common financial mistakes and offer practical advice to help you avoid them.
Whether you're just starting out or you're a seasoned business owner, these lessons will guide you towards making smarter financial decisions and building lasting wealth. Tune in to learn about the power of compounding interest, managing debt effectively, staying the course during market fluctuations, investing in yourself, increasing your income, and finding true wealth beyond money.
Resources:
- The Magic of Compound Interest Infographic
- MONEY Master the Game: 7 Simple Steps to Financial Freedom by Tony Robbins
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, I dive into the importance of understanding and breaking free from bad money habits that can hold you back from financial success. Drawing on over 15 years of experience as a Certified Financial Planner, I share nine common money mistakes and practical tips on how to overcome them.
From the pitfalls of paying yourself last to the dangers of getting comfortable with bad debt, we discuss valuable insights to help you take control of your finances. Whether you’re a business owner planning your exit or simply looking to improve your financial habits, this episode is packed with actionable advice to set you on the right path.
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, I dive into investing in life beyond financial gains emphasizing the importance of Return on Life (ROL) versus Return on Investment (ROI), sharing personal experiences and practical strategies for business owners planning to exit within the next five years. Discover how to balance financial success with a fulfilling life, ensuring a smooth and satisfying transition out of your business.
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, we delve into the world of leadership transitions with Matt Sharrers, an expert in CEO succession and advisor to private equity firms. Learn about the critical strategies for new CEOs, the importance of a shared exit plan among business partners, and how to navigate the emotional and practical challenges of stepping down. Whether you’re a founder preparing to step aside or a leader ready to take the reins, this episode offers invaluable insights and actionable advice.
Resources:
Matt Sharrer's Website: https://mattsharrers.com/home-2/
Matt's Book: The Second CEO: Accelerating Scale When Following the Founder
Leadership Advisor Consulting: https://ghsmart.com/
Founders Community: Entrepreneurs' Organization
Founders Community: Tiger 21
Book: Halftime: Moving from Success to Significance
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, we tackle the crucial topic of exit planning for business partners. With more than half of privately held companies having multiple owners, the process of transitioning out of a business can be complex and challenging. Join us as we dive into why it's essential for business partners to have a shared exit plan and how to navigate the journey successfully.
Key Discussion Points:
- Understanding Exit Goals: Why it's common for business partners to have differing exit goals and how to align them.
- Exit Options: Explore the seven different ways to transition and exit a business, including internal sales, ESOPs, and third-party sales.
- Communication Strategies: The importance of clear communication between partners to achieve alignment on business strategy and goals.
- Legal Considerations: The role of restrictive share agreements or shareholder agreements in smoothing the exit process.
- Expert Insights: How bringing in outside advisors can provide unbiased perspectives and help identify key areas for business improvement.
- Preparation and Planning: The significance of educating yourself about the exit planning process and utilizing available resources to ensure a successful transition.
Tune in to learn how to effectively plan your business exit, even when multiple owners are involved. Don’t miss out on this essential guide to securing your financial future and achieving your exit goals.
Resources:
Business Exit Success Podcast: Podlink
Exit Planning Institute
Subscribe to the Business Exit Success Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, we dive into the crucial considerations every business owner must address before exiting their business. Join us as we explore 7 essential questions that will help you strategically plan your transition and achieve a successful exit. Whether you're looking to retire within the next five years or just starting to think about your future plans, this episode is for you.
By addressing these seven questions, you'll be better prepared to make informed decisions and set yourself up for long-term success. Tune in to learn how to align your personal, financial, and business goals for a seamless and rewarding exit.
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, we dive into the benefits of using a Charitable Remainder Trust (CRT) to maximize the proceeds from selling your business. Learn how CRTs can help you avoid capital gains taxes, provide a large income tax deduction, and create a lasting charitable legacy. Discover the steps to set up a CRT, real-life examples, and key considerations to ensure this strategy aligns with your financial goals and family legacy. Tune in to understand how this powerful tax-saving strategy can benefit you and your business.
We help business owners:
→ Assess their level of readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, we delve deep into Employee Stock Ownership Plans (ESOPs) with one of the nation's leading experts, Kelly Finnell. With over 40 years of experience, Kelly brings a wealth of knowledge and practical advice on how ESOPs can serve as a strategic tool for business owners looking to exit while ensuring a legacy of success and employee success.
In today’s discussion, we cover:
- What is an ESOP and how are they structured
- The significant benefits they can offer as a retirement solution and an exit strategy
- How ESOPs provide a unique opportunity to exit your business tax-efficiently while empowering your employees by making them stakeholders in the company’s future
- How to determine if an ESOP is right for your business
Whether you're contemplating your business exit strategy or simply curious about the possibilities ESOPs hold, this episode is packed with valuable insights.
Resources:
Kelly's Website: https://execfin.com
Succession Planning Guide: https://execfin.com/esop-introduction/
The ESOP Association Website
National Center for Employee Ownership
Kelly Finnell Linkedin
We help business owners:
→ Assess their level of owner readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, we explore why establishing an exit strategy is not just wise but necessary for the wellbeing of both the business and the business owner. Despite the excitement of daily operations and growth, many small to mid-sized business owners overlook the necessity of exit planning. Without a solid plan, the impact of an exit can ripple out and affect everything you've built.
We dive into ten critical areas impacted by exiting your business, from personal financial security to company culture and family dynamics. We discuss the importance of planning your exit strategy at least five years in advance to ensure a smooth and successful transition.
We help business owners:
→ Assess their level of owner readiness to exit from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, we explore the top five barriers that entrepreneurs face when exiting their businesses and provide actionable strategies to overcome them. Discover how to address the lack of clarity on core problems, understand the financial implications, manage non-financial risks, and ensure leadership continuity. We also delve into the emotional challenges and how to prepare for a smooth and regret-free transition. I will share real-life stories and expert advice to help you navigate your business exit successfully.
We help business owners:
→ Assess their level of exit readiness from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, I interview Alex Prasad, a seasoned M&A attorney and entrepreneur and we dive into the crucial aspects of business exits and M&A law, exploring the profound impact of building relationships in successful business transactions. Discover practical strategies for business owners to navigate the complexities of selling a business, understand common misconceptions, and learn how to maximize sale value effectively. Whether you're planning your exit strategy or simply interested in the legal and human elements of business transitions, this episode offers valuable insights into achieving financial freedom and fulfillment after selling your business.
Connect with Alex:
APrasad@AegisLaw.com
https://AegisLaw.com
(865) 210-8655
https://www.linkedin.com/in/AlexPrasad/
We help business owners:
→ Assess their level of exit readiness from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, learn about seven critical strategies to eliminate, reduce, or defer taxes when selling your business. We'll explore various tax-efficient methods, from leveraging real estate and Qualified Small Business Stock to structuring installment sales and investing in Qualified Opportunity Zones. Whether you're considering selling now or in the future, understanding these options can save you substantial amounts in capital gains and other taxes, potentially adding millions to your retirement bucket. Discover how to strategically plan your business sale with these key financial tactics to maximize your profits and secure your financial future.
We help business owners:
→ Assess their level of exit readiness from a financial, tax, and legal perspective
→ Craft a wealth plan to exit comfortably and with confidence
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
Discover how a prenuptial agreement can safeguard your assets and ensure a smooth process in the event of unforeseen circumstances. I discuss why prenups are crucial for business owners, outline the potential risks, and provide a step-by-step timeline for implementing a pre-marital agreement.
Resources:
Timeline of Getting a Prenup Before Marriage
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
In this episode, we dive into effective strategies for business owners looking to maximize the value of their businesses in preparation for a successful exit. Discover 10 essential tactics, from reducing owner-dependence and creating Standard Operating Procedures (SOPs) to fostering recurring revenue and diversifying suppliers. Whether you're contemplating selling your business to retire or transitioning it to the next generation, these actionable tips will help you enhance your business's market value, ensuring a sustainable and transferable enterprise. Tune in to learn how to strategically prepare your business for a profitable exit.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Newsletter!
As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession."
Click here to subscribe and grab your free guide.
Uncover essential asset protection strategies to safeguard your personal and business assets. Learn about choosing the right business entity, banking best practices, insurance, intellectual property protection, succession planning, and Tenancy by the Entirety. Protect your legacy and ensure your business thrives.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
Regardless of whether you're in the growth cycle of your business with no plans to leave your business anytime soon, preparing for an eventual transition will be essential. We explore the hard truths about the importance of being proactive rather than reactive in planning for the future, ensuring that your business, team, and family are well-prepared for any unforeseen circumstances life may throw your way.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode I explain the critical concept of planning with the end in mind, especially tailored for successful business owners contemplating succession, selling their business, or transitioning into retirement. By using a mountain climbing analogy, we explore the dual objectives of reaching the summit (accumulation phase) and safely descending (distribution phase), highlighting the importance of preparing for both stages of your financial journey.
Discover the significance of planning ahead with a clear end game in mind, the value of diversification beyond the business, and the valuable role of professional guidance in navigating the complexities of financial planning.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode, we dig into four essential questions every entrepreneur must ask themselves before business succession planning and selling their business. We address common reasons business owners delay exit planning and succession planning ranging from being too overwhelmed in the daily operations or just simply not knowing where to start. Listen in and gain actionable advice on how to navigate the exit planning process.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this inspiring episode, we dive deep into the remarkable journey of Ivan and Mariana who navigated the complex path from burnout to achieving an 8-figure business exit. With firsthand insights into the challenges of working within a family business, building a robust succession plan with their father, and the strategic maneuvers that led to tripling their revenue, this episode is packed with wisdom for any business owner aiming for a successful sale.
Our guests share invaluable lessons learned from their mistakes and offer expert advice on exit planning, ensuring your business is not just saleable but also poised for a profitable and fulfilling transition. Join us as we explore essential strategies for business growth, succession planning, and achieving a purposeful life post-exit. Whether you're knee-deep in the trenches of entrepreneurship or dreaming of your future exit, this episode will equip you with the knowledge to navigate your journey with confidence and success.
Ivan and Mariana Polic are bestselling authors, internationally recognized speakers and advisors of Leaders and Businesses. In the last twelve years, Ivan and Mariana have served as advisors to small and medium sized businesses, on 300+ board of director meetings, in various industries and economic sectors.
They find leverage points in high impact times to ensure business continuity and sustainability, in and out of crisis. As long time Executives in the Aerospace Industry, they navigated through the minefield of business succession, tripled their company's revenue and created an amazing eight figure exit. Through proven strategies and systemic principles, Ivan and Mariana advise leaders and organizations into alignment, impact and freedom beyond traditional success.
Enjoy!
Resources:
Ivan and Mariana's Website - https://www.jumpstartyourexit.com/
Family Business Mastery: Bridging Legacy and Innovation to Build a Family Business that Lasts for Generations by Ivan and Mariana Polic
Buy Back Your Time by Dan Martell
Timestamps:
[00:26] Meet Ivan and Mariana.
[10:01] Identifying your Family Business Success DNA.
[19:56] Signs you are becoming the constraint in your business.
[26:00] How to invest in your team and develop leaders.
[36:43] How to prioritize what tasks to delegate first.
[43:13] What triggered Ivan & Mariana to begin exit planning.
[49:38] How to create healthy separation from your business.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode, I discuss five key financial strategies for entrepreneurs, focusing on building personal and business emergency funds, effective debt repayment, and smart investing both inside and outside of the business. I offer practical advice for managing financial risks, enhancing cash flow, and achieving financial independence.
Meant for business owners seeking to improve their financial health and secure their financial future, this episode provides actionable steps for establishing a solid financial foundation, optimizing savings through high-yield accounts, prioritizing debt reduction, and strategic reinvestment for business growth.
Resources:
High Yield Savings Accounts - www.doctorofcredit.com/high-interest-savings-to-get/
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode of the podcast, we dive into critical questions that many retiring business owners face:
"When is the right time to sell my business?"
"Will selling my business fund retirement?"
"What to consider before you sell your business and retire."
This discussion is aimed at entrepreneurs and business owners contemplating retirement, seeking to balance their aspirations for leisure and family time with the complexities of exiting their business.
We address the multifaceted process of business transition, highlighting the necessity of early and thorough preparation to navigate financial planning challenges effectively. This episode unpacks the hurdles of accurately valuing a business, understanding the financial needs post-sale, and managing personal assets to ensure a stable income in retirement.
Our insights cover the importance of a strategic exit plan that aligns with personal, financial, and business readiness. We explore the significance of assessing personal investable assets and real estate outside the business to ensure they suffice for a comfortable retirement lifestyle, emphasizing the dual strategy of planning for a business sale while growing wealth outside the business to minimize reliance on the sale proceeds.
Gain an understanding of comprehensive financial and business planning, the value of assembling a skilled transition team, and the benefits of early preparation, even during the business's growth phase. This episode is not just about when to sell but how to prepare for a transition that aligns with your personal and financial goals, offering a roadmap to a successful exit.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
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Discover the power of a Donor Advised Fund (DAF) in this episode. We dive into the strategic benefits of using DAFs for impactful donations and significant tax reductions.
Learn how business owners and high-earners can leverage DAFs to optimize tax benefits during peak earning years, understand the process of donating appreciated assets like stocks, mutual funds, and ETFs for a double tax advantage, and explore the ease of setting up a DAF with leading providers like Schwab, Fidelity, or Vanguard.
Whether you're planning future donations, looking to maximize deductions, or seeking to minimize capital gains taxes, this episode is packed with insights and practical advice for enhancing your charitable giving strategy and financial planning.
Perfect for business owners, investors, and philanthropists aiming to make a difference while efficiently managing their taxes.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
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In this podcast episode, I discuss the critical aspects of exit planning, financial planning, and life after business for entrepreneurs and business owners.
It outlines a comprehensive approach on how to make a regretless choice when considering a business sale, emphasizing the importance of financial readiness, business valuation, and personal fulfillment post-exit.
Learn how to navigate the complexities of transitioning from a business, ensuring both financial security and a fulfilling life after a business sale.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
Exploring the critical signs of readiness for a business exit, this episode delves into the emotional, financial, and operational preparedness needed for a successful transition. From addressing the challenges of burnout and economic downturns to the importance of early planning and the role of advisors, we provide invaluable insights for business owners contemplating their exit strategy. Whether due to retirement pressures or the desire for a new venture, learn how to navigate the complexities of selling your business with confidence.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode I discuss effective cash management in businesses with our latest podcast episode, "What Should I Do With The Cash In My Business Account?" We explore strategies for emergency fund maintenance, smart investment choices, and optimizing financial growth. Ideal for entrepreneurs and business owners, this episode will discuss actionable insights on leveraging business capital for sustained success.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
Are you a business owner planning to sell your business and retire? One critical aspect to understand is the tax implications of such a sale. This episode, "What are the tax implications when selling a business?" dives deep into the essential tax considerations every business owner must evaluate.
Learn about the basics of federal and state capital gains taxes, how they are calculated, and their impact on the net proceeds from the sale of your business. For instance, discover how a long-term capital gain is determined from the selling price minus the original cost basis and the percentage of federal capital gains tax that may apply.
Moreover, state income taxes can significantly affect the net proceeds, especially in states with high-income tax rates like California. This episode also covers states with no income tax, offering potential tax benefits for business owners during the sale.
Additionally, we discuss other crucial factors, including broker commissions and fees, which can affect your final take-home amount from the sale. Whether you're in Pennsylvania, West Virginia, Ohio, or any other state, this episode provides valuable insights to help you estimate the final check amount needed to retire comfortably.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this insightful episode of our podcast, titled "How Should I Invest My Business Profit? (Real-Life Case Study and Tips for Business Owners)," we delve into the crucial topic of profit reinvestment and financial planning for business owners. Join us as we navigate the complexities of business profit investment through a real-life case study that exemplifies strategic planning and risk management.
Listen in as I share the story of my client in his late 50s preparing for retirement. With a substantial net worth tied up in his business and real estate, and facing a pivotal decision with a six-figure S Corp distribution, this case study illuminates the challenges and opportunities in business profit investment.
Throughout the episode, we explore key strategies such as diversifying investments for long-term growth, building emergency funds, managing debts, and reinvesting in the business itself. We also discuss personal investment avenues like retirement planning, highlighting tools such as defined benefit plans and enhanced 401k plans.
Whether you're a sole proprietor, a startup founder, or at the helm of a growing enterprise, this episode offers invaluable insights into making your business profits work for you. Our focus is not just on wealth accumulation but also on ensuring a secure and comfortable retirement, highlighting the importance of strategic diversification and risk management.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
Are you a business owner thinking about succession and retirement? Discover essential insights in 'Beyond Your Exit: Planning for Life After Succession.' This episode dives into three key areas of strategic planning that are critical for securing your legacy and thriving after you step down from your business.
- Understanding Your Current Financial Situation: Learn how to evaluate your assets, liabilities, income, and expenses to make informed decisions for your post-business life.
- Valuing Your Business: Get insights on how to assess your business's worth, the implications of selling, and strategies to enhance its value for a successful retirement.
- Life Beyond Your Exit: Explore ways to find purpose and fulfillment after exiting your business, from pursuing passions to planning a meaningful retirement.
Don't let the complexities of business succession overwhelm you.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In today’s episode, we delve into the crucial topic of Business Continuity Planning, a strategic blueprint every business owner must consider. A Business Continuity Plan is essentially a comprehensive document designed to guide businesses through emergency situations, such as the death or incapacitation of an owner, ensuring the company’s operations can endure and recover smoothly.
We cover the key elements that should be included in a Business Continuity Plan, from management roles and responsibilities in crisis times to the business owner's wishes regarding the future of the business in their absence. This includes directives for business operations, financial decision-making, internal administration, and more, ensuring a seamless transition and sustained operations.
Furthermore, we discuss the importance of detailing the owner’s preferences for the business’s future, whether it involves selling to an external party, transferring ownership to employees or family, or even liquidating the business. Also included in the plan should be the contact information of the business owner’s advisory team, such as CPAs, attorneys, and financial planners, alongside a section addressing common business continuity challenges with strategic questions to aid in preparation.
This episode emphasizes the significance of not just creating a Business Continuity Plan but also ensuring its accessibility to the relevant people within the organization. Tune in to learn how to protect the continuation and legacy of your business with effective planning and foresight, making your business resilient in the face of unforeseen challenges. Whether you’re a small business owner or manage a larger enterprise, understanding the ins and outs of Business Continuity Planning is essential for safeguarding your business’s future.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode, I discuss the top three exit planning mistakes business owners make when trying to leave and retire from the business.
These include:
- Not knowing the true value of the business
- Waiting too late to plan until being forced to sell
- Being too personally attached and involved in the business
I'll discuss each of these in more depth and how to avoid them. Enjoy!
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
When you own your own business, everything depends on you – and it can be hard to take off even one day from work. But what if a serious illness or injury prevented you from working and you had no income for months? How would you, your family, or your business survive and what would you live on?
In this episode I discuss:
- How disability insurance works
- How much protection should I have?
- How much does a typical policy cost?
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
Financial planning can be boiled down to offensive and defensive strategies. Offensive planning focuses on proactive wealth growth, such as 401k contributions, emergency funds, and reinvesting profits. In contrast, our primary focus, defensive planning, involves safeguarding your wealth, family, and business against unforeseen circumstances through various insurance policies and legal preparations.
We spotlight the importance of life insurance as a foundational element of defensive planning, offering a detailed overview of how life insurance works, its key players, and the distinct types available, namely Term and Whole Life insurance. Each insurance type serves unique purposes, from providing temporary coverage (Term) to offering a lifelong safety net with a cash value component (Whole Life).
Further, we navigate the intricate process of obtaining life insurance, emphasizing the role of personal health, family medical history, and lifestyle choices in determining policy costs. This discussion aims to equip listeners with the knowledge to make informed decisions about life insurance, ensuring protection for their families and businesses.
Highlighting the potential conflicts of interest in the insurance industry, we advocate for consulting fee-only advisors for unbiased insurance advice, underscoring our commitment to objective financial guidance free from commission-based biases.
Tune in to learn defensive strategies, understand the ins and outs of life insurance, and learn how to secure your family's and business's future.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this crucial episode, we dive into a common yet often overlooked year-end tax planning mistake made by business owners: depleting cash reserves to purchase equipment, vehicles, or inventory with the intent to reduce taxable income. While minimizing taxes is a strategy we all can agree on, the risks associated with tapping into cash reserves for tax benefits under Section 179 can leave businesses vulnerable, especially when relying on a Line of Credit (LOC) as a safety net.
We emphasize the importance of careful planning and not sacrificing your business's financial health for short-term tax savings. Practical tips are shared on how to avoid this pitfall, including the recommendation to plan ahead, build up cash reserves throughout the year, and possibly open a second business savings account specifically for year-end spending. This episode is packed with actionable advice to ensure business owners can enjoy tax benefits without compromising their company's liquidity or exposing it to unnecessary risks.
Tune in to gain insights into smart tax planning strategies that safeguard your business's financial stability while still optimizing for tax efficiency. Whether you're a seasoned business owner or new to the entrepreneurial world, this episode is a must-listen for anyone looking to navigate the complexities of year-end tax planning successfully.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode, I interview Marcia Barnes, a serial entrepreneur who grew a company from $2 million to over $400 million in revenue. She is now the Founder and CEO of Valve+Meter Performance Marketing transforming home service businesses through profitable marketing programs. Her goal at Valve+Meter is to 10x the value of 100 businesses by helping them find new customers to grow their business.
She has bought over $500 million of direct-response marketing with more than 80% of them failing. Over the years she has learned you don't grow a business by buying marketing. You grow a business by testing, measuring, learning, and scaling successful tests.
We discuss:
- Getting permission to lead from your team to get transformational results in a business.
- Why marketing today is broken.
- When to outsource your marketing vs building an in-house team
- The importance in responding to lead times from prospective customer inquiries and actual statistics on how bad companies are doing this.
- What marketing metrics should you start tracking.
Resources:
Marcia's website: Valve+Meter
Marcia's book: Here We Grow: The Marketing Formula to 10x Your Business and Transform Your Future
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this timely episode, as we approach the end of the year and step into open enrollment season, we unpack the advantages of Health Savings Accounts (HSAs) for both business owners and employees. HSAs offer triple tax-free benefits, including pre-tax contributions, tax-free growth, and tax-free distributions for qualified medical expenses, making them a potent tool for long-term financial planning.
Eligibility for HSAs requires enrollment in a high-deductible health plan, with specific deductible thresholds and contribution limits for 2024 outlined for individual and family plans. While not suitable for everyone due to the high deductible requirement, HSAs present significant tax savings and investment growth opportunities for those who participate.
This episode details how contributions through payroll can maximize benefits by also avoiding employment taxes. For those without access to an employer-sponsored HSA, opening an individual HSA account still offers tax-deductible contributions and the same growth and distribution advantages.
Listeners will learn about the comprehensive list of qualified medical expenses covered by HSAs, the distribution guidelines to avoid taxes and penalties, and the unique benefits for individuals over 65, including the absence of Required Minimum Distributions (RMDs) and the ability to use funds for non-medical expenses without penalties.
The episode also compares HSAs to Flexible Spending Accounts (FSAs), highlighting the "no use-it-or-lose-it" feature of HSAs, which allows funds to roll over and accumulate year after year. This makes HSAs an excellent vehicle for funding future medical bills and supplementing retirement income.
Resources:
Qualified Medical Expenses One Pager
Medical & Dental Expenses: IRS Publication 502
HSAs & Other Health Plans: IRS Publication 969
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this insightful episode 63 of our podcast series, we delve into the nuanced process of planning a business exit, building upon the foundation laid in episode 62 where we explored seven common exit strategies for small business owners. This episode introduces the "Exit Matrix," a valuable tool designed to help entrepreneurs visually compare and contrast these exit strategies based on two critical criteria: the potential to maximize cash proceeds from the sale, and the owner's willingness to remain involved in the business during the transition period.
By analyzing the Exit Matrix, listeners will gain a deeper understanding of how different exit options align with their personal and financial goals, ranging from selling outright to a strategic buyer for those looking to maximize proceeds and minimize post-sale involvement, to assuming a Chairman CEO role for those prepared to stay engaged longer term for lesser immediate financial gain.
Whether you're aiming for a swift exit to fund your retirement or considering a more gradual transition while retaining a stake in your business, this episode offers essential insights into aligning your exit strategy with your lifestyle aspirations and financial needs. Join us as we guide you through the Exit Matrix, providing a clear roadmap for navigating the complexities of business exits. This episode is a must-listen for small business owners, entrepreneurs, financial planners, and anyone interested in strategic business planning, maximizing sale proceeds, and understanding post-sale involvement requirements.
Resources:
Visual Aid: The Exit Matrix Graph
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this comprehensive episode of our podcast, we explore the diverse landscape of business exit strategies, offering invaluable insights for business owners contemplating their next steps. Titled "Exploring Business Exit Strategies: Aligning Your Exit with Your Goals," this episode delves into the seven most common ways to exit a business, plus an additional insightful option for those contemplating growth over exit.
We kick off the discussion with the traditional route of Selling Outright, ideal for owners looking to completely disengage from their business while maximizing net proceeds. The conversation then shifts to Recapitalization, a strategy that allows owners to "take chips off the table" by selling a portion of their equity while still retaining a stake in their business's future growth.
For businesses facing different circumstances, we cover the option of Liquidation, the strategic appointment of a President & Chief Operating Officer, or stepping into a Chairperson role to minimize day-to-day operational headaches while maintaining strategic control.
Additionally, we discuss more personal exit paths, including a Transfer to Family and a Management Buyout, both requiring careful consideration to ensure the business's continued success and profitability.
Our episode also touches on the critical aspect of planning ahead, emphasizing the importance of aligning exit strategies with personal goals and the long-term viability of the business. We conclude by introducing an eighth option—focusing on growing the business—for owners whose retirement plans require a more significant financial cushion.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode, I highlight a section from episode #60 when I interviewed John Shirk, a business consultant for HVAC contractors. Listen in as I discuss 5 tactical strategies to improve the culture in your HVAC business and more!
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode, I interview Dr. John Sherk, an operations management consultant specializing in helping HVAC business owners compete for talent with culture and strategy instead of wage wars.
We dive deep into specific strategies HVAC owners can leverage including:
- How to hire and retain top talent so everything in your business doesn't solely depend on you
- What to do first BEFORE making your first hire
- Who should be your first hire
- 5 strategies to immediately improve your culture to attract talent and ensure they stay
RESOURCES:
Operations Management Consulting: https://www.johnpsherk.com/
Inhouse Recruiting: https://operationslaboratory.com/
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode, I interview Patrick Lange, a professional business broker who specializes in selling HVAC companies. We discuss common mistakes HVAC owners make when trying to sell, the value of having maintenance agreements in place, tactics to increase the value of your HVAC company, and more!
RESOURCES:
Patrick Lange: https://businessmodificationgroup.com/
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode, we break down the hidden costs that can eat into your business sale proceeds. Listen in and gain a clear understanding of intermediary fees, legal costs, and taxes to make informed decisions about your exit strategy.
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
Did you know that over 80% of small business owners never successfully sell their businesses? In this episode, we delve into the number one deal breaker when it comes to selling your business - owner dependency. If you're looking to one day sell your business, understanding and addressing this critical issue is paramount.
RESOURCES:
Watch the youtube version: The #1 reason your business will never sell
Episode #51: 4 effective delegation strategies to get your time back in business
Episode #21: 5 strategies for identifying ideal candidates for your business
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
In this episode, I break down a super-simple method to calculate exactly how much money you'll need to retire without the complex math. Discover the 4% rule, learn how to annualize your expenses, and adjust for inflation.
RESOURCES:
Watch the youtube version: Calculate how much you need to retire in 5 easy steps
Calculator Used: https://www.calculator.net/future-value-calculator.html
Podcast Episode #54: My 4-Step Framework For a Successful Transition into Retirement
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
Discover the key questions every business owner should ask when evaluating a potential successor. From assessing their knowledge and skills to evaluating their commitment and leadership abilities, we guide you through the process step-by-step.
Don't miss this essential guide for small business owners looking to secure their company's future!
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
Explore our 4-Step framework for a seamless transition from business ownership into retirement. Listen in as I discuss how to assess your financial situation, determine retirement costs, and bridge the income gap to ensure you don't run out of money. Get off the treadmill of running your business and unlock the path to financial freedom!
We provide Financial Advice to Small Business Owners Navigating Business Succession. Transition, Exit, or Grow your business without stress or uncertainty.
To find out more, go here: https://beyondyourexitwm.com
WATCH► www.youtube.com/@businessexitsuccess
FOLLOW ►
Linkedin: https://www.linkedin.com/in/thomaspoltersdorfjr/
Facebook: https://www.facebook.com/beyondyourexit
Twitter: https://twitter.com/beyondyourexit
RESOURCE LINKS
Net-Worth Summary Template
Life Expectancy Probability Chart (PDF)
I'm bringing this episode up to the forefront because of how important it is. Life can throw many curveballs our way. Listen in to gain insights into safeguarding your business, family, and legacy. Learn how you can ensure you're well-prepared for life's uncertainties and can exit your business with peace of mind.
We provide Financial Advice to Small Business Owners Navigating Business Succession. Transition, Exit, or Grow your business without stress or uncertainty.
To find out more, go here: https://beyondyourexitwm.com
FOLLOW ►
Linkedin: https://www.linkedin.com/in/thomaspoltersdorfjr/
Facebook: https://www.facebook.com/beyondyourexit
Twitter: https://twitter.com/beyondyourexit
In this episode of Business Exit Success, Laurie Barkman and I discuss the strategies, tips, and proven approaches for successful business transition planning.
We discuss valuable insights to help business owners maximize their business's value during times of change. Whether you're navigating changes in leadership, ownership, or structure, we discuss key considerations to ensure a smooth transition that preserves and enhances your business's value.
WATCH the YOUTUBE VIDEO here > Maximizing Business Value: Proven Approaches to Business Transition Planning
🔗 Relevant Links and Resources:
The Business Transition Handbook: TheBusinessTransitionHandbook.com
The Business Transition Handbook: Amazon Book
The 8 Drivers of Company Value: The 8 Drivers of Company Value PDF
Who is a Value Builder PDF: Who is a Value Builder?
We provide Financial Advice to Small Business Owners Navigating Business Succession. Transition, Exit, or Grow your business without stress or uncertainty.
To find out more, go here: https://beyondyourexitwm.com
Are you constantly overwhelmed with tasks and struggling to delegate effectively? As a small business owner, your time is precious. In this video, I share proven delegation strategies that I personally use with my business owner clients to gain more time and focus on high-level business growth.
FREE SOP GUIDE!!! ❌No Email Required❌ Free Guide on Standard Operating Procedures
To Watch the Youtube version of this episode with Visuals WATCH the VIDEO here > 4 Effective Delegation Strategies To Get Your Time Back
We provide Financial Advice to Small Business Owners Navigating Business Succession. Transition, Exit, or Grow your business without stress or uncertainty.
To find out more, go here: https://beyondyourexitwm.com/
Learn how the stock market works and how anybody who wants to invest for the long term can make money without stress and anxiety. I explain how inflation impacts our money, investing strategy, and investment mistakes to avoid. Enjoy!
To Watch the Youtube version of this episode with Visuals WATCH the VIDEO here > https://youtu.be/-mSAa376gus
We provide Financial Advice to Small Business Owners Navigating Business Succession. Transition, Exit, or Grow your business without stress or uncertainty.
To find out more, go here: https://beyondyourexitwm.com/
Required Minimum Distributions can drastically increase your taxes in retirement without proper tax planning. Learn how RMDs work and three ways to decrease taxes on your required minimum distributions using Roth Conversions, Making Qualified Charitable Distributions, or working longer.
To Watch the Youtube version of this episode with Visuals WATCH the VIDEO here > https://youtu.be/xTqt4Sm4gQY
Buying and selling stocks, ETFs, or mutual funds can generate capital gains taxes, or capital losses and diminish your returns without careful planning. Understand how taxes work when investing in taxable and tax-advantaged accounts.
To watch the youtube version of this episode with visuals WATCH the VIDEO here > https://youtu.be/kcXQ_DSAOOI
In this episode, I explain how business owners can calculate the value of their business and three essential tips to start implementing today to increase the business value over time.
To see the visuals, watch the video here > https://youtu.be/qmna_ljgL0s
Listen in as I discuss the key challenges small business owners face when planning for retirement, succession planning, or contemplating a business exit. Understanding how much your business is worth will be critical in establishing a successful financial plan and facilitating a seamless transition or exit strategy.
We provide Financial Advice to Small Business Owners navigating Business Succession. Transition, Exit, or Grow your business without stress or uncertainty.
To find out more, go here: https://beyondyourexitwm.com/
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In this episode I discuss why it's critical to annually review your listed beneficiaries on your investment accounts, retirement accounts, and life insurance policies.
We discuss:
- Who is a beneficiary?
- A planning mistake I consistently see people make.
- Exactly how to review and update your beneficiaries on your investment accounts, retirement accounts, and life insurance policies.
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Planning for the income distribution phase of retirement is absolutely crucial for business owners who want to secure sustainable income and long-term financial security for themselves and their families. Unfortunately, many business owners overlook the importance of thoroughly assessing their potential income during this critical phase. Failing to plan for the obstacles that may arise can significantly impact the longevity of your retirement income distribution plan and exit strategy.
In this episode, we will delve into the essential strategies and considerations for planning your income distribution phase in retirement. We will provide valuable insights on how you can proactively plan for potential obstacles, ensuring a smooth transition into this phase of your life.
EPISODE RESOURCES:
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As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
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Taxes are likely to be the largest expense you'll have throughout your entire life. In this episode, I will discuss 7 business owner tax strategies which include:
- Hiring Your Kids
- The Augusta Rule
- Section 179
- General Business Expenses
- Primary Residence Exclusion (Section 121)
- 401k Retirement Contributions
- States with no income tax
EPISODE RESOURCES:
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📊 Get Your Free Business Assessment
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As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
There's a reason the great Albert Einstein once said: "Compound interest is the eighth wonder of the world. He who understands it earns it…he who doesn’t…pays it."
Today I want to discuss:
- How compound interest works
- Why it is so important to get started investing much sooner than later
- How owners and entrepreneurs can take advantage of this concept and build wealth outside of their business
EPISODE RESOURCES:
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📊 Get Your Free Business Assessment
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As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
In this episode, I want to share some insight into the Private Equity space when selling a business because there are so many traps and mistakes that can be made. I’ll share my experience as the Financial Planner and Exit planning advisor working with clients and the insights I’ve gathered from talking and working with experienced M&A advisors, CPAs, and attorneys.
We discuss:
- What traps and mistakes to look out for when selling to private equity.
- My experience walking away from a private equity firm
- How the private equity game works when selling a business
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
Want to receive more Business Planning Tips?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
Having the right team in place that collaborates and is led by what I like to call a "Financial Quarterback" will be essential to integrating all your personal and business finances and wealth management needs. And that’s what I will talk about today.
- What is the Financial Quarterback?
- Who should they be?
- What qualities should business owners look for when filling this role in their wealth management team?
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
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As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
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As a business owner and entrepreneur, a disciplined approach to investing is absolutely essential. It's not just about your investment portfolio or 401k. It extends to every investment opportunity, including private equity and real estate.
In this episode, we're going to unveil the secrets of disciplined investing, covering key topics such as:
- Decoding the significance of a target allocation and how it empowers you to make informed investment decisions
- Assessing the role of target allocation in determining your participation in new deals
- Exploring the components that constitute a robust target allocation strategy
- Discovering how streamlined external investments effectively manage risk and secure your business
EPISODE RESOURCES:
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As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
Attention Small Business Owners: Gain Clarity on Exit Planning vs. Succession Planning for a Profitable Business Exit! Do you know the crucial differences between Exit Planning and Succession Planning?
We will dive into:
🚀 The advantages of developing an exit plan ahead of time for a seamless business transition
🔑 Unveiling the true essence of succession planning and its significance for your business
⌛ Reclaiming your time and freedom through an efficient and successful succession plan
🔍 Essential questions to assess the preparedness of your chosen successor
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
Want to receive more Business Planning Tips?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
Over 90% of business owners depend on the sale of their business to fund their retirement. It's a staggering statistic that highlights the significance of this issue. While owning a private business can be incredibly rewarding and fulfilling, it also presents unique challenges when converting that ownership into liquid assets for retirement.
In this episode we will discuss:
- How to determine if you need to sell your business to fund your retirement
- Understanding the math on how much you need to fund lifestyle expenses after exit
- How to fill the retirement income gap
- How an exit planning advisor can help prepare you for transition
Want to receive more Business Planning Tips?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
When a prospective buyer is interested in acquiring all or a portion of your business, they will have the opportunity to thoroughly investigate your books and records. They will get the chance to look at, analyze, and review everything.
This is the due diligence process. We will discuss:
- What goes into the due diligence process?
- When does it begin?
- Best practices to follow
- What documents are requested from a potential buyer that you should have prepared in advance?
Want to receive more Business Planning Tips?
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As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
What do you do when you receive an "out of the blue" email from an acquirer interested in learning more about your business for a potential acquisition?
This is what we are diving into today. We will discuss:
- How do you respond?
- Should you take an initial phone call?
- If you set up a call, what should you expect?
- What questions will you receive and what should you ask?
Want to receive more Business Planning Tips?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
I was interviewed by Russell Farbiarz from the Not Minding My Own Business podcast and really enjoyed our discussion on:
- What is exit planning and why it's important for owners in all stages of business
- Exit planning tips to regain your freedom
- Strategies to make your business more attractive to a buyer
- How to delegate more
- Knowing how much you would need to sustain your lifestyle post-transition
- Answering the question, "What's Next?"
Want to receive more Business Planning Tips?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
In this episode, we discuss how to think through and evaluate your tolerance for risk after the sale of your business. You've worked your entire life up to this moment, learn how to protect what you've worked so hard for.
Want to receive more Business Planning Tips?
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As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
Over 90% of business owners are depending on the sale of their business to fund their retirement. At the same time, less than 20% of businesses actually sell. This ends up being a huge risk for business owners who are looking to transition out of their business and retire.
Listen in as we discuss the three retirement income buckets, how they are taxed, and why accumulating assets in each will reduce your risk.
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As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
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Have you ever thought about what you'd do if someone was interested in buying your business? Would you be prepared to have that conversation? Whether you plan to sell your business, pass it down to your children, or close up shop entirely, having an exit strategy in place is critical to navigating this process.
Unfortunately, many business owners don't think about this until it's too late.
In this episode, we discuss the consequences of not planning your business exit and six reasons why you should have an exit strategy much sooner than later.
WHAT YOU'LL LEARN:
- What the consequences of not having an exit strategy are through a case study
- What exit planning actually means
- Common reasons why exit planning is ignored and put on the back burner
- Six benefits to having an exit strategy in place
Want to receive more Business Planning Tips?
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As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
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Are you a business owner looking to maximize your retirement savings while minimizing your future tax burden? In this episode, we dive deep into the benefits of using a Roth IRA. We discuss contribution limits, how to utilize the "backdoor" Roth IRA conversion, the flexibility it can provide in having access to your contributions, and much more!
WHAT YOU’LL LEARN: * What is the Roth IRA and how is it taxed * How to take tax-free withdrawals in retirement * How high-income earners (above the phaseout limit) can still use the Roth IRA * What are the benefits for your beneficiaries * Flexibility and having access to your contributions
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EPISODE RESOURCES:
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Did you know that 34% of entrepreneurs have no retirement savings plan for themselves? And many do not provide retirement benefits to their employees. So we kick off this episode by discussing common misconceptions preventing owners from setting up a plan for themselves and their employees.
We discuss common myths around setting up a 401k plan, explore the pros and cons of the Traditional 401k vs Safe Harbor 401k, and provide insights into which strategy may best suit your business.
WHAT YOU’LL LEARN: * Common misconceptions that prevent owners from setting up a 401k plan * The pros and cons of the Traditional 401k vs Safe Harbor 401k * How much you can save and invest in a 401k plan * How to set up and automate a "set it and forget it" savings strategy * Who is the Third Party Administrator and what do they do
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As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
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As a business owner, saving for retirement can be a daunting task. Unlike employees of larger companies who often have access to employer-sponsored retirement plans, business owners are responsible for creating and funding their own retirement accounts. For the solo business owner that's where the SEP IRA and Solo 401k come into play.
In this podcast episode, we explore the pros and cons of each plan and provide insights into which plan may be best suited for your business. We delve into the challenges that solo business owners face in saving for retirement, provide guidance on how to navigate these obstacles, and discuss real-world examples of how each plan works in practice.
WHAT YOU’LL LEARN: * The pros and cons of the SEP IRA vs Solo 401k * Insights into which plan may be best suited for your business * The eligibility requirements and contribution limits to determine how much you can save * What maintenance looks like for the SEP IRA and Solo 401k
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Recessions are a natural part of the economy and come with a number of challenges that are out of our control. How can owners best position themselves and their business to thrive in this environment? It all comes down to preparation and setting yourself up for an advantage.
In this episode, I will share how to prepare yourself and your business to take advantage of a recession economy.
WHAT YOU’LL LEARN: * How to make sure you have access to capital * The importance of having a strong financial history * How much to keep in an emergency account for your personal and business expenses * Why you should evaluate your cashflow and expenses * Five ways to niche your business down * How to manage old inventory and receive a tax benefit * How to pay quarterly estimates online
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
Investing your life savings in the market can be a rollercoaster ride, and it's not uncommon to feel overwhelmed by the emotional ups and downs. Unfortunately, these emotions can lead to irrational decision-making and negatively impact your long-term investment strategy.
In this episode, I will share the impact emotional investing can have on your returns, investing principles to follow so you don't react to market losses, and strategies to help position your money for long-term success.
WHAT YOU’LL LEARN: * Mistakes investors make when the market goes down * How to take advantage of a down market * The benefits of investing based on facts, not on trends * How to avoid making emotional decisions with your money
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
Less than 20% of businesses that go to market will sell. The majority of those that do, sell well below the owner's desired value. Why is this? Listen in as I discuss the top four most common business readiness issues and how to fix them. Addressing these four issues alone will set you apart from the remaining 80% of businesses that have no chance of selling.
In this episode I share:
- The top mistakes owners make when trying to sell their business
- How are buyers looking at businesses to determine if it is valuable or not
- The value factors owners should be aware of to position their company for maximum attractiveness
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
Do you know how much money you need from the sale of your business to fund your lifestyle comfortably in retirement? How much is your business worth? Do you have to increase the value of your business to help fund your next chapter?
Retirement planning for the entrepreneur is very different compared to the individual working a 9-5 as a W-2 employee. By setting up a plan, you can understand how much your business is worth compared to how much you have saved and invested outside the business, and figure out if you are on track to meet your needs and goals.
In this episode I share:
- How to calculate if you are on track for retirement as a business owner
- What mistakes should owners watch out for in planning their retirement
- How to plan your exit strategy around your financial needs and why it's so important
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.
EPISODE RESOURCES:
✏️ Grab the Episode Show Notes
📊 Get Your Free Business Assessment
How do you know if you are ready to transition out of your business? Planning for life after the sale and determining what you would do outside of the business is an essential part to having a successful transition. It can help you protect the value of your business by identifying what drivers are motivating you to sell and what future life visions will get you through the hardest part of the exit planning process. Planning well in advance for what your next chapter will look like ensures you will exit your business without any regrets. In this episode, Tom will be sharing the most common Personal Readiness issues all owners should plan ahead for before they embark on transitioning out of their business.
You can find show notes and more at: https://www.beyondyourexitwm.com/episode23
Do you have a plan for what would happen to your family, business and employees if you were to suddenly pass away? Estate planning is an essential part of the financial planning process. It can help you protect your assets, minimize your tax burden and make sure that your wishes are carried out well after your passing. By setting up a plan, you can make sure that your heirs receive the maximum benefit from your estate and that your business (and all of your employees) can continue to run even without you being there any longer. So, in this episode, Tom will be sharing how to set your business and your estate up for success in the unlikely and unfortunate event that you pass away unexpectedly.
You can find show notes and more at: https://bit.ly/3WiWYXS
Finding quality employees can be difficult. The people you hire to work for your business can support and help you to achieve the vision you have for your company or they can prevent you from reaching that vision. Unfortunately, too many businesses overlook the role of employee recruitment and retention when planning for their organization's long-term success. In this episode, Tom will share the biggest mistakes business owners make when trying to replace themselves and five strategies you can use to identify innovative candidates when hiring.
You can find show notes and more at: https://bit.ly/3X8YFrH
Unfortunately, you cannot keep your retirement funds in your account indefinitely. When you reach the age of 72, you generally have to start taking required withdrawals from your retirement plan account. This is an essential end-of-year financial planning topic because if this applies to you and you do not follow the rules of the IRS, you could be paying as much as a 50% penalty on the amount that wasn’t drawn. So, in this episode, I will be explaining what you need to do to ensure you don’t get penalized.
You can find show notes and more at: https://bit.ly/3hJZyYL
Preparing yourself is the first step to successfully transitioning out of your business. Of course, it is essential to prepare your business for sale, but it is also crucial to make sure you’re ready to enter this next phase of life. If you are a business owner and you’re thinking about selling your business, planning for life after business can motivate you to turn your vision into reality. So, in this episode, Tom will give you three questions to ask yourself to ensure your values are aligned with your exit strategy and long-term plans.
You can find show notes and more at: https://bit.ly/3W4lTyI
Timing and careful preparation are essential when planning to exit your business. How you direct the transition and when you decide to do so will have a big impact on your employees, clients, and yourself. This will also affect the value you are able to extract from what you’ve spent so long building. So, when is the perfect time to transition out of your business? Tom will answer this question in today’s episode and explain why, like so many things in life, it depends on who you are, how you’ve prepared your business, and more.
You can find show notes and more at: http://bit.ly/3EF1xVH
There are many common exit strategies for business owners but ultimately the one you choose will depend on your financial, personal and business goals. If you sell externally, there are plenty of unknown variables that can come into play without the right planning. However, if you sell internally you run into a host of other issues. So, how do you know what is the right option for you and your business? In this episode, Tom will be explaining the various business exit options available to business owners who are hoping to transition and the pros and cons of each of these options.
You can find show notes and more at: https://bit.ly/3G5gxyw
Building a business is hard. Building a sustainable and successful business is even more difficult. So, what separates typical business owners from value-building, long-lasting business owners? In this episode, Tom will share his advice for ensuring your business is set up for the future by asking the right questions, putting the right processes in place and focusing on value rather than revenue.
You can find show notes and more at: https://bit.ly/3Nmi5pk
Life happens and things can change in the blink of an eye. If something unexpected happens to you, your business could be negatively impacted if you do not prepare ahead of time. This is why it is essential to have a contingency plan in place in the event of an emergency or worst-case scenario. Death, divorce, distress, disagreement, or disability (known as the 5 Ds) are all major risks that are crucial to prepare and plan for. So, in this episode, Tom will be sharing how to effectively plan for the 5 Ds and what could happen to your business if you do not.
You can find show notes and more at: https://bit.ly/3EHiBfo
Depending on how well you plan in advance, many people can retire from age 50 or even sooner. Maybe you have been maxing out your retirement contributions or maybe you’ve sold your business for a profit. More than likely, you will have a mix of various accounts to pull income from. The question is, which of these accounts should you pull income from to support your lifestyle in retirement while also being tax efficient—and without running out of money? In this episode, Tom will be answering this question and sharing how to take money out of your qualified account without paying the 10% penalty.
You can find show notes and more at: https://bit.ly/3CrUrUD
If you rely on the value of your business to pay for your retirement, you may end up with a lot less money for your golden years than you initially thought. This could come down to your business not being as valuable as you thought, poor bookkeeping or many other things. This is why it is important to find the right balance between your company assets and diversified investments outside of your business. How do you go about growing your wealth outside of your business? In this episode, Tom will share the basics of saving and investing so you can rely on having stability in your financial future.
You can find show notes and more at: https://bit.ly/3BNbhgp
When looking at your finances, where are you currently sitting and where do you need to be in the future to accomplish your goals? Many business owners have so many things going on in their lives that they don’t get a chance to properly plan for themselves or their families. Calculating your personal wealth gap is a way to identify how you’re doing with your personal planning. So, how do we actually calculate this? In this episode, Tom will explain everything you need to know about your personal wealth gap so that you can reach the retirement and business exit success that you’ve been preparing for.
You can find show notes and more at: https://bit.ly/3QapHuI
Without significant diversification in your portfolio, your employees, your suppliers, or clients, you set yourself up for concentration risk. Now, this can happen intentionally or unintentionally. Maybe you rely too heavily on your top performer’s sales achievements, perhaps you have built your company to be dependent on you as the owner. Through this concentration and dependency, you decrease the value of your company and increase the risk of something going wrong if that person or thing you depend on can no longer provide for your business. In this episode, Tom will be breaking down the top four types of concentration risks that he sees and will explain how you can reduce your risk moving forward.
You can find show notes and more at: https://bit.ly/3A93mb9
How would you rate your ability to delegate? A business owner who masters delegation is essential to ensure everyone can take action whilst understanding exactly what it is they need to be doing. Through developing the skill of delegation, you will be less tied down to your business, you will have more freedom and your team will be a lot more clear on their responsibilities. In this episode, Tom will be sharing four tactical ways you can get better at delegating to your team so that your business runs smoother and more efficiently.
You can find show notes and more at: https://bit.ly/3BI7gKk
When it comes to getting ready to transition away from your business, it’s important that your exit strategy is well thought out. However, many business owners delay exit planning to manage their busy schedules running the business. Unfortunately, this leads to issues when they do eventually exit their business. So, in this episode, Tom will be sharing the top 3 common exit planning mistakes that he sees and how you can sidestep them as you begin to plan your exit strategy.
You can find show notes and more at: https://bit.ly/3v6oSM0
When it comes to implementing a business exit strategy, one of the most important things to do is to assemble a team to help you through the process. Some team members you will be working with before, during and after the process—and then some team members will come in strategically for one assignment only. So, who should you have on your team? And how do you decide who should fill these roles? These are just a couple of the questions that Tom will answer in this episode.
You can find show notes and more at: https://bit.ly/3bWI4VN
Congratulations! You’ve received the letter of intent that somebody in interested in buying your business, the sale goes through, and the money drops into your account. But now what? In this episode, Tom shares how to figure out a distribution strategy that gives you your desired rate of return while also managing taxes appropriately.
You can find show notes and more information by clicking here: https://bit.ly/3HHaqyU
Where is the majority of the value of your company within your business? Surprisingly, 80% of your business value lies within four intangible capitals. Intangible capitals have nothing to do with your financial situation - so what does this mean for the value of your company? In this episode, Tom will be sharing what these four key areas are, why they’re so important and what you can do moving forward to help improve them.
You can find show notes and more at: https://bit.ly/3MLi8sV
Coming up with an exact dollar amount for how much you need to retire can be challenging. There are many factors that need to go into this estimate and a lot of things to consider. Rather than trying to get to an exact number, in this episode, Tom will be sharing a framework that will allow you to think out of the box and have a clear idea of what you should be evaluating before your retirement.
You can find show notes and more at: https://bit.ly/38OGBQ6
Every business owner wants a growing, profitable business with loyal, hard-working employees. You want to create a culture where everyone is thriving and able to provide their best work. However, even with these common goals in mind, many people forget one very important part of creating and running a prosperous business; their business exit strategy. So, in this episode, I will be sharing several areas of your business that you should focus on to maximize the value of your business and create a smooth transition for when you decide to exit your company.
You can find show notes and more at: https://bit.ly/398xWaP
Many people believe that having a business exit strategy in place will only help them if they plan on leaving their business in the coming years. However, creating an exit strategy can actually help your business become inherently more efficient because you put systems in place, delegate more and start to document all your processes. So, in this episode, Tom will be sharing what exactly an exit strategy might entail and how you can implement some of these processes into your business today.
You can find show notes and more at: https://bit.ly/3rY4f2O
Building a personal financial plan and aligning that with an exit strategy is not as easy as it may seem. It’s important to understand the statistics and the reality of exit planning to ensure you’re truly prepared for what this process entails. So, in this episode, Tom will be sharing common issues business owners face in the lead up to exiting their business and sharing the steps you can take to avoid these in your business exit planning strategy.
You can find show notes and more at: https://bit.ly/3rYTxt8
Welcome to the inaugural episode of Business Exit Success! This podcast is dedicated to empowering and educating small business owners on how to transition out of their business successfully, while doing so on their terms and living a life of purpose and fulfillment after the sale. Join your host, Tom Poltersdorf, CFP, every other week as he provides actionable strategies on what you can do right now in your business and personal life to get you prepared for a successful exit.
You can find show notes and more at: https://bit.ly/3KkUWR6