If you do a quick Google search to find out how much you can contribute to your 401k, you’ll usually find that the most you can defer from your salary is $19,500*. In reality, the maximum that can go into a 401k is $57,000*.
*If you’re over 50, add $6,500 to both of these numbers.
The last few weeks have seemed like months as many of our clients’ dental practices closed or moved to emergency-only schedules due to Covid-19. Heart-wrenching decisions about staff have kept practice-owners awake, and learning about all the new and changing information about loans, advances, tax credits, unemployment and family-leave rules have felt like new full-time jobs for man
We are excited to announce Sharon Weaver’s paper “Scaffolding or Enabling? Implications of Extended Parental Financial Support into Adulthood” has been published by the Journal of Financial Therapy.
COVID-19 UPDATE: As of 3/28/2020, RMDs (Required Minimum Distributions) can be suspended for 2020 for those who prefer to leave that money invested. Roll-back and Roth conversions are available for distributions already made in 2020.
Yesterday, in our daily (Zoom) staff meeting*, Gigi mentioned a quote about crisis and change from a book she’s been reading on the topic -- Jared Diamond’s “Upheaval – Turning Points for Nations in Crisis”. I asked her to send a quote and got so much more.
Balance in retirement is important – not just finding a balance between spending too much money and being afraid to spend, but also how to spend time. How much alone time do you prefer? How much would you like to engage with friends, family, or former colleagues? What is the right blend of relaxing and being active for you?
If you find the thought of taking retirement distributions stressful, you’re not alone. Time after time our clients at Mission Financial Planning are surprised to find themselves struggling to dip into their retirement savings.
In our perfect world, you’d never need to borrow from your 401(k) OR cash out your IRA. We don’t intend to recommend either of these strategies by writing about them, however, sometimes people run into a cash crunch and after exhausting other options turn to their retirement savings for help.
Is your dental practice an S-Corp? If so, each year you face the challenge of determining how much you should pay yourself in W2 income verses how much should flow through to your tax return as passthrough income.
As I discuss estate planning with my clients, I inevitably think about my personal estate plan. My kids will inherit what will seem like a lot of money to them, considering how frugally they were raised (downside of being brought up by a financial planner!). I want them to manage it well, understand why I made the estate planning decisions I did, and I have some ideas about ways the
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