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Supporting Adult Children

Submitted by Mission Financial Planning on April 3rd, 2020

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.

Tags:
  • Financial Independence
  • Financial Life Planning
  • Financial Therapy
  • Personal Financial Planning
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Retirement Transition -- Introduction to RMDs

Submitted by Mission Financial Planning on March 27th, 2020

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.

Tags:
  • Retiring
  • RMD Series
  • Read more

Crisis and the Opportunity to Change

Submitted by Mission Financial Planning on March 25th, 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. 

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Finding Your New Normal in Retirement.

Submitted by Mission Financial Planning on March 20th, 2020

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? 

Tags:
  • Retiring
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Are You Wary of Cracking Your Nest Egg?

Submitted by Mission Financial Planning on March 13th, 2020

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.

Tags:
  • Retiring
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Why borrowing from your 401(k) is better than cashing out your IRA

Submitted by Mission Financial Planning on March 6th, 2020

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. 

Tags:
  • 401(k)s
  • Debt
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What Is A Reasonable Salary for Owner Compensation?

Submitted by Mission Financial Planning on February 28th, 2020

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.

Tags:
  • New Dentist
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What Kind of Legacy Would You Like to Leave Your Family?

Submitted by Mission Financial Planning on February 21st, 2020

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

Tags:
  • Estate Planning
  • Personal Financial Planning
  • Retiring
  • Read more

4 Tips to Planning A Great Spring Break

Submitted by Mission Financial Planning on February 14th, 2020

Over the years, I have found that one of the most important pieces of any vacation is the ease of traveling to that destination. I don’t care how wonderful the final location may be, if the journey includes multiple flights, delays, lost luggage, and poor customer service, then I would prefer to stay home and work.

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How Dental Practice Owners Maximize Retirement Plan Contributions

Submitted by Mission Financial Planning on February 7th, 2020

If you’re a practice owner with a 401k, Cash Value, or Profit Sharing Plan, now is the time to look at your employer contributions to the plan.  Defined benefit, discretionary matches, and profit sharing contributions are based on last year’s compensation numbers. 

Tags:
  • 401(k)s
  • New Dentist
  • Retiring
  • SEP
  • Read more
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Categories

  • 101 (3)
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  • New Dentist (8)
  • Personal Financial Planning (22)
  • Retiring (37)
  • RMD Series (8)
  • Roth (5)
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  • Social Security (3)
  • Taxes (11)
  • Withdrawal Strategies (6)
5410 W. 61st Place
Mission, Kansas
66205 United States

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