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401(k)s

Retirement Timeline: Age-Specific To-Dos and Deadlines

Submitted by Mission Financial Planning on January 23rd, 2021

There are a number of dates to be aware of on the way to retirement.  Deadlines are triggered by various ages, from age 50, when you can start making catch-up contributions to retirement plans, through age 72 when Required Minimum Distributions begin.  Download our PDF with 14 retirement-related milesto

Tags:
  • 401(k)s
  • IRAs
  • Retiring
  • RMD Series
  • Social Security
  • Read more

Tax Strategies for Next Year

Submitted by Mission Financial Planning on July 17th, 2020

With the tax-filing deadline behind us, many people are suffering tax-related sticker shock.  What would it take to have a better tax-season next year?  Here is a quick checklist of ideas; not all will apply, and of course there are caveats and limitations to almost every one of them.  We’ll get detailed and down in the weeds when strategizing with your personal situation i

Tags:
  • 401(k)s
  • Dental Practice Financial Planning
  • IRAs
  • Personal Financial Planning
  • Small Business Financial Planning
  • Taxes
  • Read more

How to Accumulate Wealth by Investing More Money into your 401k

Submitted by Mission Financial Planning on April 16th, 2020

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.

Tags:
  • 401(k)s
  • Dental Practice Financial Planning
  • Investing
  • Retiring
  • Roth
  • Taxes
  • Read more

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
  • Read more

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

Retirement Options & Tax Benefits for Dental Practice Owners

Submitted by Mission Financial Planning on January 24th, 2020

As a Dental Practice Owner, you have a huge advantage over a typical employee in your ability to fund a retirement plan, and the tax benefits are significant.  "Uncle Sam" is helping you fund your retirement in the form of tax deductions.  

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

2020 Retirement Account Maximum Contributions

Submitted by Mission Financial Planning on January 10th, 2020

We love it when clients maximize investments in your tax-advantaged plans.  For 2020, some maximum contribution limits changed and others did not.  Here’s a quick listing of maximum contributions for various types of retirement plans:  

No change for 2020:

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

How Dental Practice Owners Begin to Save For Retirement

Submitted by Mission Financial Planning on October 27th, 2016

Sometimes dentists care so much for their patients and sacrifice so much for their employees that they short themselves and their own families.

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

RMDs: Special Situations

Submitted by Mission Financial Planning on August 29th, 2016

COVID-19 UPDATE:  As of 3/28/2020, RMDs can be suspended for 2020 for those who prefer to leave that money invested.  

Tags:
  • 401(k)s
  • Retiring
  • RMD Series
  • Read more

Think About RMDs Before You Turn 70

Submitted by Mission Financial Planning on August 26th, 2016

Updated for the new SECURE Act:  For any individual born after June 30, 1949, the required beginning date for Required Minimum Distributions (RMDs) is April 1 of the year after the year in which such individual reaches age 72 (or, in the case of certain plans, if he or she is still working, after the year in which he or she retires if later).

Tags:
  • 401(k)s
  • Retiring
  • RMD Series
  • SEP
  • Read more
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