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IRAs

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

Helping Kids Start Saving Early

Submitted by Mission Financial Planning on January 20th, 2021

Ask just about anyone about their financial planning and what they would have done differently, and they’ll answer “I wish I would have started saving sooner”.  As parents we’re in a position of being able to keep our kids from having that same regret. 

Tags:
  • IRAs
  • Kids
  • Personal Financial Planning
  • Roth
  • Read more

What is a Back Door Roth IRA?

Submitted by Mission Financial Planning on December 30th, 2020

Making IRA contributions is more complicated than it used to be; there are traditional, non-deductible and Roth IRAs, and each has different income thresholds for eligibility along with rules about whether you or your spouse have retirement plans at work.  However, if you don’t qualify to make a contribution directly, with a couple of extra steps, you can make what is called a &ldquo

Tags:
  • IRAs
  • Personal Financial Planning
  • Retiring
  • Roth
  • 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

Roth IRAs for Kids

Submitted by Mission Financial Planning on July 10th, 2020

There is no minimum age on Roth IRAs, only the requirement that a person needs to have earned income*.  OK, it’s true that babies have a hard time finding work, but as kids get summer jobs or are able to work in a parent’s business, a Roth is a great tool for savings. 

Tags:
  • IRAs
  • Personal Financial Planning
  • Roth
  • Read more

Does it make sense to do a Roth Conversion this year?

Submitted by Mission Financial Planning on April 27th, 2020

When investments are down, one financial strategy is to convert your traditional IRA to a Roth while the value is reduced so you pay taxes on the decreased value. If and when the market rebounds, that rebound will be in the Roth’s tax-free environment.

Tags:
  • IRAs
  • Personal Financial Planning
  • Retiring
  • Roth
  • Taxes
  • Read more

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