Personal Financial Planning
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.
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
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.
Healthcare Savings Accounts (HSA) plans have been available since 2004, with few changes. Simplistically, they can be thought of like a medical IRA. You own it and control it, and unlike some other types of "use it or lose it" healthcare reimbursement accounts, the money in an HSA stays in the account until you're ready to use it. If you expect to let money
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:
I am happy to announce my completion of Kansas State University’s Financial Therapy graduate certificate program. “Financial therapist” is a little bit of a weird term so I’d like to clarify: I am not a therapist.
Investing in retirement takes a different approach than investing to build wealth. In retirement, investing for income becomes much more important.