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Retiring

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
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When Can I Retire?

Submitted by Mission Financial Planning on November 24th, 2020

A common question I hear is “when can I stop working?”  Not that the client necessarily wants to stop working, they just want to know that they can stop.  That would be my definition of financial independence; knowing that your investments or other income is enough to support your lifestyle, independent of your work. 

Tags:
  • Financial Independence
  • Personal Financial Planning
  • Retiring
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Could More Money Make You Happier?

Submitted by Mission Financial Planning on October 9th, 2020

There is ongoing academic research regarding how much money it takes to be happy, or at least satisfied, with one’s financial life.  While the numbers vary, at a certain point, studies show that increases in annual income no longer seem to bring greater happiness.

Tags:
  • Financial Independence
  • Personal Financial Planning
  • Retiring
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Is Your Medicare Premium Too High?

Submitted by Mission Financial Planning on July 8th, 2020

When you turn 65 you become eligible for Medicare.  Part A is free, but Medicare Part B is based on the income reported on your tax return from 2 years ago.  But is that a fair way to determine the cost when your income level may have changed in the meantime?

Tags:
  • Dental Practice Financial Planning
  • Personal Financial Planning
  • Retiring
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Using Dividends for Retirement Income

Submitted by Mission Financial Planning on June 14th, 2020

While you are working, you add money to your investments to build a nest egg.  In retirement, it’s time to start taking that money back out.  The income goal in retirement is to mimic the paycheck you were receiving while you worked.  This new “paycheck” often comes from several sources, including Social Security and/or pension payments, and perhaps rental incom

Tags:
  • 101
  • Investing
  • Retiring
  • Taxes
  • Withdrawal Strategies
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Belt Tightening when the Market is Down

Submitted by Mission Financial Planning on May 15th, 2020

When MFP builds financial plans, we usually create a model that assumes clients maintain their current standard of living throughout their life.  Our models adjust for: kids moving out, loans paying off, post-retirement projects, big purchases, and/or travel.

Tags:
  • Budgeting
  • Cash Flow
  • Retiring
  • Withdrawal Strategies
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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
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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

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
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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? 

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  • Retiring
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