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.
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.
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: