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Compound and Grow Your Employer Matching Retirement Plan Anthony NM

If your employer offers a matching contribution to your retirement plan, the cardinal rule is: contribute whatever the employer is willing to match even if it is only a percentage of your contribution and not a dollar for dollar match.

Mr. Travis J. Hughes, CFP®
(915) 587-7777
5925 Silver Springs, Ste.B
El Paso, TX
Firm
Investors Capital
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Insurance Planning, Retirement Planning, Wealth Management

Data Provided by:
Mr. Jesus A. Longoria, CFP®
(888) 826-4287
7362 Remcon Circle
El Paso, TX
Firm
AMICUS FINANCIAL ADVISORS, LLP
Areas of Specialization
Asset Allocation, Budget Development, Charitable Giving, Comprehensive Financial Planning, Cross-Border Planning, Debt Management, Education Planning

Data Provided by:
Ms. Helen D. Peck, CFP®
(915) 533-4444
7362 Remcon Cir
El Paso, TX
Firm
Helen D. Peck, CPA
Areas of Specialization
Tax Planning

Data Provided by:
Rebecca R. Setliff, CFP®
(915) 534-9210
4503 N Mesa St
El Paso, TX
Firm
Morgan Stanley Smith Barney
Areas of Specialization
General Financial Planning, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Mr. Peter M. Desantis, CFP®
(915) 564-5906
2501 N Piedras St
El Paso, TX
Firm
Peter DeSantis & Company

Data Provided by:
Mr. Kenneth H. Osborn, CFP®
(915) 760-6898
1262 Frankin Jay lane
El Paso , TX
Firm
Delphi

Data Provided by:
Mr. Adrian F. Dodds, CFP®
(915) 544-1100
124 W Castellano Dr
El Paso, TX
Firm
Dodds Wealth Management Group

Data Provided by:
Dr. Sid Glandon, CFP®
(915) 491-7588
5950 Mira Hermosa
El Paso, TX
Firm
University of Texas at El Paso
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, General Financial Planning, Investment Management, Investment Planning, Life Transitions
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Mr. Joshua G. Plasencio, CFP®
(915) 581-1680
5430 Doniphan Dr
El Paso, TX
Firm
First Savings Bank

Data Provided by:
Mr. James Stephen De Groat, CFP®
(915) 543-5630
4130 Rio Bravo Street
El Paso, TX
Firm
Lincoln Financial Advisors
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Data Provided by:

Compound and Grow Your Employer Matching Retirement Plan

Provided By: 

Frugal Living

Saving for Retirement: Compound and Grow Your Employer Matching Retirement Plan
By James Lange 
Email Email
Jun 13, 2007, 16:20

   

If your employer offers a matching contribution to your retirement plan, the cardinal rule is: contribute whatever the employer is willing to match even if it is only a percentage of your contribution and not a dollar for dollar match.

Imagine depositing $1,000 of your money into the bank, but instead of getting a crummy toaster, you receive an extra $1,000 to go along with your deposit. To add to the fun, imagine getting a tax deduction for your deposit and not having to pay tax on your gift. Furthermore, both your $1,000 and the gift $1,000 grow (it is to be hoped), and you don t have to pay income tax on the interest, dividends, capital gains, or the appreciation until you withdraw the money. When you withdraw the money, you will have to pay taxes, but you will have gained interest, dividends, and appreciation in the meantime. That is what employer matching contributions to retirement plans are all about. If the employer matches the employee contribution, it offers a 100% return on the investment in one day (assuming no early withdrawal penalties apply and the matched funds are fully vested).

Over the years, I have heard hundreds of excuses for not taking advantage of an employer-matching plan. All those reasons can be summarized in two words: ignorance and neglect. If you didn t know that before, you know now. If you are not currently taking advantage of your employer-matching plan, run don t walk to your plan administrator and begin the paperwork to take advantage of the employer match. Matching contributions are most commonly found within Section 401k, 403b, and 457 plans. Even if your employer is only willing to make a partial match up to a cap, you should still take advantage of this opportunity. A fairly common agreement is that the employer will contribute 50 cents for every dollar up to the first 6 percent of salary you contribute. Don t grouse that it is not enough or not worth it. You have everything to gain this is free money that will compound and grow and as Einstein said, The most powerful force in the universe is compound interest.

As one of the country s top IRA experts, James Lange has developed tax-savvy retirement and estate plans for over 1400 U.S. citizens with appreciable assets in their IRAs and 401(k) plans. In his book, ...

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