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Compound and Grow Your Employer Matching Retirement Plan Bessemer AL

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.

Charles Haines
Kinsight, LLC
(205) 871-3334
600 University Park Place, Suite 501
Birmingham, AL
Expertises
Charitable Giving - Trusts & Foundations, Alternative or Private Investments, Estate & Generational Planning Issues, High Net Worth Client Needs, Ongoing Investment Management, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MBA

Stewart Welch
The Welch Group, LLC
(205) 879-5001
3940 Montclair Road, 5th Floor
Birmingham, AL
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Estate & Generational Planning Issues, Advising Medical Professionals, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, CLU

Donna Gordon
Wesban Financial Consultants, P.C.
(205) 995-7778
1800 Providence Park, Suite 200
Birmingham, AL
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Tax Planning, Cash Flow/Budgets/Credit Issues, Women's Financial Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, RFP

Bryan Hancock
Timberchase Financial, LLC
(205) 980-7118
1211 Edenton Street
Birmingham, AL
Expertises
Advising Medical Professionals, High Net Worth Client Needs, Retirement Planning & Distribution Rules, Tax Planning, Planning Issues for Business Owners, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, MBA

Mr. Scott D. Cole, CFP®
(205) 477-5118
6239 Letson Farms Dr
Bessemer, AL
Firm
Cole Financial Planning
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Employee and Employer Plan Benefits, Investment Management, Investment Planning, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $50,001 - $100,000



Data Provided by:
B. Alan Gaylor
Alder Financial Group
(205) 988-5881
924 Riverchase Pkwy West
Birmingham, AL
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Eric McClain
Wesban Financial Consultants, P.C.
(205) 995-7778
1800 Providence Park, Suite 200
Birmingham, AL
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®

Gary Clark
Clark Planning & Investment Advisory
(205) 981-1120
1900 Providence Park, Suite 200
Birmingham, AL
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Retirement Plan Investment Advice, Planning Issues for Business Owners, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, ChFc, CPA/PFS

Mr. Kurt R Britnell, CFP®
3603 Pine Ln SE Ste C
Bessemer, AL
Firm
Security Financial Advisors

Data Provided by:
Mr. Benjamin L. Crawford Iv, CFP®
(205) 601-2620
3745 James Hill Terrace
Birmingham, AL
Firm
Principal Financial Group, Inc.
Areas of Specialization
Insurance Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Self-Employed Business Owners

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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