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Compound and Grow Your Employer Matching Retirement Plan Brookings SD

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. Erich L. Olson, CFP®
(605) 692-6643
307 6th St.
Brookings, SD
Firm
Thrivent Financial for Lutherans
Areas of Specialization
Insurance Planning, Investment Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Tracy R. Odegaard, CFP®
(605) 692-1814
419 8th Street South
Brookings, SD
Firm
TRO Investments Inc.

Data Provided by:
Wells Fargo Advisors
(605) 692-5501
309 4th St
Brookings, SD

Data Provided by:
Mr. Dan W. Corey, CFP®
(605) 342-5630
PO Box 3140
Rapid City, SD
Firm
Ketel Thorstenson LLP
Areas of Specialization
Accounting, Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Estate Planning
Key Considerations
Average Net Worth: $5,000,001 or more

Average Income: $500,001 - $1,000,000

Profession: Business Executives

Data Provided by:
Mr. Stephen C. Ciofalo, CFP®
(605) 361-9998
5032 S Bur Oak Pl Ste 200
Sioux Falls, SD
Firm
sciofalo@wradvisors.com
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:
Dr. Kathryn J. Morrison, CFP®
(605) 688-5196
Box 2275A
Brookings, SD
Firm
South Dakota State University

Data Provided by:
Wells Fargo - Brookings
(605) 692-6245
527 Main Ave
Brookings, SD
Type
Branch
Office Hours
Mon-Fri 07:45 AM-06:00 PM
Sat 09:00 AM-01:00 PM
Sun Closed

Richard Kahler
Kahler Financial Group
(605) 343-1400
1010 9th Street, Suite 1
Rapid City, SD
Expertises
Real Estate Investments, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Retirement Planning & Distribution Rules, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, MSFP

Ms. Sarathi Giridhar, CFP®
(605) 225-1047
320 6th Avenue SE
Aberdeen, SD
Firm
Schwan Financial Group, LLC
Areas of Specialization
Estate Planning

Data Provided by:
Steven Ballard, CFP®
(888) 924-2772
383 W Steamboat Dr Ste 103
Dakota Dunes, SD
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning

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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