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Compound and Grow Your Employer Matching Retirement Plan Centereach NY

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.

Ronald Roge
R.W. Roge & Company, Inc.
(631) 218-0077 Ext: 210
630 Johnson Avenue, Suite 103
Bohemia, NY
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Tax Planning, High Net Worth Client Needs, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MS

David Frisch
Frisch Financial Group, Inc.
(631) 271-7900
290 Broad Hollow Road, Suite 130E
Melville, NY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Tax Planning, Retirement Plan Investment Advice, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Joyce Streithorst
Frisch Financial Group, Inc.
(631) 271-7900
290 Broad Hollow Road, Suite 130E
Melville, NY
Expertises
Ongoing Investment Management, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Divorce Planning, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, MSFS

Ms. Faith Olsen, CFP®
(631) 696-1554
102 Strathmore Village Dr
South Setauket, NY
Firm
Dynasty Financial Strategies
Areas of Specialization
General Financial Planning, Investment Planning, Retirement Planning, Sudden Wealth Management, Wealth Management, Women's Finances
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Michael Peter Derrenbacher, CFP®
(631) 513-5021
4 Valmont Court
Lake Grove, NY
Firm
Lake Grove Tax Preparation and Advisory Services
Areas of Specialization
Asset Allocation, Budget Development, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, General Financial Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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



Data Provided by:
Gerard Barrasso
United Financial Planning Group, LLC
(631) 234-0871
888 Veterans Memorial Highway, Suite 530
Hauppauge, NY
Expertises
Tax Planning, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Planning Issues for Business Owners, Middle Income Client Needs, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Cary Carbonaro
Stonegate Wealth Management, LLC
(646) 388-1460
7 Platt Place
Huntington, NY
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Charitable Giving - Trusts & Foundations, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MBA

Mr. Frank P. Caruso, CFP®
(631) 689-5607
3771 Nesconset Hwy.,Suite 102B
Centereach, NY
Firm
Precision Planning Inc

Data Provided by:
Mr. Michael A. Lorello, CFP®
(631) 820-3287
142 New Moriches Rd
Lake Grove, NY
Firm
Fidelity Investments

Data Provided by:
Mr. Liberatore J. Zagame, CFP®
(631) 588-1987
17 Ashford Dr
Lake Grove, NY
Areas of Specialization
Comprehensive Financial Planning, Debt Management, Education Planning, Insurance Planning, Investment Planning, Tax Preparation

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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