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Compound and Grow Your Employer Matching Retirement Plan Clinton IA

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. David M. Nelson, CFP®
(563) 242-9042
880 13th Ave N
Clinton, IA
Firm
NelsonCorp Wealth Management
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Investment Management, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Garry E. Medema, CFP®
(815) 589-2502
111 11th St
Fulton, IL
Firm
Genworth Financial
Areas of Specialization
General Financial Planning

Data Provided by:
Mr. Nolan Barry Vosler, CFP®
(319) 659-5139
First Central State Bank Bldg.
De Witt, IA
Firm
LPL Financial

Data Provided by:
US Bank - Clinton County Office
(563) 243-8500
405 S 3rd St
Clinton, IA
Drive Up Hours
Mon 09:00 am to 05:00 pm
Tue 09:00 am to 05:00 pm
Wed 09:00 am to 05:00 pm
Thur 09:00 am to 05:00 pm
Fri 09:00 am to 05:00 pm
Sat 09:00 am to 12:00 pm

Wells Fargo - Morrison
(815) 772-7611
100 W Lincoln Way
Morrison, IL
Type
Branch
Office Hours
Mon-Thu 08:00 AM-05:00 PM
Fri 08:00 AM-05:30 PM
Sat 08:00 AM-12:00 PM
Sun Closed

Mr. Patrick H. Pollard, CFP®
(563) 242-7574
301 N 2nd St
Clinton, IA
Firm
National Planning Corporation
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, General Financial Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Joseph I. Wells, CFP®
(815) 772-7231
301 E Main St
Morrison, IL

Data Provided by:
Mr. Gaylon E. Heetland, CFP®
(563) 659-2991
908 6th Ave
De Witt, IA
Firm
Thrivent Financial

Data Provided by:
US Bank - Clinton Lyons Office
(563) 244-8320
2300 N 3rd St
Clinton, IA
Drive Up Hours
Mon 09:00 am to 05:00 pm
Tue 09:00 am to 05:00 pm
Wed 09:00 am to 05:00 pm
Thur 09:00 am to 05:00 pm
Fri 09:00 am to 05:00 pm
Sat 09:00 am to 12:00 pm

US Bank - Dewitt 11th Street Office
(563) 659-9188
712 11th St
De Witt, IA
Drive Up Hours
Mon 09:00 am to 05:00 pm
Tue 09:00 am to 05:00 pm
Wed 09:00 am to 05:00 pm
Thur 09:00 am to 05:00 pm
Fri 09:00 am to 05:30 pm
Sat 09:00 am to 12:00 pm

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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