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Compound and Grow Your Employer Matching Retirement Plan Faribault MN

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. Robert A. Cooper, CFP®
(507) 334-7433
1803 Legacy Drive
Faribault, MN
Firm
Capital Management Associates
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning

Data Provided by:
Mr. John R. Reher, CFP®
(507) 334-1821
211 1st Ave NW
Faribault, MN
Firm
Ameriprise Finl Advisors
Areas of Specialization
Asset Allocation, Estate Planning, Investment Planning

Data Provided by:
Mr. Andrew A. Hauskins, CFP®
(507) 645-8887
11 Bridge Square
Northfield, MN
Firm
Carlson Capital Management
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Investment Management, Retirement Income Management, 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. Richard J. Falck Iii, CFP®
(507) 645-2993
509 Professional Dr
Northfield, MN
Firm
Falck Financial Services
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, General Financial Planning, Healthcare Planning, Insurance Planning, Investment Management, Investment Planning

Data Provided by:
Mr. Gregory A. Carlson, CFP®
(507) 645-8887
11 Bridge Sq
Northfield, MN
Firm
Carlson Capital Management

Data Provided by:
Mr. Robert D. Simpson, CFP®
(507) 334-9274
1121 25th Ave NW
Faribault, MN
Firm
Robert Simpson & Associates
Areas of Specialization
Retirement Income Management, Retirement Planning, Social Security Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Adam S Evenson, CFP®
(507) 645-8825
PO Box 250
Dundas, MN
Firm
Frandsen Investment Services
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, General Financial Planning, Retirement Planning, Social Security Planning, Tax Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Jon Snodgrass, CFP®
(507) 663-0325
158 Water St N Ste 4
Northfield, MN
Firm
Edward Jones
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Elder Care, Employee and Employer Plan Benefits
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
Ms. Leota R. Goodney, CFP®
(507) 663-0861
319 Division St S
Northfield, MN
Firm
Leota Goodney CPA PA
Areas of Specialization
Accounting, Elder Care, Retirement Planning, Social Security Planning, Tax Planning, Tax Preparation

Data Provided by:
Mr. Adam P Hoffmann, CFP®
(507) 321-4004
11 Bridge Sq
Northfield, MN
Firm
Carlson Capital Management
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Investment Management, Investment Planning, Planning for Couples, Retirement Income Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000



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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