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Compound and Grow Your Employer Matching Retirement Plan Germantown MD

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.

Ken Diehl
Cornerstone Financial Planning, Inc.
(301) 253-0600
24908 Silver Crest Drive
Gaithersburg, MD
Expertises
Ongoing Investment Management, Financial Issues Between Generations, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CPA

Gregory Richardson
Halpern Financial Inc
(240) 268-1000
401 N. Washington Street, Suite 920
Rockville, MD
Expertises
High Net Worth Client Needs, Ongoing Investment Management, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Clark Kendall
Kendall Capital Management
(301) 838-9110
20 Courthouse Square
Rockville, MD
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, AEP, CFA, CFP®

Barry Korb
Lighthouse Financial Planning, LLC
(301) 996-7044
1515 Allview Drive
Potomac, MD
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Planning Concerns for Corporate Executives, Newlyweds & Novice Investors, College/Education Planning, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

James McGrath
Financial Strategies, Inc.
(301) 984-7750
11300 Rockville Pike, Suite 1208
Rockville, MD
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Divorce Planning, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CLU, CPA

Ted Halpern
Halpern Financial Inc
(240) 268-1000
401 N. Washington Street, Suite 920
Rockville, MD
Expertises
High Net Worth Client Needs, Advising Medical Professionals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, AAMS, CRPC, RFC, AWMA

Christopher Brown
Ivy League Financial Advisors LLC
(301) 258-1300
11 North Washington Street, Suite 250
Rockville, MD
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, High Net Worth Client Needs, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, AIF, BA, BS, CFP®, MBA

John Ferguson
Ferguson Asset Management Inc.
(301) 670-0994
13305 Travilah Road
Potomac, MD
Expertises
High Net Worth Client Needs, Ongoing Investment Management, Advising Entrepreneurs, Professional Athletes or Entertainers, Women's Financial Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor

Stephen Lingle
Lighthouse Financial Planning, LLC
(301) 996-7044
1515 Allview Drive
Potomac, MD
Expertises
College/Education Planning, Investment Advice without Ongoing Management, Advising Employee Benefit Plan Participants, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Thomas Conway
Connemara Fee Only Planning, LLC
(301) 998-6595
1700 Rockville Pike, Suite 400
Rockville, MD
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Investment Advice without Ongoing Management, Estate & Generational Planning Issues, Planning Issues for Business Owners, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, JD

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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