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Compound and Grow Your Employer Matching Retirement Plan Grand Forks ND

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. Thomas M. Schuster, CFP®
(701) 454-3317
3265 Desert Star Ln
Grand Forks, ND

Data Provided by:
Mr. Roger M. Hodnefield, CFP®
(701) 746-5429
3425 S Washington St
Grand Forks, ND
Firm
Ameriprise Financial Services,
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, General Financial Planning, Insurance Planning, Investment Planning, Long-Term Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Derrick P. Johnson, CFP®
(701) 746-8310
322 Demers Ave
Grand Forks, ND
Firm
Johnson Wealth Management, LLC
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Estate Planning, Retirement Income Management, Retirement Planning

Data Provided by:
Mr. Matthew R. Wilson, CFP®
(701) 757-4777
406 Demers Ave
Grand Forks, ND
Firm
Wilson Wealth Management, INC.
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: Not Applicable

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Vincent P. Brekken, CFP®
(701) 795-7471
PO Box 14296
Grand Forks, ND
Firm
Brady Martz & Associates

Data Provided by:
Mr. Ryland E. Syverson, CFP®
(701) 775-8666
3001 32nd Ave S # A
Grand Forks, ND
Firm
Great Plains Financial
Areas of Specialization
Asset Allocation, Insurance Planning, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Debbie Rae Albert, CFP®
(701) 746-5429
3425 S Washington St.
Grand Forks, ND
Firm
Ameriprise Financial Services, Inc
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Planning, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Carter J. Johnsen, CFP®
(701) 746-1365
2617 South Columbia Road
Grand Forks, ND
Firm
Stifel Nicolaus
Areas of Specialization
Investment Planning

Data Provided by:
Mr. John A Halstenson, CFP®
(701) 746-8319
2300 Library Circle
Grand Forks, ND
Firm
Thrivent Financial for Lutherans
Areas of Specialization
General Financial Planning, Insurance Planning, Long-Term Care, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Wells Fargo - Grand Forks Downtown
(701) 775-1660
33 S 3Rd St Ste E
Grand Forks, ND
Type
Branch
Office Hours
Mon-Fri 09:00 AM-05:00 PM
Sat-Sun Closed

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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