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Compound and Grow Your Employer Matching Retirement Plan Groton CT

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.

Stephen Poplaski
Lighthouse Financial Management, LLC
(401) 596-3392
85 Beach Street, Building D
Westerly, RI
Expertises
Ongoing Investment Management, Tax Planning, Planning Issues for Business Owners, Divorce Planning, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, CPA/PFS, MBA, MSFP

Ms. Susan M. Dowling, CFP®
(860) 444-6500
2 Union Plz
New London, CT
Firm
UBS Financial Services Inc

Data Provided by:
Mr. R. Christopher Damon, CFP®
(800) 504-6020
2 Union Plaza
New London, CT
Firm
UBS Financial

Data Provided by:
Derek S. Pirruccello, CFP®
(860) 447-7437
100 Eugene Oneill Dr
New London, CT
Firm
Merrill Lynch

Data Provided by:
Mr. Robert J Thevenet, CFP®
(860) 376-2814
1 Fort Hill Rd Ste 6
Groton, CT
Firm
Cambridge Investment Reaearch
Areas of Specialization
Comprehensive Financial Planning, Divorce Issues, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Jeffrey Mehler
Jeffrey N. Mehler, CFP LLC
(860) 767-9700
147 Westbrook Road
Essex, CT
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Mr. Kevin S. Morin, CFP®
(800) 470-2277
174 Bridge St
Groton, CT
Firm
Morin Associates LLC
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Education Planning, Elder Care
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Joseph A. Cipparone, CFP®
(860) 442-0150
261 Williams St
New London, CT
Firm
Cipparone & Zaccaro, PC
Areas of Specialization
Business Succession Planning, Charitable Giving, Elder Care, Estate Planning, Long-Term Care, Planning for Couples, Small Business Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Business Executives

Data Provided by:
Mr. Mark J Steffen, CFP®
(860) 445-2045
495 Goldstar Highway
Groton, CT
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Investment Management, Long-Term Care, Retirement Planning, Securities
Key Considerations
Profession: Self-Employed Business Owners

Data Provided by:
Ms. Nancy D. Seely-Butler, CFP®
(860) 444-0535
495 Gold Star Hwy
Groton, CT
Firm
Ameriprise Financial Services,
Areas of Specialization
Divorce Issues
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

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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