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Compound and Grow Your Employer Matching Retirement Plan Mandan 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.

Darin Svihovec, CFP®
(701) 250-3067
108 North 4th Street
Bismarck, ND
Firm
BNC National Bank
Areas of Specialization
Business Succession Planning, Charitable Giving, Debt Management, Education Planning, Estate Planning, General Financial Planning, Insurance Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Loren D. Melvie, CFP®
(701) 258-9735
505 E Main Ave
Bismarck, ND
Firm
Ameriprise Financial Services,
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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



Data Provided by:
Mr. Joel L Bird, CFP®
(701) 258-9735
505 E. Main Ave.
Bismarck, ND
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Wayne A. Muehler, CFP®
(701) 255-6832
320 N 4th St
Bismarck, ND
Firm
Investment Centers of America
Areas of Specialization
Asset Allocation, Employee and Employer Plan Benefits, Estate Planning, Investment Management, Investment Planning, Long-Term Care, Retirement Income Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
James Andrew Frigstad, CFP®
(701) 258-4885
4007 State St
Bismarck, ND
Firm
Thrivent Financial for Lutherans
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Education Planning, Investment Management, Investment Planning, Long-Term Care

Data Provided by:
Mr. Roger A. Koski, CFP®
(701) 258-9735
505 E Main Ave
Bismarck, ND
Firm
Ameriprise Financial

Data Provided by:
Mr. Jason J Kirchmeier, CFP®
(701) 258-9735
505 E Main Ave Ste 100
Bismarck, ND
Firm
Ameriprise Financial

Data Provided by:
Mr. Dave A Schlafman, CFP®
(701) 258-9735
505 E Main Ave Ste 100
Bismarck, ND
Firm
Ameriprise Finanacial

Data Provided by:
Mr. Robert P. Gregoire, CFP®
(701) 258-7724
418 E Broadway Ave Ste 7
Bismarck, ND
Firm
Wells Fargo Advisors LLC
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Investment Management, Investment Planning, Mortgages
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided by:
Mr. David E. Nash, CFP®
(701) 222-7562
232 W Century Ave
Bismarck, ND
Firm
Morgan Stanley

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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