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Compound and Grow Your Employer Matching Retirement Plan Middle River 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.

J. Patrick Collins
Greenspring Wealth Management, Inc.
(443) 564-4600
501 Fairmount Avenue, Suite 201
Towson, MD
Expertises
Ongoing Investment Management, Planning Concerns for Corporate Executives, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Kirk Kinder
Picket Fence Financial
(410) 878-2999
300 E. Lombard St.
Baltimore, MD
Expertises
Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Ongoing Investment Management, Hourly Financial Planning Services, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Tom Taylor
Chesapeake Financial Advisors
(410) 823-5442
401 Washington Avenue, Suite 804
Towson, MD
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Planning Issues for Business Owners, Advising Medical Professionals, Real Estate Investments
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

Kirk Kinder
Picket Fence Financial
(410) 878-2999
421 South Main St
Bel Air, MD
Expertises
Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Ongoing Investment Management, Hourly Financial Planning Services, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Michael Kelly
Michael R. Kelly, CFP, EA
(410) 747-0708
1172 St. Agnes Lane
Baltimore, MD
Expertises
Ongoing Investment Management, Tax Planning, Middle Income Client Needs, Retirement Planning & Distribution Rules, Cash Flow/Budgets/Credit Issues, Advising Employee Benefit Plan Participants
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Nancy Bryant
Greenspring Wealth Management, Inc.
(443) 564-4600
501 Fairmount Avenue, Suite 201
Towson, MD
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Advising Entrepreneurs, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, MBA

Timothy Chase
WMS Partners
(410) 337-7575 Ext: 112
305 Washington Avenue, Suite 200
Towson, MD
Expertises
Charitable Giving - Trusts & Foundations, Insurance Related Issues, including Annuities, Alternative or Private Investments
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, CLU, CPA/PFS

Martin Eby
WMS Partners
(410) 337-7575 Ext: 112
305 Washington Avenue, Suite 200
Towson, MD
Expertises
Ongoing Investment Management, Planning Concerns for Corporate Executives, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Douglas Robinson
Douglas Bradley LLC
(866) 290-8388
522 Inglewood Rd.
Bel Air, MD
Expertises
Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Retirement Planning & Distribution Rules, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, MSFP

David Campaigne
Ronald Blue & Co., LLC
(410) 891-2900
307 International Circle, Suite 410
Hunt Valley, MD
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Charitable Giving - Trusts & Foundations, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc

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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