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Compound and Grow Your Employer Matching Retirement Plan Millington TN

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.

Dianne Berry
Berry Financial Services, Inc.
(901) 757-4447
1917 Hazelton Drive
Germantown, TN
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Financial Issues Between Generations, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA

Mr. Chris M. Brandon, CFP®
(901) 377-9772
6328 Acorn Dr
Bartlett, TN
Firm
Aul Financial Group, LLC.

Data Provided by:
Mr. James Frederick Schmitt, CFP®
(901) 388-5678
1655 Wynne Rd
Cordova, TN
Firm
Thrivent Financial for Lutherans
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Elder Care

Data Provided by:
Mr. Scott A Trammell, CFP®
(901) 767-5951
795 Ridge Lake Blvd Ste 200
Memphis, TN
Firm
Strategic Financial Partners
Areas of Specialization
Comprehensive Financial Planning, General Financial Planning

Data Provided by:
Mr. James Kevin Johnston, CFP®
(901) 767-5755
775 Ridge Lake Blvd
Memphis, TN
Firm
Financial Resource Management

Data Provided by:
Mr. Cedric G. Branch, CFP®
(615) 498-0027
4462 Village Gate Dr
Arlington, TN
Firm
Branch & Company Financial Planning
Areas of Specialization
Asset Allocation, Education Planning, Young Professionals
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Service Professionals

Data Provided by:
Mr. Randal E. Ellzey, CFP®
(901) 372-0375
2755 summer oaks drive
bartlett, TN
Firm
randal e. ellzey, cpa, pc

Data Provided by:
Mr. Frank J. Sanpietro, CFP®
(901) 818-3221
1661 International Drive
Memphis, TN
Firm
Humboldt Frost Wealth Solutions, LLC

Data Provided by:
Mr. Mark C. Loftis Sr., CFP®
(901) 260-6433
795 Ridge Lake Blvd.
Memphis, TN
Firm
Strategic Financial Partners

Data Provided by:
Mr. Scott W Foster, CFP®
(901) 327-0057
748 Charles Pl
Memphis, TN
Firm
Foster Accountancy Inc

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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