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Compound and Grow Your Employer Matching Retirement Plan Newberry SC

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.

Wells Fargo - Chapin
(803) 345-2231
168 Columbia Ave
Chapin, SC
Type
Branch
Office Hours
Mon-Thu 08:30 AM-05:00 PM
Fri 08:30 AM-06:00 PM
Sat-Sun Closed

Desmond Quigley
Quigley Financial
(678) 520-2327
254 Oak Forest Rd
Bluffton, SC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Tax Planning, Cash Flow/Budgets/Credit Issues, Advising Employee Benefit Plan Participants
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

William Prewitt
Charleston Financial Advisors, LLC
(843) 722-3331
4 North Atlantic Wharf, Suite 200
Charleston, SC
Expertises
Ongoing Investment Management, Women's Financial Planning Issues, Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Joe Taylor
Oak Street Advisors
(843) 946-9868
1335 44th Avenue N, Suite 203
Myrtle Beach, SC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor

Mr. Chris F. Parker, CFP®
(864) 477-0223
11 Brendan Way Ste 100
Greenville, SC
Firm
OnTrack Financial Planning, LLC.
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, General Financial Planning, Investment Management, Investment Planning, Life Transitions, Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Cheryl Holland
Abacus Planning Group, Inc.
(803) 933-0054
2500 Devine Street
Columbia, SC
Expertises
Planning Issues for Business Owners, Financial Issues Between Generations, Retirement Planning & Distribution Rules, Advising Medical Professionals, Helping Clients Identify & Achieve Goals, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

R. Edward Powell
Powell Financial Advisors
(803) 929-0100
433 Hampton Creek Court
Columbia, SC
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Laura Scharr-Bykowsky
Ascend Financial Planning, LLC
(803) 331-3721
556 Regatta Road
Columbia, SC
Expertises
Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals, College/Education Planning, Retirement Plan Investment Advice, Investment Advice without Ongoing Management, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Helen Berenyi
Red Triangle, LLC
(843) 573-7277
210 Coming Street, Suite C
Charleston, SC
Expertises
High Net Worth Client Needs, Financial Issues Between Generations, Divorce Planning, Charitable Giving - Trusts & Foundations, Estate & Generational Planning Issues, Alternative or Private Investments
Certifications
NAPFA Registered Financial Advisor, CDFA, CFP®

Mr. Lester G. Detterbeck Iii, CFP®
(843) 577-2463
4 N Atlantic Wharf Ste 203
Charleston, SC
Firm
DWM Financial Group, Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, General Financial Planning, Intergenerational Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000



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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