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Compound and Grow Your Employer Matching Retirement Plan Vermilion OH

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.

Donald Purtill
Purtill Financial LLC
(440) 449-1196
13101 West Lake Road
Vermilion, OH
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, High Net Worth Client Needs, Tax Planning, Retirement Planning & Distribution Rules, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MBA

Mr. Michael S Roztas, CFP®
(440) 963-2191
3409 Liberty Ave Ste 200
Vermilion, OH
Firm
Roztas Financial Services
Areas of Specialization
Investment Management

Data Provided by:
Mr. Kenneth F. Dunnavant Jr., CFP®
(419) 499-2481
31 Park Street
Milan, OH
Firm
Lakeside Financial Advisors, LLC
Areas of Specialization
Wealth Management

Data Provided by:
Mr. James H. Day, CFP®
42175 Butternut Ridge Rd
Elyria, OH
Firm
Day Professional Services, LLC
Areas of Specialization
Accounting, Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Elder Care, Estate Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Samuel D. Fries, CFP®
(419) 668-2552
257 Benedict Ave, Bldg D
Norwalk, OH
Firm
Payne Nickles & Company
Areas of Specialization
Accounting, Estate Planning, General Financial Planning, Small Business Planning, Tax Planning, Tax Preparation, Wealth Management

Data Provided by:
Mr. Paul N. Karabatsos, CFP®
4700 Liberty Ave
Vermilion, OH
Firm
Key Investment Services

Data Provided by:
Ms. Marjorie B. Krause, CFP®
(440) 988-0301
7575 Leavitt Rd
Amherst, OH
Firm
Krause Financial Investment

Data Provided by:
Ms. Anita M. Adams, CFP®
(440) 329-3130
105 Court St
Elyria, OH
Firm
First Merit Financial Services

Data Provided by:
Mr. James W. Minnery, CFP®
(440) 366-5685
PO Box 1260
Elyria, OH
Firm
JAMES W. MINNERY, CPA, CFP
Areas of Specialization
Tax Preparation
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided by:
Ms. Kathleen Muldoon, CFP®
(419) 668-2552
257 Benedict Ave Ste D
Norwalk, OH
Firm
Payne Nickles & Company
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Small Business Planning, Tax Planning, Tax Preparation, Wealth Management, Women's Finances

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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