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Compound and Grow Your Employer Matching Retirement Plan Washington DC

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.

Thomas Conway
Connemara Fee Only Planning, LLC
(301) 998-6595
1300 Pennsylvania Avenue, NW - 7th Floor
Washington, DC
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Investment Advice without Ongoing Management, Estate & Generational Planning Issues, Planning Issues for Business Owners, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, JD

James Ludwick
MainStreet Financial Planning, Inc.
(202) 448-9032
1425 K St. NW, Suite 350
Washington, DC
Expertises
Cash Flow/Budgets/Credit Issues, Middle Income Client Needs, Real Estate Investments, Retirement Planning & Distribution Rules, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, CFP®

Lisa Kirchenbauer
Omega Wealth Management, LLC
(703) 387-0919
200 North Glebe Road, Suite 812
Arlington, VA
Expertises
Retirement Plan Investment Advice, Advising Entrepreneurs, Women's Financial Planning Issues, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Carolyn Walder
Lifetime Wealth Planning and Management LLC
(703) 519-1254
120 Waterfront Street, Suite 410
National Harbor, MD
Expertises
Ongoing Investment Management, Financial Issues Between Generations, Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®

Paul Cocozza
Cocozza Financial Planning, Ltd.
(703) 276-1243
3400 21st Avenue North
Arlington, VA
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Tax Planning, Real Estate Investments
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Jeffrey Zures
Sanchez & Zures, LLC
(703) 349-0330
700 12th Street, NW, Suite 700
Washington, DC
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, College/Education Planning, Middle Income Client Needs, Estate & Generational Planning Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Claire Emory
Clarity Financial Planning
(703) 465-5116
1655 Fort Myer Drive, Suite 700
Arlington, VA
Expertises
Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Women's Financial Planning Issues, Retirement Plan Investment Advice, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, MA, MBA

Timothy Wesling
Wesling Financial Planning Services Corp.
(703) 535-8280
101 N. Columbus Street, Suite 402
Alexandria, VA
Expertises
Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Estate & Generational Planning Issues, Divorce Planning
Certifications
NAPFA Registered Financial Advisor, AIF, CDFA, CFP®, CMFC

Carolyn Walder
Lifetime Wealth Planning and Management LLC
(703) 519-1254
211 North Union Street, Suite 100
Alexandria, VA
Expertises
Ongoing Investment Management, Financial Issues Between Generations, Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®

Marjorie Burnett
MAB Financial Planning
(703) 528-3205
2739 N. Radford Street
Arlington, VA
Expertises
Helping Clients Identify & Achieve Goals, Investment Advice without Ongoing Management, Middle Income Client Needs, Women's Financial Planning Issues, Tax Planning, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, JD

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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