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Compound and Grow Your Employer Matching Retirement Plan Yankton SD

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.

Mrs. Kathryn M. Greeneway, CFP®
(605) 665-4940
225 Cedar St
Yankton, SD
Firm
First Dakota National Bank/Ray

Data Provided by:
Jennifer Larson, CFP®
(605) 260-0662
321 Broadway Ave
Yankton, SD
Firm
IPI Wealth Management

Data Provided by:
Wells Fargo - Yankton
(605) 665-9677
200 Cedar St
Yankton, SD
Type
Branch
Office Hours
Mon-Fri 08:00 AM-05:00 PM
Sat-Sun Closed

Richard Kahler
Kahler Financial Group
(605) 343-1400
1010 9th Street, Suite 1
Rapid City, SD
Expertises
Real Estate Investments, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Retirement Planning & Distribution Rules, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, MSFP

Mr. Thaddeus M. Barnes, CFP®
(605) 338-6500
300 Cherapa Place
Sioux Falls, SD
Firm
Morgan Stanley
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000



Data Provided by:
Mr. Jim L. Chesley, CFP®
(605) 665-2848
2408 Broadway Ave
Yankton, SD
Firm
Home Federal

Data Provided by:
Wells Fargo - Yankton North
(605) 665-0130
1920 Broadway Ave
Yankton, SD
Type
Branch
Office Hours
Mon-Fri 08:00 AM-06:00 PM
Sat 08:00 AM-12:00 PM
Sun Closed

Wells Fargo - Irene
(605) 263-3355
209 W Main St
Irene, SD
Type
Branch
Office Hours
Mon-Thu 08:30 AM-04:00 PM
Fri 08:30 AM-05:30 PM
Sat-Sun Closed

Mr. Erik D Syverson, CFP®
(605) 361-4002
4009 West 49th Street, Suite 201
Sioux Falls, SD
Firm
UBS Financial Services
Areas of Specialization
General Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $500,001 - $1,000,000

Profession: Medical/Dental Professionals

Data Provided by:
Darin Philip Glanzer, CFP®
(605) 373-8800
26605 Caley Cir
Brandon, SD
Firm
Focus Financial
Areas of Specialization
General Financial Planning, Insurance Planning, Investment Management, Retirement Planning, Young Professionals
Key Considerations
Average Net Worth: $250,001 - $500,000

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



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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