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Make the Maximum Contribution to Your Retirement Plan & Retire Secure Clarksburg WV

Now, let's assume you have been contributing only the portion that your employer is willing to match and yet you barely have enough money to get by week to week. Does it still make sense to make non-matched contributions or Roth IRA contributions assuming you do not want to reduce your spending? Maybe. (This article does not address Roth IRA contributions vs. non-matched 401(k) contributions and hereafter only refers to non-matched 401(k) contributions).

David M. Patterson, CFP®
(304) 623-6060
117 South 4th Street
Clarksburg, WV
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Bruce W. Kidd, CFP®
(304) 623-6060
117 S 4th St
Clarksburg, WV
Firm
American Express Finl Advisors

Data Provided by:
Mr. Bill S. Childers, CFP®
(304) 842-6315
119 Steele St
Bridgeport, WV
Firm
Childers Financial Planning
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Chase Bank
(304) 624-3403
229 W Main St
Clarksburg, WV
Type
Freestanding
Office Hours
Mon:9:00-5:00
Tues:9:00-5:00
Wed:9:00-5:00
Thurs:9:00-5:00
Fri:9:00-5:00
Sat:closed
Sun:closed

James Winter
Mountaineer Financial Planning, LLC
(304) 722-2065
410 6th Avenue
St. Albans, WV
Expertises
Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, College/Education Planning, Middle Income Client Needs, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, MBA

Mr. William J. Quinn Ii, CFP®
(304) 623-6536
321 W Main St
Clarksburg, WV
Firm
Meredith, Quinn & Stenger A C
Areas of Specialization
Accounting, Small Business Planning, Tax Planning, Tax Preparation
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
Rebecca A Wilson, CFP®
(304) 626-1730
100 South Fourth Street
Clarksburg, WV
Firm
BB&T
Areas of Specialization
Comprehensive Financial Planning

Data Provided by:
Mr. Thomas R. Williams, CFP®
(304) 842-0015
1160 Johnson Avenue
Bridgeport, WV
Firm
Ameriprise Financial Services,
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Investment Management, Investment Planning

Data Provided by:
Chase Bank
(304) 842-2368
1507 Johnson Ave
Bridgeport, WV
Type
Freestanding
Office Hours
Mon:9:00-6:00
Tues:9:00-6:00
Wed:9:00-6:00
Thurs:9:00-6:00
Fri:9:00-6:00
Sat:9:00-2:00
Sun:closed

Archibald Hoxton
Hoxton Financial, Inc.
(304) 876-2619
8530 Shepherdstown Pike
Shepherdstown, WV
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Estate & Generational Planning Issues, Advising Medical Professionals, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, AAMS, AIF, CFP®

Data Provided by:

Make the Maximum Contribution to Your Retirement Plan & Retire Secure

Provided By: 

Frugal Living

Saving For Retirement: Make the Maximum Contribution to Your Retirement Plan & Retire Secure
By James Lange 
   

Many people perhaps you feel they cannot afford to save for retirement. The truth is you may very well be able to afford to save, but you don t realize it. That's right. I am going to present a rationale to persuade you to contribute more than you think you can afford.

First, I am operating on assumption that you are following the cardinal rule of saving for retirement: If your employer offers a matching contribution to your retirement plan you are contributing whatever your employer is willing to match even if it is only a percentage of your contribution and not a dollar for dollar match.

Now, let's assume you have been contributing only the portion that your employer is willing to match and yet you barely have enough money to get by week to week. Does it still make sense to make non-matched contributions or Roth IRA contributions assuming you do not want to reduce your spending? Maybe. (This article does not address Roth IRA contributions vs. non-matched 401(k) contributions and hereafter only refers to non-matched 401(k) contributions).

If you have substantial savings and maximizing your retirement plan contributions causes your net payroll check to be insufficient to meet your expenses, you should maximize retirement plan contributions.

The shortfall for your living expenses from making increased pre-tax retirement plan contributions should be withdrawn from your savings (money that has already been taxed). Over time this process, i.e., increasing contributions to your retirement plan and funding the shortfall by making after-tax withdrawals from an after-tax account, transfers money from the after-tax environment to the pre-tax environment. Ultimately it results in more money for you and your heirs.

Another way to squeeze blood from a stone is to consider an interest only mortgage. The reduced mortgage payment (in contrast to what you would be paying on a 30-year fixed rate mortgage) is deductible as a home interest expense. The additional cash flow from the reduced payment could be used to pay credit card debt or fund one or more tax favored investments. You could open a Roth IRA, make additional retirement contributions, and/or purchase a tax-favored life insurance plan. In the long run, you could be better off, often by hundreds of thousands of dollars. Of course there are risks with this strategy.

Another opportunity to shift savings from the after-tax environment to tax advantaged retirement savings might arise if you are the beneficiary of an inheritance.

Take this Changing Your IRA and Retirement Plan Strategy after a Windfall or an Inheritance mini case study for example:

Joe always had trouble making ends meet. He did, however, know enough to always contribute to his retirement plan th...

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