HOME BUSINESS STEP-BY-STEP GUIDES  ||  WORK AT HOME IDEAS  ||  BIZ OPPS  ||   ARTICLES  ||  CLASSIFIEDS   ||  MESSAGE BOARDS
WAHM Directory  ||  Promote Your Business ||  Links  ||  Freebies  ||  Kid Stuff  ||  Recipes  ||  Work at Home Blog  ||  Contact  ||  Advertise
  TOP 20 WORK AT HOME JOBS IN YOUR CITY  ||  WORK AT HOME JOB SEARCH  ||  OUR SITES  ||  PRINTABLES   ||  BIZ TOOLS   ||  ABOUT 

Make the Maximum Contribution to Your Retirement Plan & Retire Secure Derby KS

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).

Kedre Mellor
Capital WealthCare Advisors, L.C.
(316) 440-4772
10333 E. 21st Street N., Suite 301
Wichita, KS
Expertises
High Net Worth Client Needs, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Ongoing Investment Management, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

Mr. Jon Marvin Lewis, CFP®
(316) 777-0780
1214 N Rock Rd Ste A
Mulvane, KS
Firm
Edward Jones Investments
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Brent D. Thummel, CFP®
(316) 683-8400
9415 E. Harry
Wichita, KS
Firm
AXA Advisors, LLC

Data Provided by:
Mr. Brian Michael Nelson (RFC®), RFP
(316) 630-0670
13111 E 21st St. N.
Wichita, KS
Company
Cornerstone Financial, LLC
Qualifications
Years of Experience: 4
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Asset Protection

Data Provided by:
Ms. Kathy S. Mikols, CFP®
(316) 652-7005
1861 N Rock Rd
Wichita, KS
Firm
Waddell & Reed
Areas of Specialization
Comprehensive Financial Planning

Data Provided by:
Mr. Ariel Jordan Lee, CFP®
(316) 788-2165
624 N Mulberry Rd
Derby, KS
Firm
Edward Jones
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Paul F. Rosell, CFP®
(316) 644-9768
2111 S Rosalie St
Wichita, KS
Firm
Rosell Retirement Services

Data Provided by:
Matthew J. Thiessen, CFP®
(316) 425-5812
13111 E 21st St N
Wichita, KS
Firm
Cornerstone Financial LLC

Data Provided by:
Ms. Imelda R. Huhnke, CFP®
(316) 652-7005
1861 N Rock Rd
Wichita, KS
Firm
Waddell & Reed

Data Provided by:
William May, CFP®
(316) 265-4605
1635 N Waterfront Pkwy Ste 250
Wichita, KS
Firm
New England Financial
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Insurance Planning, Investment Planning, Retirement Planning

Data Provided by:
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...

Click here to read more from Momsnetwork.com

Free Content for Websites   Free Fax Covers   Direct Sales Opportunities   Home Business Profiles   Message Boards
How to Choose a Home Based Business   100 Home Party Games   Work at Home Tips  Guide to Direct Sales Success  
Partners In Success   Free Online Business Card   Webring   Coloring Pages  Crafts   Recipes   Moms Network Blog

©Copyright 1997 - 2011 Moms Network Exchange (MNE) No content from the MNE site can be used without written permission.
Fines will be issued to those who use content, images, html, and other properties of this site without written permission.
Moms Network  P.O. Box 238  Rosemount, MN  55068 (phone) 651-423-4036  (fax) 651-322-1702
Contents © Moms Network | Privacy Policy

 There are currently 5 visitors online.