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Make the Maximum Contribution to Your Retirement Plan & Retire Secure Elko NV

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).

Joseph Hollen
Hollen Financial Planning, Ltd.
(775) 827-0670
P.O. Box 6629
Reno, NV
Expertises
Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

William Kirby
Kirby Group, Inc.
(775) 853-4159
13375 West Saddlebow Drive
Reno, NV
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Sidney Blum
GreatLight Fee Only Advisors, LLC
(877) 333-1197
9060 W. Cheyenne Avenue Suite A
Las Vegas, NV
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Middle Income Client Needs, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, ATP, BS, CFP®, ChFc, CPA, CPA/PFS

Vicki Schultz
Schultz Financial Group, Inc.
(775) 850-5620
10765 Double R Blvd., Suite 200
Reno, NV
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Ongoing Investment Management, Alternative or Private Investments, Real Estate Investments
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Mr. Stephen W. Close, CFP®
(702) 440-6000
8475 S Eastern Ave Ste 103
Las Vegas, NV
Firm
Close Financial Services, Inc.
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, General Financial Planning, Healthcare Planning, Insurance Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Owen Hill
North Lake Tahoe Financial Services, LLC
(775) 831-8511
889 Alder Avenue, Suite 101
Incline Village, NV
Expertises
College/Education Planning, Advising Employee Benefit Plan Participants, Middle Income Client Needs, Real Estate Investments, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, ATP, CFP®, EA

Christopher Jones
Sparrow Wealth Management
(877) 330-9191
870 Seven Hills Drive
Henderson, NV
Expertises
Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Planning Concerns for Corporate Executives, Advising Entrepreneurs, Professional Athletes or Entertainers, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Christopher Baum
Vannoy Advisory Group, Inc.
(702) 799-9720
Las Vegas
Las Vegas, NV
Expertises
Retirement Plan Investment Advice, Advising Employee Benefit Plan Participants, Planning Issues for Business Owners, Advising Medical Professionals, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, CFP®

Greg Phelps
REDROCK WEALTH MANAGEMENT, LLC
(702) 987-1607
9480 S. Eastern Ave.
Las Vegas, NV
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, High Net Worth Client Needs, Financial Psychology/Coaching, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, AAMS, CFP®, CLU

Mr. Dean A Elyacoubi, CFP®
(702) 341-2020
400 S Rampart Blvd Ste 300
Las Vegas, NV
Firm
Merrill Lynch
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Mortgages, Retirement Income Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000



Data Provided by:
Data Provided by:

Make the Maximum Contribution to Your Retirement Plan & Retire Secure

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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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