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Make the Maximum Contribution to Your Retirement Plan & Retire Secure Florence SC

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).

Mr. John R. Chase Jr., CFP®
(843) 669-3222
1801 W Evans St Ste A
Florence, SC
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Charitable Giving, Divorce Issues, Insurance Planning, Intergenerational Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Medical/Dental Professionals

Data Provided by:
Copeland A. Edmunds, CFP®
(843) 292-1584
3203 W Palmetto St.
Florence, SC
Firm
Edward Jones

Data Provided by:
Mr. Marvin E Slaughter, CFP®
(843) 665-7599
1325 Cherokee Rd
Florence, SC
Firm
Stifel Nicolaus

Data Provided by:
Mr. Wm. Reynolds Williams, CFP®
(843) 662-3258
PO Box 1909
Florence, SC
Firm
Willcox Buyck & Williams
Areas of Specialization
Asset Allocation
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Legal Professionals

Data Provided by:
Mr. Jason D Newton, CFP®
(843) 292-1492
1511 S IRBY ST
FLORENCE, SC
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Insurance Planning, Investment Management, Investment Planning, Long-Term Care, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000



Data Provided by:
Mr. Wendell E Jones Jr., CFP®
(843) 661-6441
602 S Coit St
Florence, SC
Firm
Edward Jones Investments
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Intergenerational Planning, Long-Term Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: Not Applicable

Profession: Business Executives

Data Provided by:
Mr. Stephen N. Jones, CFP®
(843) 665-7599
1325 Cherokee Road
Florence, SC
Firm
Stifel Nicolaus & Company, Incorporated
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Education Planning, General Financial Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000



Data Provided by:
Mr. Conrad E. Seastrunk, CFP®
(843) 661-0220
2231 W Palmetto St
Florence, SC
Firm
Seastrunk Financial Management
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Sudden Wealth Management, Tax Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Dr. Jan M. Serrano, CFP®
(843) 661-1620
PO Box 100547
Florence, SC
Firm
Francis Marion University

Data Provided by:
Mr. Nathan C. Love, CFP®
(843) 665-6321
1411 Second Loop Road
Florence, SC
Firm
WebsterRogers Financial Advisors, LLC.

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...

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