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Make the Maximum Contribution to Your Retirement Plan & Retire Secure Greeneville TN

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. William Frank Richmond, CFP®
(423) 218-0913
90 Naples Lane
Greeneville, TN
Firm
XIM Consulting
Areas of Specialization
Accounting, Banking, Budget Development, Comprehensive Financial Planning, Debt Management, General Financial Planning, Healthcare Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Patrick S Johnson, CFP®
(423) 798-2249
2841 E Andrew Johnson Hwy
Greeneville, TN
Firm
First Tennessee Brokerage, Inc.
Areas of Specialization
Asset Allocation, Banking, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Mr. Guy G Lillycrop, CFP®
812 E Jackson Blvd
Jonesborough, TN
Firm
Crossbridge Wealth Management
Areas of Specialization
Banking, Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, Estate Planning, General Financial Planning

Data Provided by:
US Bank - Rogersville-Main Office
(423) 272-7622
107 E Main St
Rogersville, TN
Drive Up Hours
Mon 07:30 am to 05:00 pm
Tue 07:30 am to 05:00 pm
Wed 07:30 am to 05:00 pm
Thur 07:30 am to 05:00 pm
Fri 07:30 am to 06:00 pm

SunTrust Bank
(423) 753-3551
401 East Jackson Boulevard
Jonesborough, TN
Type
ATM, Branch, Mortgage Office, Investment Center, Drive-Thru
Office Hours
Monday: 9-5
Tuesday: 9-5
Wednesday: 9-5
Thursday: 9-5
Friday: 9-6 Weekend:
Drive Up Hours
Monday: 8:30-5
Tuesday: 8:30-5
Wednesday: 8:30-5
Thursday: 8:30-5
Friday: 8:30-6 Weekend:

Mr. Steven L Dick, CFP®
(423) 636-1800
705 Professional Plaza Drive
Greeneville, TN
Firm
Strong Heritage Financial Group
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Estate Planning, General Financial Planning, Intergenerational Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Brian J Click, CFP®
(423) 783-1033
913 Tusculum Blvd
Greeneville, TN
Firm
Andrew Johnson Bank
Areas of Specialization
Asset Allocation, Banking, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Bank of America - Greeneville Plaza
(423) 636-6340
1545 East Andrew Johnson Hwy
Greeneville, TN
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Outdoor ATM Services: Open 24 Hours, Talking ATM, Braille, Accepts Deposits, Drive Up, Deposit Image
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-4:30
Tuesday 9-4:30
Wednesday 9-4:30
Thursday 9-4:30
Friday 9-5
Saturday 9-1
Sunday Closed
Drive Up Hours
Monday 9-4:30
Tuesday 9-4:30
Wednesday 9-4:30
Thursday 9-4:30
Friday 9-5
Saturday 9-1
Sunday Closed

US Bank - Rogersville-Highway 66 Office
(423) 272-4671
4015 Highway 66 S
Rogersville, TN
Drive Up Hours
Mon 07:30 am to 05:00 pm
Tue 07:30 am to 05:00 pm
Wed 07:30 am to 05:00 pm
Thur 07:30 am to 05:00 pm
Fri 07:30 am to 06:00 pm

J. Mark Nickell
J. Mark Nickell & Co.
(615) 371-6622
104 East Park Drive, Suite 310
Brentwood, TN
Expertises
Ongoing Investment Management, Planning Concerns for Corporate Executives, Estate & Generational Planning Issues, High Net Worth Client Needs, Advising Medical Professionals, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFA, CPA/PFS

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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