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Make the Maximum Contribution to Your Retirement Plan & Retire Secure Hurricane 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).

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

Vimal Chaudhari, MS
9 Greenbrier Avenue
Hurricane, WV
Company
Title: Investment Advisor Representative
Company: Retirement Solutions
Type
Investment Advisor Rep: Yes
Education
Marshall University/MS 1994
Service
Long-Term Health Care Planning,Planning For Personal Finances & Budgeting,Asset Protection Strategies & Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Life Insurance,Investment & Portfolio Management,Annuity Ideas & Strategy Planning,Retirement Income Accumulation Planning,Fee-Only Comprehensive Financial Planning,401k Rollover From Employer,CD Alternative,Health Care Insurance,Retirement Planning,Investment Consulting & Allocation Design,Retirement Income Distribution Planning,H

Data Provided by:
Mr. Whitney P Stricklin, CFP®
(304) 397-6517
3466 Teays Valley Rd
Hurricane, WV
Firm
JeffersonWhitney
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Education Planning, Elder Care, Employee and Employer Plan Benefits

Data Provided by:
Christopher E. Ashworth, CFP®
(304) 760-6000
18 Chase Dr
Hurricane, WV
Firm
Ironwood Wealth Management
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning, General Financial Planning, Healthcare Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided by:
Mr. Jerry W. Hanwell, CFP®
(304) 727-1120
839 Observatory Dr
Saint Albans, WV
Firm
JERRY W HANWELL, CPA,CFP
Areas of Specialization
Estate Planning, Retirement Planning, Tax Planning, Tax Preparation

Data Provided by:
Mr. P. Sean Mayberry, CFP®
(304) 757-8131
3981 Teays Valley Rd
Hurricane, WV
Firm
Lanham O'Dell & Company Inc

Data Provided by:
Mr. Matthew T. Young, CFP®
(304) 760-8715
97 Chase Dr
Hurricane, WV
Firm
Horizon Financial Solutions
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits, Estate Planning

Data Provided by:
Mr. John D. Williams, CFP®
(304) 760-6000
18 Chase Drive
Hurricane, WV
Firm
Ironwood Wealth Management
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
Mr. James A. Winter, CFP®
(304) 722-2065
410 6th Avenue
Saint Albans, WV
Firm
Mountaineer Financial Planning
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, General Financial Planning, Investment Planning

Data Provided by:
Mr. James G. Carrier (RFC®), CSA
(304) 204-2552
5098 West Washington Street, Suite 408
Charleston, WV
Company
Focus Financial Investment Group, LLC
Qualifications
Years of Experience: 29
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compensation Plans

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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