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Make the Maximum Contribution to Your Retirement Plan & Retire Secure Lake Charles LA

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).

John Hixson
Financial Management Professionals
(337) 433-4334
4841 Ihles Road
Lake Charles, LA
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, CLU

Mr. Shane D. Liggio, CFP®
(337) 436-8940
127 W Broad St Ste 600
Lake Charles, LA
Firm
Northwestern Mutual Financial Network
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Insurance Planning, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Dr. Marshal David Baggett, CFP®
(337) 477-2930
647 W Prien Lake Rd
Lake Charles, LA
Firm
Marshal D Baggett

Data Provided by:
Mr. Richard D Clements Jr., CFP®
(337) 491-0758
791 East Bayou Pines Drive
Lake Charles, LA
Firm
Merrill Lynch
Areas of Specialization
Asset Allocation, General Financial Planning, Investment Management, Investment Planning, Retirement Income Management, Sudden Wealth Management, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Kenneth L. Agee (RFC®), CSA
(337) 491-7600
2527 Common Street
Lake Charles, LA
Company
True North Asset Management
Qualifications
Education: BS
Years of Experience: 14
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, 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, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Terry D. Backhaus, CFP®
(337) 437-9950
800 Ryan St Ste B
Lake Charles, LA
Firm
Backhaus Financial Group LLC
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Insurance Planning, Investment Management, Long-Term Care, Retirement Planning, Small Business Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Richard A. Hinton, CFP®
(337) 477-1866
3101 Lake St. Ste 102
Lake Charles, LA
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Gregory P. Naquin, CFP®
(337) 433-1063
800 Kirby Street
Lake Charles, LA
Firm
McElroy, Quirk, & Burch (APC)

Data Provided by:
Mr. Adam K. Veron (RFC®), MSFS
(337) 494-3836
1304 Enterprise Blvd.
Lake Charles, LA
Company
Asset Planning & Consulting, LLC
Qualifications
Education: Masters Degree in Financial ServocesSeries 6,7,63,65Louisiana Civil Law NotaryLife and Health insuranceProperty casualty ins. licenseCertified Mutual Fund SpecialistBoard Certified in Estate PlanningCertified Annuity SpecialistBoard Cert
Years of Experience: 14
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, 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, Auto Home Insurance, Charitable Planning, Healthcare Accounts, Charitable Foundations, Asset Protectio

Data Provided by:
Mr. Dustin R Granger, CFP®
(337) 439-9081
One Lakeshore Dr.
Lake Charles, LA
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Education Planning, Estate Planning, Investment Management

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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