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Make the Maximum Contribution to Your Retirement Plan & Retire Secure Monroe NC

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).

William Ertel
Tassel Capital Management, Inc.
(704) 814-6780
1258 Mann Drive, Suite 200
Matthews, NC
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, CMFC, CPA/PFS

Daniel Grover
Ronald Blue & Co., LLC
(704) 759-9060
10706 Sikes Place, Suite 175
Charlotte, NC
Expertises
Planning Issues for Business Owners, Advising Medical Professionals, Ongoing Investment Management, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Karen Keatley
Keatley Wealth Management, LLC
(704) 540-5535
3514 Kingsmeade Court
Charlotte, NC
Expertises
Ongoing Investment Management, Planning Concerns for Corporate Executives, Retirement Planning & Distribution Rules, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®

Ms. Janice A Mcgunnigle, CFP®
(704) 940-4297
1219 Presson Farm Ln
Monroe, NC
Firm
Matrix Wealth Advisors
Areas of Specialization
Comprehensive Financial Planning

Data Provided by:
Mr. James C. Parker, CFP®
(704) 306-4956
2601 Water Pridge Pkwy
Charlotte, NC
Firm
The Vanguard Group

Data Provided by:
John Gugle
Alpha Financial Advisors, LLC
(704) 716-1100
13925 Ballantyne Corporate Place, Suite 280
Charlotte, NC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Advising Medical Professionals, College/Education Planning, High Net Worth Client Needs, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, CRPC

Brian Fenn
Carolina Capital Consulting, Inc.
(704) 541-3199
3111 Springbank Lane, Suite B
Charlotte, NC
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, CLU

Mr. Dale L. Lehenbauer, CFP®
(704) 283-2470
PO Box 188
Monroe, NC
Firm
Morgan Keegan
Areas of Specialization
Asset Allocation, Divorce Issues, Education Planning, Elder Care, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning

Data Provided by:
Mr. Thomas J. Donahue, CFP®
(704) 292-2920
312 N Church St
Monroe, NC
Firm
The Pinnacle Financial Group
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Elder Care, Employee and Employer Plan Benefits

Data Provided by:
Ms. Angela Robbs Williams, CFP®
(704) 882-2660
6208 Creft Circle
Indian Trail, NC
Firm
Angela Williams, CPA
Areas of Specialization
Accounting, Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Education Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

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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