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

Mr. Tim A. Roberts, CFP®
(304) 233-1185
44 15th St
Wheeling, WV
Firm
McCoy Wealth Management LLC.
Areas of Specialization
Asset Allocation, Business Succession Planning, Divorce Issues, Education Planning, Estate Planning, General Financial Planning, Investment Management

Data Provided by:
Mrs. Susan C. Pokwatka, CFP®
(304) 242-6364
1341 National Road
Wheeling, WV
Firm
SP Financial Strategies, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Insurance Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Mr. Walker P. Holloway Jr., CFP®
(304) 233-3312
1300 Chapline St
Wheeling, WV
Firm
Hazlett Burt & Watson
Areas of Specialization
Asset Allocation, Budget Development, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits
Key Considerations
Average Net Worth: $250,001 - $500,000

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



Data Provided by:
Mr. Thomas S. Anthony, CFP®
(304) 905-1394
PO Box 510
Wheeling, WV
Firm
Anthony Investment Management, LLC
Areas of Specialization
Asset Allocation, Employee and Employer Plan Benefits, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. David H. Mckinley, CFP®
(304) 230-2400
2100 Market Street
Wheeling, WV
Firm
McKinley Carter Wealth Service
Areas of Specialization
Asset Allocation, Employee and Employer Plan Benefits, Investment Management, Retirement Income Management, Sudden Wealth Management, Wealth 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. Christopher C. Freeman, CFP®
(304) 233-6600
1144 Market St
Wheeling, WV
Firm
Raymond James Financial Services
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Investment Management, Sudden Wealth Management, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Jan Michael Yabs, CFP®
(740) 461-4251
2207 Market St
Wheeling, WV
Firm
Lpl Financial Corporation
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Investment Management, Long-Term Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Jeremy J. Lowe, CFP®
(304) 230-2400
2100 Market St.
Wheeling, WV
Firm
McKinley Carter Wealth Service
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, General Financial Planning, Investment Management, Retirement Income Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Mr. Fred Arthur Scheeren, CFP®
(304) 234-6032
2001 Main St Ste 700
Wheeling, WV
Firm
Wells Fargo Advisors, LLC

Data Provided by:
Mr. Russell W Dunkin, CFP®
(304) 230-2400
2100 Market Street
Wheeling, WV
Firm
McKinley Carter Wealth Service
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Investment Planning, Retirement Income 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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