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Make the Maximum Contribution to Your Retirement Plan & Retire Secure Piqua OH

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. Craig Mullenbrock, CFP®
(937) 773-8500
PO Box 312
Piqua, OH
Firm
Ameriprise Financial Services Inc.
Areas of Specialization
Comprehensive Financial Planning, Divorce Issues, Elder Care, Government and Military, Intergenerational Planning, Investment Management, Life Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Ms. Lisa Katterhenry Howe, CFP®
(800) 366-5384
518 W Main St
Troy, OH
Firm
Wells Fargo Advisors Financial Network, LLC
Areas of Specialization
Asset Allocation, Investment Planning, LGBT Individuals and Couples, Planning for Couples, Retirement Income Management, Retirement Planning, Small Business Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Patricia A. Rose, CFP®
(937) 332-6942
315 Public Sq
Troy, OH
Firm
Rose & Associates

Data Provided by:
Mrs. Cheryl A. Boyer, CFP®
(937) 498-4041
100 S Main Ave
Sidney, OH
Firm
Money Concepts
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Insurance Planning, Investment Management, Long-Term Care
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable



Data Provided by:
Mr. Michael G. Griesmeyer, CFP®
(937) 877-1280
811 Juniper Ct.
Tipp CIty, OH
Firm
Wealth Management Group, Inc.
Areas of Specialization
Investment Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Dennis Lane Burgess, CFP®
(937) 473-3175
6505 N State Route 48
Covington, OH
Firm
Burgess Financial Advisory
Areas of Specialization
Asset Allocation, General Financial Planning, Investment Planning, Retirement Planning, Tax Planning, Tax Preparation
Key Considerations
Average Net Worth: $250,001 - $500,000



Data Provided by:
Zachary David Rice, CFP®
20 South Ln
Troy, OH
Firm
Ameriprise Financial

Data Provided by:
Mr. Chad M. Monnin, CFP®
(937) 332-8346
910 W. Main Street
Troy, OH
Firm
U.S. Bank, N.A.
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Investment Planning, Retirement Planning, Wealth Management

Data Provided by:
Mr. Daniel L Hoelscher, CFP®
(937) 492-8800
2551 Michigan St
Sidney, OH
Firm
Seniormark, LLC

Data Provided by:
Mr. Daniel J. Bensman, CFP®
(937) 646-0017
313 W Main St
Anna, OH
Firm
First National Bank
Areas of Specialization
Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

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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