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

Jill Gianola
Gianola Financial Planning
(937) 521-2502
1115 N. Limestone, 2nd Floor
Springfield, OH
Expertises
Middle Income Client Needs, Newlyweds & Novice Investors, Retirement Planning & Distribution Rules, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MBA, MS

Mr. Trent A. Schuler (RFC®), CFP
(937) 399-2700
3380 Middle Urbana Road
Springfield, OH
Company
Schuler Financial Group
Qualifications
Education: BS
Years of Experience: 18
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Retirement Planning, Seminars Work, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, BuySell

Data Provided by:
Mr. John E. Pickarski (RFC®), CHFC
(937) 525-9500
4011 Cedar Hills Avenue
Springfield, OH
Company
John Pickarski & Associates
Qualifications
Education: BS, MA
Years of Experience: 27
Membership
IARFC, MDRT, SFSP
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Duane L. Siegenthaler, CFP®
(937) 653-5208
201 Scioto St
Urbana, OH
Firm
Ameriprise Financial Services,
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, General Financial Planning, Insurance Planning, Investment Management, Retirement Income Management
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided by:
Mr. J. David Hoskins, CFP®
(937) 653-1176
601 Scioto St
Urbana, OH
Firm
Citizens Banking Company
Areas of Specialization
Asset Allocation, Banking, Budget Development, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Allen Osgood
Financial Freedom, LLC
(937) 458-3661
2661 Commons Boulevard
Beavercreek, OH
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. Peter W. Foreman, CFP®
(937) 323-8667
30 Warder St
Springfield, OH
Firm
Ameriprise Financial

Data Provided by:
Dr. William F. Ragle, CFP®
(937) 766-7926
251 N Main St
Cedarville, OH
Firm
Cedarville University

Data Provided by:
Mr. Phillip M. Edwards, CFP®
(937) 652-3385
1 Monument Sq Ste 202
Urbana, OH
Firm
Phillip Edwards Financial Plan
Areas of Specialization
Accounting, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Eric M. Murray, CFP®
(937) 878-3317
188 W Hebble Ave
Fairborn, OH
Firm
MoneyWise, Inc.

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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