Make the Maximum Contribution to Your Retirement Plan & Retire Secure Surprise AZ
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).
Matthew Murphy
Murphy Capital Advisors, LLC
(623) 872-3333
6751 N. Sunset Blvd.
Glendale, AZ
Matthew Murphy
Murphy Capital Advisors, LLC
(623) 872-3333
6751 N. Sunset Blvd.
Glendale, AZ 85305
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®
Data Provided by:
Mr. Jeffrey D. Carter (RFC®), CSA, LUTCF
623-933-9500
10451 W. Palmeras Drive
Sun City, AZ
Mr. Jeffrey D. Carter (RFC®), CSA, LUTCF
623-933-9500
10451 W. Palmeras Drive
Sun City, AZ 85373
Company
Smart Financial Strategies, Inc.
Qualifications
Years of Experience: 22
Membership
IARFC, SCSA, NAIFA
Services
Invoice, Estate Planning, Trustee Service, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Charitable Foundations, Asset Protection, Compensation Plans
Data Provided by:
Wells Fargo - Litchfield & Waddell
623-546-0396
13982 W Waddell Rd
Surprise, AZ
Wells Fargo - Litchfield & Waddell
623-546-0396
13982 W Waddell Rd
Surprise, AZ 85379
Office Hours
Mon-Fri 09:00 AM-07:00 PM
Sat 09:00 AM-05:00 PM
Sun Closed
Wells Fargo - Reems & Waddell
623-214-6420
15564 W Waddell Rd
Surprise, AZ
Wells Fargo - Reems & Waddell
623-214-6420
15564 W Waddell Rd
Surprise, AZ 85379
Office Hours
Mon-Fri 09:00 AM-06:00 PM
Sat 09:00 AM-04:00 PM
Sun Closed
Bank of America - Bell & Grand
623.556.4544
13702 W. Bell Road
Surprise, AZ
Bank of America - Bell & Grand
623.556.4544
13702 W. Bell Road
Surprise, AZ 85374
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits
Outdoor ATM Services: Open 24 Hours, Talking ATM, Braille, Accepts Deposits, Drive Up, Deposit Image
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday 9-1
Sunday Closed
David Fernandez
Wealth Engineering, LLC
480-296-2042
20325 N. 51st Avenue, Suite 134 (bldg 5)
Glendale, AZ
David Fernandez
Wealth Engineering, LLC
480-296-2042
20325 N. 51st Avenue, Suite 134 (bldg 5)
Glendale, AZ 85308
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules, High Net Worth Client Needs, College/Education Planning, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CFP®
Data Provided by:
Chase Bank
(623) 214-2584
15367 W Waddell Rd
Surprise, AZ
Chase Bank
(623) 214-2584
15367 W Waddell Rd
Surprise, AZ 85379
Office Hours
Mon:9:00-7:00
Tues:9:00-7:00
Wed:9:00-7:00
Thurs:9:00-7:00
Fri:9:00-7:00
Sat:9:00-5:00
Sun:closed
Bank of America - Surprise Crossing
623.544.4524
13780 W. Waddell Road
Surprise, AZ
Bank of America - Surprise Crossing
623.544.4524
13780 W. Waddell Road
Surprise, AZ 85379
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Outdoor ATM Services: Open 24 Hours, Talking ATM, Braille, Accepts Deposits, Multi-Check Deposit, Drive Up, Deposit Image
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday 9-1
Sunday Closed
Drive Up Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday 9-1
Sunday Closed
US Bank - Cotton AZ Safeway Office
(623) 556-0853
17049 W Bell Rd
Surprise, AZ
US Bank - Cotton AZ Safeway Office
(623) 556-0853
17049 W Bell Rd
Surprise, AZ 85374
Bank of America - Bell & Loop 303
623.546.6441
16517 West Bell Road
Surprise, AZ
Bank of America - Bell & Loop 303
623.546.6441
16517 West Bell Road
Surprise, AZ 85374
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Indoor ATM Services: Open 24 Hours, Talking ATM, Braille, Accepts Deposits, Deposit Image
Outdoor ATM Services: Open 24 Hours, Talking ATM, Braille, Accepts Deposits, Drive Up, Deposit Image
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday 9-1
Sunday Closed
Drive Up Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday 9-1
Sunday Closed
Data Provided by:
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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