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Make the Maximum Contribution to Your Retirement Plan & Retire Secure West Des Moines IA

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).

David Strege
Syverson Strege & Company
(515) 225-6000
4400 Westown Parkway, Suite 405
West Des Moines, IA
Expertises
High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Charitable Giving - Trusts & Foundations, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®

Johnne Syverson
Syverson Strege & Company
(515) 225-6000
4400 Westown Parkway, Suite 405
West Des Moines, IA
Expertises
High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Charitable Giving - Trusts & Foundations, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, AEP, CAP, CFP®, ChFc, CLU, MSFS

Wayne Van Heuvelen
Horizon Consulting & Investment Services, Inc.
(515) 252-0796
2400 86th Street, Suite 19
Urbandale, IA
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Hourly Financial Planning Services, Tax Planning, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, JD, MA

T. Scott Nevitt
2928 Ingersoll Avenue
Des Moines, IA
Company
Title: President/Trusted Advisor
Company: CORE Asset Management
Type
Investment Advisor Rep: Yes
Years Experience
Years Experience: 10
Service
Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Hourly Financial Planning Engagements,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Medicaid,Life Insurance,Inv

Data Provided by:
Ms. Jan M. Vonderhaar, CFP®
(515) 224-5891
4800 Mills Civic Pkwy Ste 101
West Des Moines, IA
Firm
Edward Jones Investments

Data Provided by:
Brian McKibban
Syverson Strege & Company
(515) 225-6000
4400 Westown Parkway, Suite 405
West Des Moines, IA
Expertises
High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Charitable Giving - Trusts & Foundations, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Walt Mozdzer
Syverson Strege & Company
(515) 225-6000
4400 Westown Parkway, Suite 405
West Des Moines, IA
Expertises
High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Charitable Giving - Trusts & Foundations, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Richard Frank Mokosak, CFP®
(515) 223-5404
1025 Ashworth Rd
West Des Moines, IA
Firm
Agnew Mokosak Group

Data Provided by:
Mr. R. John Badger (RFC®), CFP, CHFC, CLU
(515) 224-0596
936 8th Street
West Des Moines, IA
Company
Chartered Financial Services, Ltd.
Qualifications
Education: BS, MS other professional designations
Years of Experience: 37
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, BuySell, Compensation Plans

Data Provided by:
Mr. Philip Matthew Kruzan Sr., CFP®
(515) 226-9000
1001 Grand Ave
West Des Moines, IA
Firm
Foster Group Inc
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Estate Planning, Investment Management, Retirement Income Management, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000

Profession: Medical/Dental Professionals

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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