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What does the reduction in 401(k) contribution matches mean to you?

Traditionally, a 401(k) with your employer that provided matching contributions, more common than not, was a no-brainer when it came to saving for retirement.

Take the familiar Safe Harbor plan model used by many employers. With this type of 401(k) the employer is required to match 100% of an employee’s contribution up to 3% of their salary. Where else can you get a guaranteed 100% profit on your retirement savings?

With so many employers ending their matching contributions it’s not such an easy decision. Depending on your level of contribution, you might be better off contributing to your own IRA and freeing yourself from the restrictions that are often imposed by employer sponsored 401(k) plans.

A Traditional or Roth IRA allows you to contribute up to $5,000 ($6,000 if you are over age 50) every year towards your retirement.

According to the Profit Sharing/401(k) Council of America, the average worker contributes about 5 percent of their salary to their 401(k). With the 2008 per capita income in the U.S. of $39,751, this works out to an average 401(k) contribution of about $2,200. Take away a matching contribution the 401(k) loses much of its appeal.

And since you are the one deciding who holds the funds for your personal IRA, you have complete control over the investment choices available to you.

Imagine taking that $5,000 per year and investing in something that you actually know something about. You are not limited to the limited choices of a select mutual funds from your provider.

You can utilize a truly self-directed IRA to invest your money in the vehicle of your choice. Whether it’s real estate, oil and gas, foreign currency or live stock, it’s your choice. The investments oportunities are nearly endless.

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John 4:14 This is Jesus “ But whosoever drinketh of the water that I give him shall never thirst; but the water that I give him shall be in him a well of water springing up into everlasting life.”

Welcome to our Holiness Blog, brought to you always by the spirit of the Lord. This is a blog that is inspired by the unction of the Holy Ghost. It’s such an important issue we have going on today. The doctrine of Christ has been changed and turned into the doctrine of Man and of the devil in many church’s that are present in America today.

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