Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Retirement Strategy: Maximizing Your Employer Match

Written by Jeff Rose on April 10, 2012 in Retirement  |   No comments

I recently read a report suggesting that if you are not saving at least 10 percent of your gross income, then your chances of outliving your nest egg in retirement are great—very great. What does this mean for your retirement strategy? When your employer offers…

I recently read a report suggesting that if you are not saving at least 10 percent of your gross income, then your chances of outliving your nest egg in retirement are great—very great. What does this mean for your retirement strategy?

When your employer offers a matching contribution to your retirement fund, you have an opportunity to greatly increase your retirement savings and to save a substantial amount in less time. If you don’t use the offered money to its fullest potential, you aren’t getting the full benefits from your job.

Find out the maximum contributions

To get the maximum amount of savings matching offered by your employer, you must know how much of your own contribution is expected. If you have a Roth IRA or a traditional IRA, your contribution is capped at $5,000 a year. However, this is only your own portion of the contributions. Your employer can contribute that same amount each year.

With a 401(k), 401(b), a SIMPLE IRA, a ROTH 403(b), and other retirement fund types, annual contribution limits may be as high as $17,000 a year. If you aren’t able to pay that much into the fund each year, find out how much you need to contribute to get the highest possible contribution from your employer. You may find out that the employer’s contribution is capped at a far lower rate.

A common system is to match 50 percent of an employee’s contribution up until the yearly retirement contributions reach 6 percent of the employee’s annual salary. If you have this system, or a similar one, be sure you understand exactly how much you need to contribute in order to get that maximum employer contribution.

Understand your employer’s vesting schedule

Many employers offer matching retirement contributions on a vesting schedule. This means that the amount that the employer contributes is not fully yours until you reach a specific milestone of your employment

If you have been with a company for four years and the vesting schedule requires five years, consider keeping your job for another year in order to qualify for full retirement matching. It may be in your best financial interest to claim this money rather than leave the job for greener pastures. If you do leave early, the contributed money will be taken out of the account, which can leave you with a substantial loss to your retirement savings.

Get the right start with your retirement strategy

If you are just starting a new job that comes with retirement matching, be sure to sign up for this benefit as soon as you are allowed. Many employers have a waiting period until the matching program goes into effect. According to U.S. News and World Report, 29 percent of employers have a one-year waiting period before employer matching takes effect, and 30 percent have a one-month to six-month waiting period.

Find out exactly when you will become eligible, and sign up for the program as soon as you are. Delaying your admission into employee matching will leave you without the free money that your employer is offering.

READ MORE:
Expert Retirement Advice: Bud Hebeler
Retirement Planning: Most Affordable Places To Retire
Investing Advice For Selling Your Gold
Investing in Company Stock: Pros and Cons
Beginning Financial Building Blocks


Jeff Rose is a certified financial planner and author of the blogs Good Financial Cents and Soldier of Finance.  Learn more about his Roth IRA Movement that has inspired over 140 personal finance to educate young adults on the importance of saving. 

No comments yet


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Retirement Archive