How To Set Up A 401K?
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaA 401(k) plan is a tax favored retirement program established by an employer for the benefit of the employees. Individuals can establish Individual Retirement Accounts (IRA) to accomplish the same for their retirement in a tax favored manner. The investments for their 401(k) or an IRA may be available outside the plan, some, annuities, retain some of their tax advantages and can assist a person in augmenting their plan to retire.Answered on August 4, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! If you want to set up a 401k plan as an employer, the brokerage company should easily walk you through the process. If you were talking about setting something up for yourself, you mean an IRA, or "individual retirement account". There are several options here, and you would really want to speak with an advisor before jumping into one. Drop me a line, if you'd like. Thanks for asking!Answered on August 5, 2014flag this answer
11783 POINTSContact Meview profileLarry GilmorePROAgent Owner, Gilmore Insurance Services, Marysville, Washington StateHow to set up a 401(k)? First before you decide on a 401k as your retirement plan, make sure it makes sense. Most people know the name 401k and sort of apply it as all retirement plans, but actually it's one of many plans out there that an employer can use. The big thing I would suggest anyone look at before establishing a retirement plan is the cost of the plan itself. Typically a 401k will have fees for all people under the plan, participating or not. You will have discrimination tests to be run on the plan and contributions. Before you commit to a particular plan, check and see what the plan cost to operate. If your costs are greater than your returns, is it a good choice?Answered on October 11, 2015+01+1 this answer
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