What To Expect When Starting A 401(k) Plan
Taking the next step in your business and establishing a 401(k) may have you wondering, “What’s involved with setting up a 401(k)?” You are not alone.
Debunking 4 Myths Surrounding Small-Business 401(k) Plans
Considering opening a 401(k) plan for your business, but concerned about the process or qualifications? Fear not. We’re debunking some of the top myths surrounding small business 401(k) plans and why you shouldn’t let these myths stand in the way of you or your employees’ retirement planning goals.
401(k) Fees Are A Thing Of The Past
If you’ve shopped around for 401(k) providers, then you have probably been comparing plans and evaluating fees. The harsh truth is that many 401(k) providers are either charging for fees that they shouldn’t, or they are simply overcharging.
Small 401(k) Plans Cost More Than Large 401(k) Plans…
…and it’s preposterous!
Plans with fewer assets are charged more for managing/administering a 401(k) than plans with more assets, according to data from the 401k Averages Book 19th Edition. And, that is not the only driver for cost disparity. Even plans with similar account balances may be charged differently.
401(k) Fees Eat Your Retirement; Here’s What You Can Do About It
Did you know that almost 40% of 401(k) participants believe they don’t pay fees; about 20% didn’t even know there were fees associated with their 401(k); and, about 15% don’t understand how fees are calculated. Yet, nearly every 401(k) provider charges fees. So, how do you determine what fees you are paying, and how much those fees cost you in retirement?
Sinking in 401(k) Fees? Here’s What You Can Do
Most surveys that poll 401(k) participants have “no idea” if their investments are “good, bad, or ugly.” And, when you are planning for retirement, you want to know that the funds you are investing are generating wealth and not just sucking money out of your account due to hidden or overpriced fees.