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A Guide to Opening a High-Quality Small Business 401K Plan Regardless of what industry your small business operates in, the odds are good that you find yourself making decision after decision about what is best for your business on a daily basis. Wouldn’t it be nice, though, if thinking about retirement was no longer one of them? Hopefully by the time you are done reading this guide, you’ll know how to set-up a small business 401K plan that will work for you and your employees for years to come, even when you aren’t actively thinking about it. When it comes to opening small business retirement plans of any kind, it’s never a good idea to go it alone; you should find a highly qualified financial advisor to work alongside you every step of the way. There are a couple of important topics you ought to evaluate in advance of choosing a financial advisor. The next section of this guide feature details about a selection of these. Good luck opening your small business 401K! Make Sure You’re Only Considering Reputable Advisors
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When you start looking up information about 401K providers who work near you, you are likely to discover that there are many choices available. In order to make things easier on yourself, you’ll probably want to create a shortlist of reliable investment firms. One good way to determine which 401K providers you can really trust is to search for online reviews written by their current and past clients. If you realize that one small business 401K option has far more negative reviews than positive ones, you should probably cross them off of your shortlist.
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Determine Who Is Going to Have Access to Accounts Under Your New 401K Plan Different small business owners offer different kinds of retirement plans to their employees. Some provide the people on their payroll with 401K plans that have company matches, for instance, while others require their employees to be completely in control of their own retirements. Prior to officially opening your small business 401K, it’s important for you to think about how you’d like it to function for your workers. If you have no idea what you think about this issue, ask your financial advisor to walk you through it. Remember There’s No Shame in Asking Questions From time to time, people feel silly when they don’t know what their financial advisors are talking about, so they keep their mouths shut and remain confused, even when they should make inquiries. Make sure you don’t do this! Your financial advisor’s job is to help you; there’s absolutely no shame in asking questions whenever you have them. The more you know about various small business retirement plans, after all, the less trouble you’ll have figuring out what is best for your company in the long run.