Most people realize that, in the 21st century, we all have to accept more responsibility for saving for our own retirement. One report from the Stanford Center on Longevity found that only half of Americans have access to work-based retirement plans, like 401(k)s, at their current jobs.
Leaving your money in a checking account — or as cash underneath your mattress — could leave you missing out on significant retirement savings. And, what about your employees? They’re going to need nest eggs, too. Providing investment options to your employees could prove beneficial for all parties.
If you’ve never had to select a small business retirement plan, you may be wondering where to start. Consider this article your complete guide. We’ll cover what small business 401(k)s are and why you need to consider them for your business.
We’ll then cover some of the things to look for when establishing one of these retirement accounts. By the end of this article, you’ll have a much more robust understanding of the 401(k) investment choices available to small companies.