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Author: jmoo100 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 72254  
Subject: Cost of opening a Simple 401k or IRA Date: 5/27/2004 1:03 PM
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Hoping for a little help here. I work for a small business and the partners take good care of the two youngsters. We do not have a retirement plan of any nature. I asked one partner about a 401K and he said they had looked into it, but it was too expensive. I have briefly looked at the SIMPLE plan which aparently doesn't cost as much but has some limitations for maxing out the plan, but I'm not sure of any details.

How do I learn enough to present them with a proposal they can't refuse? I think they would be willing if I could show them the way...

thank you.

John
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Author: trailRated One star, 50 posts Old School Fool Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 41108 of 72254
Subject: Re: Cost of opening a Simple 401k or IRA Date: 5/28/2004 2:37 PM
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John-

I am a little further down the same path.
For our small company (2 of us),
we are looking at a SEP-IRA.
Low cost, and we both want to participate.

I called Schwab and they sent me a big package with a breakdown of SEP, SIMPLE, and 401k. And a package comparing the three.

Fidelity has a nice online tool.
http://personal.fidelity.com/products/retirement/getstart/newacc/planmatch.html

I'm sure any firm has similar documents.

-Ken

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