The Motley Fool Discussion Boards

Previous Page

Financial Planning / Foolish 401(k)s

URL:  https://boards.fool.com/business-401k-or-not-30146540.aspx

Subject:  Business 401k or not? Date:  7/13/2012  11:56 AM
Author:  BigOFool Number:  24914 of 26309

I have a question or more to the point are looking for advice in my particular situation. I work for a company that offers me a 401K with a match up to 6%. My wife’s job offers a 403B with no match. We are both contributing the max allowed. Me $22,500 (I’m over 50), my wife $17,000. Both plans are pretty lousy when it comes to investment choices and I would really like to be able to invest the money my self using the Fool. I have a small business that provides enough income for us to be able to maximize our contributions to these plans. I was thinking if it would be best to start a 401k in my company, stop contributing to our employer’s accounts and contribute to the 401k of my business? (That is if I can create a 401k that would allow investments in stocks).

If I would do this I would still contribute to my employer’s 401k (6%) in order to preserve the match. I know there is some costs associated with having a 401k plan for my business but I believe that being able to control how the money is invested will more than make up for this.

I know there are people in this board that know a whole lot about these matters and was looking for ideas and/or advice about my particular situation.

Also my company has about 15 employees all of them working part time. I thought this information might be important if I was to match any 401k money (if this is at all possible).

Thank you all for you comments and/or advice in advance.

Fool On!

Big O Fool
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us