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Financial Planning / Foolish 401(k)s


Subject:  Re: Business 401k or not? Date:  7/13/2012  4:23 PM
Author:  aj485 Number:  24917 of 26295

Hey AJ, could he not also consider a SEP or a SIMPLE for the business?

Yes, that's why I said I would say with your situation, it would be best to consult a professional about what types of retirement plans are available to you as a business owner, and how you can best accomplish your goal of being able to invest in more investment choices than you have in your employer's 401(k). I didn't specifically mention SEP or SIMPLE, but they are a couple of the other types of retirement plans that I was referring to.....

However, I think that his situation is complicated enough (with a significant number of part-time employees, etc.) that he really should be using a professional, rather than a message board, to get any answers beyond 'Yes, it is possible for you to set up retirement plans at your company' because if the retirement plan(s) he sets up are incorrectly utilized, it could cost him a whole lot more money than what he perceives he's losing by not having good investment choices in his current employer's 401(k).

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