My employer is beginning to offer a retirement plan

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  • #82130 Reply
    Michael

      I work for a very small company (8 employees) and they are letting me provide input on if they should offer a 401k with matching or employer sponosored IRA.

      Can anyone give me the pros and cons of both as I am a little bit ignorant when it comes to retirement plans as it is not very common in my industry unless you work for one of the big guys who don’t pay as much.

      Thanks!

      #82132 Reply
      Dan

        Higher contribution amount for 401k vs an Ira.

        Ira May have more options for you to invest in and more freedom for investments than a 401k.

        Personally, I’d say give input on them doing the 401k option with a match and then open your own IRA separately.

        #82133 Reply
        Sean

          No pros of an employer sponsored Ira. 401k is far better.

          One of the popular podcasts will often say “I’m sorry your employer hates you” when someone states they have an employer sponsored IRA instead of 401k.

          #82134 Reply
          Kimberlee

            They’re looking at a simple IRA which has lower limits than 401k (but still higher than individual IRA). The simple IRA is probably cheaper for them. Either is better than what you currently have (nothing). If you just google simple IRA vs 401k, you’ll see the differences and can give input.

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