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I am looking to start my 401K. Can you assist me?

Sep 01, 2016 by Angie in  |  Flag
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Chris Schiffer Level 14

Angie, If you are considering contributing to a 401k for the first time, the best advice generally is to start early and try to reach the maximum contribution. I can certainly help you understand your options.

If you are looking to start a 401k for your business, I can help you with that as well. There are many factors that need to be considered including goals for you and your participants that determine how you would structure the plan.

I can be reached at 908-821-9764 if you would like to have a discussion about your specific situation. Chris

Comment   |  Flag   |  Sep 01, 2016 from BASKING RIDGE, NJ

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I have a few questions for you. Are you looking to start up a 401 (k) for your business or just start contributing to your company's 401(k) plan?

If you are looking to start one for your business, there are quite a few things you need to consider. Are you sure you need a 401 (k) plan, or would a SEP or SIMPLE or other small business retirement plan be a better fit? Do you have employees, and if so how many? Would you want to contribute to their plan or not? How much would you able to contribute to each employee's account? These are just a few questions that need answered before developing a retirement plan that would be good for your business.

Now, if you are wanting to contribute to your current employer's 401(k) plan, there are also a few things you have to find out. Does the employer match? How much does the employer match? What investments are available in the plan? What is your risk tolerance (how much can you stand to lose money), and what is your time frame before you retire?

I know this probably does not help a whole lot, but I hope it gets the ball rolling. If you would like to talk more, you can email me at JAnderson@afpgroupllc.com. By the way, I am located in Plainfield, IN.

Good luck,

John C. Anderson

Comment   |  Flag   |  Sep 02, 2016

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