Ask Terry Questions 401 saving plan

401 saving plan

By Terry Savage on August 30, 2019 | Financial Planning / Retirement

Hi Terry,
I’ve been working for a small business for the last 15 yrs that does not offer a 401 k plan. Is there a company that you can refer me to that would contribute a percentage of what I contribute to the plan. If there is any other suggestion for me as far as saving I would greatly appreciate it.
Thank you,

Terry Says

You should have been saving for your retirement all this time — in an Individual Retirement Account (IRA).  Go to or and tell them you want to set up this account — and make as big a deposit to start as you can — at least $1,000.  Then sign up for them to take a regular amount  out of your checking account every month to keep adding to your IRA.  Tell them you want to invest in their S&P 500 stock index fund.  Assuming you have more than 20 years to keep doing this, history says you’ll come out way ahead!

It’s up to you to search for a job that does provide a 40l(k) plan.  (And depending on how much you earn, you might be able to keep contributing to this IRA if you do get a retirement benefit at work.)

This is a great time to search for a job with better benefits because employers are desperate for talented people.  Get going!

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