401 saving plan
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 Fidelity.com or Vanguard.com 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!
