All this talk about maxing out 401k’s brings me to an important point: Not all employers offer 401k retirement plans. That’s what my brother-in-law, Shawn, is facing in his new workplace. He did some research to find the best alternatives for someone in a similar situation, and shared his findings with me.
First, he talked with his boss about implementing a 401k in the near future, and he recommends banding with your co-workers for additional leverage. The boss was open to considering the idea, because after all–happy employees stick around. Plus, having a good benefits package is a good incentive for new employees to join the company.
Next, Shawn compiled a list of resources he’ll share with his boss to help get the 401k rolling. They include:
– Info on low-costing 401k plans for employers
– Low-costing 401k from ShareBuilder and a discussion forumon ShareBuilder 401k and others
– A comparison of some 401k providers
– A 401k providers list
If you’re self-employed, you can open your own 401k as well.
And, just about anyone can open an individual retirement account. Here’s some info on opening a Roth IRA.
Finally, if your employer simply won’t offer a 401k plan, you’ll just have to go about saving for retirement in a different way. Consider this article from CNN Money to learn of other investment strategies that can provide you some tax benefits.
There are many roads to retirement. The most important thing is to start saving now–in whatever way you can.
Also check out Self-Directed IRA’s. I wrote a post about them last year (in my link) and they’re also a decent option -
hank’s last blog post..Financial Advisors Are A Dime A Dozen (Or Less) - Get A Legion Of Them (FOR FREE) To Help You If You’re Unsure Of Financial Waters
I am lucky enough to live in Australia. Here employers must make 9% of an employees salary per year contribution to there retirement plan.
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