Sep 16, 2019
In episode 191 of Financially Simple, Justin talks to Jennifer McConnell of July Business Services about the basics of a 401(k) fund.
401(k) funds are the most common type of retirement fund used by Business Owners to set aside money for their employees. Justin asks Jennifer to go over the basics of a 401(k), how they work and what’s involved in setting one up.
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BLOG: Small Business Retirement Plan Comparison
01:15 - The Basics of the 401(k)
03:22 - Who is Involved When Dealing With a 401(k)?
05:39 - All-In-One Or Separate Companies for Each Role
06:46 - TPAs: Third-Party Administrators
07:30 - Setting Up a 401(k): What are the Basic Options?
11:32 - What Can an Employee Contribute to a 401(k)?
12:46 - The Vesting Schedule
15:06 - What Can Employees Invest In?
17:32 - How Much Does it Cost?
19:26 - Wrap Up
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Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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