Investing in a retirement plan is crucial for both employed and self-employed individuals to ensure financial security in their later years. For employed individuals, participating in employer-sponsored retirement plans like 401(k)s offers the benefit of potential employer matches, tax advantages, and automated savings. Self-employed individuals, through plans such as SEP IRAs or Solo 401(k)s, can also take advantage of significant tax deductions and high contribution limits, allowing for substantial retirement savings. Regardless of employment status, investing in retirement plans is a proactive step towards building a robust financial future, protecting against the uncertainties of post-retirement life, and maintaining one's desired standard of living.
RETIREMENT PLANS | 101
BEGINNERS COURSE
Investment Retirement Plans 101, a beginner's course crafted to help you navigate the path to a secure and comfortable retirement. Perfect for those new to retirement planning or seeking to optimize their existing strategies, this course covers the fundamentals of various retirement plans, including 401(k)s, IRAs, and Roth IRAs. You'll learn about the benefits, tax advantages, and how to choose the right plan for your financial goals. Investment Retirement Plans 101 equips you with the essential knowledge and tools to make informed decisions, ensuring a financially stable and rewarding retirement future.
INVEST | retirement plans
adp
HIGHLIGHTS
-resources + mobile app
āā
PLAn TYPE
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401(K)
ADP is a well-known name in payroll processing, but their entire HR and employer services suite includes retirement plans and administration. While they may serve businesses of all sizes, ADP is unique in that they offer their entire suite of services and decades of experience to small businesses (defined as those with one to 49 employees), as well as large organizations.
If you sign up for ADP's retirement planning service, you'll have access to a team of experts who can assist you in browsing, selecting, and customizing which of their available retirement plans are ideal for you and your employees. In addition to 401(k) plans, ADP has SIMPLE and SEP IRA alternatives, which are ideal for very small enterprises.
INVEST | retirement plans
betterment for business
HIGHLIGHTS
-resources + roboadvisor
āā
PLAn TYPE
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401(K)
Betterment, a robo-advisor that combines human and technological knowledge to assist consumers make better investing decisions, has a 401(k) channel called Betterment for Business. Betterment for Business is a service that combines technology and human advisors to assist business owners in creating 401(k) plans and advising staff members on the best ETF investments to maximize their retirement savings. As a licensed 3(38) fiduciary, Betterment for Business is obligated by law and morality to provide investing advice that is in the best interests of your business.
INVEST | retirement plans
charles schwab
HIGHLIGHTS
-resources + roboadvisor
āā
PLAn TYPE
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401(K)
āāCharles Schwab is one of the country's most established and well-known investment and retirement organizations, making it a better alternative if you're too technophobic to use a robo-advisor. Charles Schwab provides a managed account service that provides individualized advice to your employees on a variety of investment options, such as ETFs and index mutual funds.
They will also give continuous account monitoring and automatic adjustments. Charles Schwab also has SIMPLE and SEP IRA plans. If you are self-employed, you can choose their Individual 401(k) plan, which is essentially a regular 401(k) plan developed specifically for privately held enterprises. It is worth mentioning that this plan does not require any setup or monthly maintenance expenses.
INVEST | retirement plans
robinhood
HIGHLIGHTS
-match on contributions + interest rates
āā
PLAn TYPE
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IRA
Retirement accounts have launched at Robinhood, with a 1% match on every dollar contributed.
Robinhood is far from the first financial company to provide individual retirement accounts (IRAs). However, it may be the first to provide non-employer IRAs with a match on contributions, which is generally only offered through employer-sponsored plans.
INVEST | retirement plans
charles schwab
HIGHLIGHTS
-mobile app + no account minimum
āā
PLAn TYPE
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IRA
Charles Schwab is one of the top overall IRA providers, offering excellent customer service, no account minimums, and reasonable costs. The organization provides a vast selection of no-transaction-fee funds, substantial research, and no commission on stock, options, and ETF trades.
