036: How Does a 401k Plan Work?

Business owners have a lot of choices when it comes to providing employee benefits, and one of the biggest benefits available is the 401(k). However, many employers don’t know how they work, what their liability is, or how to protect themselves.  If you’ve had a job with benefits, you’ve likely had a 401(k), but implementing one as an employer is another story entirely. Today, we’re walking through everything that you need to know as an employer about how 401(k) plans work, how to implement them, and why it’s so important to have an advisor who’s focused on them in order to help both you and your employees benefit. In this podcast interview, you’ll learn:  How a 401(k) advisor can help business owners make sense of planning and implementation. The many different individuals and government organizations involved in 401(k) implementation and administration.  Why 401(k)s are not one size fits all plans - and how people accidentally put themselves at risk when dealing with 401(k)s. Why mistakes with 401(k)s can be very expensive - and how to best avoid them. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/36 How Fit Is Your Retirement Plan?  We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com

Episode 36 of the The Retirement Trainer podcast, hosted by EGSI Financial, titled "036: How Does a 401k Plan Work?" was published on November 26, 2020 and runs 31 minutes.

November 26, 2020 ·31m · The Retirement Trainer

Summary

Business owners have a lot of choices when it comes to providing employee benefits, and one of the biggest benefits available is the 401(k). However, many employers don’t know how they work, what their liability is, or how to protect themselves.  If you’ve had a job with benefits, you’ve likely had a 401(k), but implementing one as an employer is another story entirely. Today, we’re walking through everything that you need to know as an employer about how 401(k) plans work, how to implement them, and why it’s so important to have an advisor who’s focused on them in order to help both you and your employees benefit. In this podcast interview, you’ll learn:  How a 401(k) advisor can help business owners make sense of planning and implementation. The many different individuals and government organizations involved in 401(k) implementation and administration.  Why 401(k)s are not one size fits all plans - and how people accidentally put themselves at risk when dealing with 401(k)s. Why mistakes with 401(k)s can be very expensive - and how to best avoid them. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/36 How Fit Is Your Retirement Plan?  We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com

Episode Description