We tend to think of 401K accounts as something that only large companies can provide. If you are a small business, or especially self-employed, you can count yourself out from having access to these retirement plans, right?
Well, that is not quite the case. There are 401K providers out there for every interest, large or small. And after the tumultuous year we just left behind, we are all probably interest in making sure that our nest eggs are secure moving forward.
To that end, here are the top 401K providers in the market for retirement planning investment.
Top 4 Best 401k Managers For Retirement Planning
1. Charles Schwab
Charles Schwab is one of the most recognizable names in the retirement planning industry. In particular, they are popular for their low administrative fees.
Plans from Charles Schwab have no annual or opening fees, and users get access to their banking and brokerage services in the bargain. This makes them attractive to both self-employed individuals who need a solo 401K, as well as small businesses trying to mitigate the cost of running a company 401K.
That latter point is important because avoiding exorbitant fees is one of the top priorities of a fiduciary to the plan. If you are unfamiliar with the term, a fiduciary is anyone who exercises authority over the administration of a 401K plan. In this case, that would be the employer.
If you are finding yourself administering a plan on behalf of your employees for the first time, you should learn more about your responsibilities and liabilities as a fiduciary before making a decision.
2. Employee Fiduciary
Employee Fiduciary is a strong middle-ground between small and large investment interests. With their low start-up and administration fees, they are an accessible option for small businesses.
They offer 377 mutual funds and have access to TD Ameritrade's brokerage services, so you can expect a respectable number of investment options. In fact, they encourage prospective clients to compare their offerings with those of some of the plans offered by the largest investment firms in the nation, boasting that they can offer the same choice for a fraction of the fees.
3. ADP
ADP is a combined-services provider, meaning that they offer far more than just 401K plans.
Small employers can get payroll, insurance, human resources services, tax filing, and other administrative services along with their retirement options. This makes ADP a one-stop-shop for companies with less than 50 employees.
4. Fidelity Investments
Fidelity Investments is a privately-owned firm with an impressively slate of services on offer. Beyond a competitive 401K plan, they offer things like plan administration consultations, record-keeping services, and trading and investment advice.
While they do offer self-employed 401K plans, businesses with 20 employees or more will reap the most benefits. Particularly if you are looking for a provider that can furnish you and your employees with a full array of investment options.
There are 401K Providers for Accounts of Every Size
Finding suitable retirement plans can seem daunting. Especially to small business owners, independent contractors, and the self-employed.
But retirement account investment management doesn't need to be a challenge. Building up your 401k should be a positive thing, not something to stress over.
There are 401K providers that can help you plan for a brighter future. All you need to do is find the right fit for you and your 401k, IRA, annuities, or other investment vehicle.
And speaking of building a brighter future, there is more to it than just starting a retirement fund. To keep current on saving money and building your wealth or retirement Roth IRA, be sure to keep up with all of the latest from Bootstrap Business. We publish a wide variety of helpful articles on 401k, IRA, investing, and retirement planning.
