Setting up a 401(k) plan is similar to planning for a road trip. There are many options to choose from when considering routes to take, friends (and snacks) to bring along, locations to stop in and of course, the final destination. All of these must be chosen according to your schedule, your budget and your optimal destination.
When designing and establishing the correct retirement plan for yourself and your employees, you should do so with as much care, or more, as you would in planning a road trip. With such long lasting effects, a lack of knowledge and qualified advice in retirement plans can have devastating and costly outcomes.
Just as poor navigation or a blowout puts a damper on your road trip and can cause lengthy delays in your arrival at your destination, expensive fees, poor plan design, and compliance mistakes can cause a retirement plan to veer off course, and the plan sponsor and their participants may never reach their desired destination (a dignified retirement).
Review the steps we’ve mapped out below to plan out your retirement savings journey and guide you down the road to a successful retirement. If you take the time to plan and seek out assistance from qualified service providers, you and your participants won’t get lost along the way.