How do I start a 401k plan ?
The Chinese saying: “Even the longest journey starts with a single step” applies to opening a 401K Plan. A qualified 401K Plan Consultant can help set up your account to serve your future needs. One of the best ways to accumulate wealth is with a systematic savings plan, where each pay-period, you contribute to your future. Due to the magic of compound interest, the dollars that you save early on, do far more than the dollars that you contribute decades later as you near retirement. 401K Retirement Plan consultants will tell you to “Pay yourself First”. Having a payroll deduction plan is an excellent way to start as the money is taken right out of your paycheck before you ever see it. Leading 401K consultants will tell you to contribute AT LEAST enough to maximize the employer match. 401K consulting firms also recommend that you contribute at least 10% of your income towards retirement, which will save taxes, as the contributions are made with pre-tax money.