Best Timing for Setting up a 401(k)December 14, 2016
Timing is everything with investing and the same could be said for setting up a 401(k) plan for your business. It is the rare business owner who recognizes that the groundwork for adopting the plan is best done early in the year.
Considering a 401(k) plan involves eligible employees electing to defer salary and the more payroll periods there are available, the less noticeable the impact is on take home pay. Contributions must be sent to the retirement plan to be invested, so coordination with your payroll system will be necessary and eligible employees will need to decide how to invest.
So when is the best time to consider setting up your business’ new 401(k) plan for 2017? Quite simply the answer is now.
The retirement solutions offered by AXA Equitable are an exclusive member benefit available through the National Small Business Association. The plan choices and services are designed to reduce the hassle and anxiety associated with retirement planning. From set-up through administration, you have access to dedicated professionals experienced in retirement planning. Visit www.axa.com/nsba or call 800-523-1125 to learn more.
* This article was contributed by Linda Lyons, Relationship Manager at AXA, an NSBA corporate partner.