I’ve been fortunate in that every employer I’ve ever worked for has offered a 401(k) defined contribution plan. I know that many people are not so lucky and reader Jennifer is one of them. Many smaller businesses can’t afford to set up a plan or simply don’t want to. Whatever the reason, Jennifer doesn’t have the option available to her. This week’s Help a Reader will focus on the options available for someone without a 401(k) at work.
Here’s an excerpt from her email:
My employer does not offer a 401(k) plan and I know I need to start one soon, I’m in my early 20s. I know that I can open up an independent 401(k) but I’m not sure where to start or if a 401(k) is even the best option. Help!