I have decided to start sharing a little more about the things I do on a day to day basis. Mostly, they seem boring and uninteresting to me, but I am always amazed when sharing experience how someone can find use of the data. Expect a lot more of me talking about my failures here.
Integrum has been around just over five years and we finally decided to investigate setting up a 401k plan. We have always offered financial planning services to our employees to help them manage their retirement planning, but had stayed away from a 401k for several reasons. One reason is we figured most of our employees being younger weren’t that interested. It is never asked about or brought up as a missing benefit. Another reason is we were afraid because we didn’t know jack about setting one up.
Setting up the plan took about 15 minutes of discussion with a financial planner. The cost to set one up was under $300. We then had to get an insurance fidelity bond for the plan. That cost under $200 for 3 years and took a few emails and a fax. So spending less than an hour total time and under $500 we had a working 401k in plan. It is almost embarrassing that we put off doing this for FIVE YEARS! Maybe there is something to this GTD stuff!
To make things even better is we also found out that there are currently tax breaks available to employers that are setting up such plans. So all the costs associated with doing so will be credited back come tax time. So really it cost nothing but our time.
If you are in Southeast Valley of Arizona I highly recommend.
Michael Klein (Financial Planner)
Jason Sheahan (Insurance)
1. Stop putting off things you are afraid.
2. Don’t be afraid to pay for experts. They will make things go much more quickly, give you assurance and allow you to do what you are best at.