10.4.19 Cheaper 401k plans for small businesses; Clark Stinks
b'Roughly half of us have no access to a retirement plan through work. Most small employers don\\u2019t know how to make this happen. If they go to an insurance company or bank, they face extremely high costs and employees pay the price, making the plan essentially a rip-off. So many just give up. A new federal rule just went into effect allowing small employers to team up to create group buying power for lower costs. These can happen through Chambers of Commerce and industry trade groups. We\\u2019re about a year away from this taking hold. But don\\u2019t wait. There are companies offering 401k plans for small businesses. Betterment has one at a reasonable cost. Employees \\u2013 if your small-midsize employer does offer a 401k \\u2013 understand the fees. If it\\u2019s a high fee plan, contribute only up to the match,\\xa0 open your own Roth IRA with a low-cost company and make your contributions automatic. \\nChrista reads listener posts about how Clark has missed the mark in his advice this week. If you have a "Clark Stinks" to share you can leave it here.\\nLearn more about your ad choices. Visit megaphone.fm/adchoices'