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A great way to get a sold start to investing is through some of the options...

A great way to get a sold start to investing is through some of the options offered in your workplace. What are examples of some of thew savings tools that can be offered through your employer and how do they work?

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Answer #1

There are several savings tool that are offered through the employers. Some of them are discussed below:

401(k) plan – This tool is a qualified employer sponsored retirement plan. This tool allows eligible employees to make salary-deferral contributions and the employers make matching or non-elective contributions to the plan. The contributions by the employers are made on behalf of the eligible employees.

Simple IRA – This savings tool allows employers to set up IRAs easily and employers match employee contributions. Employers can also make unmatched contributions.

SEP IRA – SEP is simplified employee pension. In case of SEP IRA employer has to contribute for all eligible employees who meet certain requirements. SEP IRAs are mainly used by small business owners.

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