If you are a small business owner, this week’s article might be of interest to you. It mentions that “the 401(k) has become the go-to retirement plan for many Americans and continues to gain traction. The flexibility, tax savings and scale of 401(k) plans have made it attractive to employers and employees alike.” But it goes on to tell us that “a common misunderstanding with 401(k)s is that there’s a minimum age of 21. The minimum-participation rules state that a plan must not impose a minimum age condition beyond 21, and nothing in federal law precludes setting a plan’s minimum age at a younger age. These choices are ultimately up to the plan’s sponsor.” It’s never too soon to start to save for retirement. Call us if you’d like more ideas on how to do just that. We’re always here to help.
Can a Minor Participate in a 401K?
*DISCLAIMER: This Newsletter is for informational purposes only and does not constitute a complete description of our services or performance. This Newsletter is in no way a solicitation or offer to sell securities or investment advisory services except, where applicable, in states where we are registered or where an exemption or exclusion from such registration exists. Information throughout this site, whether charts, articles or any other statement or statements regarding market or other financial information, is obtained from sources which we, and our suppliers believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Nothing in this Newsletter should be interpreted to state or imply that past results are an indication of future performance. THERE ARE NO WARRANTIES, EXPRESS OR IMPLIES, AS TO ACCURACY, COMPLETENESS OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS OR ANY LINKED WEBSITE. All logos and trademarks are the property of the respective trademark owners. Use of third-party trademarks shall not be construed as affiliation, endorsement or joint venture. ® and TM denote registered trademarks in the United States and other Countries.
This commentary was created by a third-party for the Agent’s use. NTM 08-27.