The Wife Finally Gets A 401K At Work; Our Finances Rejoice.
My wife has been teaching at a private school for years now, and up until recently it was a pretty small place. They had about 35 students and 3 teachers until about 6 months ago when they expanded to 70 students and 7 teachers. Since they are getting bigger and bigger, her boss decided it was time to offer something to her teachers for working there and it came in the form of a raise and enrollment in a 401K. Her boss is going to match 4% her pay, which is pretty good for such a small company. And even though we invest in Roth IRA’s and mutual funds, we will take free money any day of the week!
I guess the reason that I wrote this quick post is that just because you have a small business, it doesn’t mean you cannot offer your employees retirement options. I worked for a very small (try 4 people) company for 4 years and not once was I offered any retirement options or anything else. I got cost of living raises every year. And that is a big reason why I left…so if you run a business, look into taking care of your employees, it means a lot to them.
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I’d like to add that just because someone owns their own business does not mean they are rolling in the dough and that they would easily be able to offer these benefits. Yes, even if there are only 4 employees.
That may be true Kellie, but even if you own your own business, you still have to take care of your employees…if you want good ones.
The company I worked for had 4 employees and plenty of money. Too bad it all went to the boss and the rest of us got nothing.