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re: Need help breaking down a job offer....
Posted on 12/21/15 at 9:49 pm to LSURussian
Posted on 12/21/15 at 9:49 pm to LSURussian
quote:
There is no vesting schedule and employees cannot borrow from their balance in the plan.
OK, so I can't really touch that money until I'm 60?
So should I treat the whole SEP situation as if I were making a 10% higher salary than I would with a 401k plan? My (admittedly ignorant) reasoning is that the employee contributing 20% of my salary is the same as a 401k where I contribute 10% of my salary and they match it.
2
Posted on 12/21/15 at 10:02 pm to THRILLHO
quote:
OK, so I can't really touch that money until I'm 60?
You can, it's just going to be ridiculously wasteful in taxes and fees. Just don't even consider it an option. Please.
Posted on 12/21/15 at 10:07 pm to THRILLHO
Most 401(k) plans don't match dollar for dollar up to 10% of the employee's salary. Plus the company's match in a 401(k) is almost always subject to a vesting schedule so the matching amount is not 100% yours until years pass and you're fully vested. If you leave the company before you're fully vested, you forfeit the unvested amount.
IMO, SEPs are better for the employees while 401(k) plans provide more advantages for the owners of the business.
IMO, SEPs are better for the employees while 401(k) plans provide more advantages for the owners of the business.
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