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Ask HTM - Rule of 55 and Early Retirement, 5% Down Payments, & Transitioning a Kid to Financial Adulthood #772
Jan 8, 2024
This episode of the podcast covers topics such as buying a house with 5% down, transitioning a child to financial adulthood, tapping a 401k early with the Rule of 55, and offering retirement benefits for small businesses. It also discusses the pros and cons of renting vs buying a house and provides insights on setting up a teenager for financial success. Additionally, it explores affordable 401k options for small businesses and mentions low-cost providers. The episode concludes with beer tasting and sponsor messages.
43:31
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Quick takeaways
- Small businesses can offer retirement plans through low-cost providers like Betterment and Guideline.
- Utilizing the rule of 55 for early 401(k) distributions requires caution and proper planning for long-term savings and compounding growth.
Deep dives
Starter 401(k) Options for Small Businesses
If you have a small business and want to offer a retirement plan, there are options available to you. Two low-cost providers to consider are Betterment and Guideline. These providers offer 401(k) options for small businesses at competitive prices. Betterment has a slightly higher monthly fee but a smaller per-employee charge, while Guideline offers a lower monthly fee and a slightly higher per-employee charge. Fidelity is also worth considering for its cost-effective options. These providers make it easier for small businesses to offer competitive benefits and retain talented employees. It's worth exploring the specific features and pricing of each provider to find the best fit for your business.
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