By using 401k plans, many small business owners can save money on taxes while providing themselves and their employees with a way to save for retirement. In the past decade 401k plans have earned a bad reputation which is totally undeserved. The problem is that high fees, poor investment choices and lack of basic financial education on how to manage their investments led to massive losses which turned many people away from 401k plans. A properly designed plan can be used as a long-term savings and investment vehicle for the business owner and employees.
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