If you’re looking to switch your 401K plan to a platform you can trust, Human Interest might just be perfect for you. Charleston Payroll is proud to announce a new partnership with Human Interest- the 401K company that, as its name suggests, takes a true human interest in you and your retirement fund.
What is a 401K Plan?
Everybody wants to be able to have money when they retire, and a 401K plan is designed to help individuals do exactly that. A 401K plan is a tax-deferred retirement savings fund that many employers offer as a way to help their employees save for retirement. With each payroll, a portion of the employee’s earnings gets safely tucked away into the retirement account, and the employee gets to put off having to pay taxes on that money until he or she wants to take it out in retirement.
In some specific 401K plans, the employer may choose to match the employee’s contributions to the retirement account, placing the same amount of money into the 401K account themselves as the employee did. This is commonly referred to as a company match, and it can be an excellent way to slowly build up a tremendous retirement fund!
401K plans are preferable to many individuals because by enrolling, the task of the money being deposited into their account is automated and consistent from payroll to payroll. This can save the employee the headache of having to decide how much to set aside for retirement every so often; on the contrary, with each payroll, those retirement savings grow without the employee even having to think about it!
Human Interest takes a true human interest in your 401K
In many cases, switching your 401K plan can be more of a headache than you might think. There are all sorts of fees that can come attached to the task of switching your 401K plan, and they can range from anywhere between a hundred dollars and several thousand dollars! That’s no fun- and it doesn’t exactly help you save for retirement, either.
Human Interest does not see that as fair to you. After all, those fees directly defeat the purpose of saving money for when you retire. So to help you out and to build a strong trust that your retirement money is in good hands- Human Interest will step in and pay those fees for you!
The 401K switch fees you’ll avoid switching to Human Interest
The fees that you could be faced with simply for switching your 401K plan over to another provider can add up very quickly. For starters, many providers require you to pay a fee when you leave them, a “breakup” fee of sorts.
Even worse, however, is that some providers will casually refuse to prorate your first payment with them. For example, most 401K providers bill their users quarterly- but if you sign on the dotted line on December 11th, you’ll be charged for using their services not just from December 11th through the end of the year, but also for the ten days of December before that date… and worst of all, for all of October and November.
Human Interest is upfront with you about how much you’ll be paying from the get-go, and will not grossly overcharge you in the manner that other 401K providers, unfortunately, get away with doing. And for a bonus, they’ll pay that switch fee for you.