Just because you are self-employed doesn't mean you shouldn't be able to participate in a lucrative 401(k) plan. With MBO, you can invest via our group retirement savings plan.
If you are enrolled in Business Services, you don’t need to shop around for an investment advisor or develop an investment plan for your future.
You can participate in the MBO retirement fund and access investment advisors who will guide you as you plan your future once you meet the service requirement for eligibility. You can put away up to $18,500 ($24,500 if over age 50) annually.
MBO lets Associates contribute to a Traditional 401(k) or a Roth 401(k) – or both. You choose how you want to invest and how much of your money you want to go into each type of account. Please note that Traditional and Roth 401(k) employee deferrals contribute to the same cap limits. Please see the Fidelity Roth 401(k) information sheet for details. If you saved money in a savings account or brokerage account you would have to pay taxes on your interest or dividends at the end of the year. With a 401(k) plan, your earnings are rolled back into the plan and don't have to be listed as income on your tax return.
See below for a few of the top reasons you should not miss out on this important benefit!