What is the best way to open a 401(k)?
Does it cost me anything to start one?
This is an excellent question and a bit more information would be helpful.
When looking at opening a 401(k) and the cost associated with it you will want to evaluate the census of the company, would a Solo 401(k) be possible (would need only owners and their family members as employees), how much are you looking to defer annually and other factors.
A Solo 401(k), if an option can be extremely low cost for you to set up but you need to qualify.
I would also explore other retirement plan options, in addition to the 401(k), such as a SEP IRA and SIMPLE and make sure that the 401(k) is the best option for you. It would be wise to hire a fiduciary advisor to consult and advise you on your options based upon all of the facts of your situation.
Several low-cost brokerages and third-party administrators have very low/no cost solo 401 K’s for individuals. If you are looking to start a new plan for your company, there are several options available to keep costs down on a startup plan.