The DIY Retirement Plan
Today we have quick access to resources like YouTube and Pinterest which provide us with step-by-step tutorials on everything from changing a tire to fixing the garbage disposal. Sometimes do-it-yourselfers get it right and other times we aren’t so successful, (like when I made a Lego cake for my nephew’s birthday).
Whenever DIY projects fail they can be costly and end up being more trouble than if we’d have hired a professional in the first place. Not only did we fork over money for supplies, we also spent hours researching and tinkering with the project. The same can be said for a retirement plan that faces discrepancies and a hefty set of penalties from the DOL or IRS, which far-outweigh the cost of hiring a professional.
The regulations surrounding retirement plans are complex not to mention, ever-changing. That’s where service providers like TriStar come in. It’s important to hire a professional to assist you in the administration of your retirement plan to avoid any potential fiduciary mishaps and to design a plan that fits your business needs.
So next time, I think I’ll leave the Lego cake up to my local bakery. What are some of your DIY fails? Let me know in the comments below.