Charles Schwab’s retirement investment options include individual 401k accounts, SEP and SIMPLE IRAs, personal defined benefit plans, small business plans and company retirement accounts. You can take advantage of a number of these accounts without minimum deposits or opening fees.
One of the biggest drawbacks to Charles Schwab’s retirement planning products is that many of them are limited to employer-based funds. The company offers several 401k plans for small businesses, including a plan designed for individuals who own their own business and have no employees. Some of the IRA funds offered by this retirement investment company are also designed for small businesses, which limits your investment options if you are seeking an individual solution.
Charles Schwab also offers other types of funds to help you save for the future and grow your wealth. You can select from annuities, mutual funds and life insurance, or opt for a trust account that helps you plan for the future while protecting your assets from taxes and creditors. You can select a brokerage account with additional money management services, but added service does mean extra expense.
In addition to working directly with a broker, you can access Charles Schwab retirement products via a web login. If you need assistance with products or services, other access options include phone and email. Charles Schwab also has a large network of offices and brokers across the country, making it likely that you can find someone to help you face-to-face if desired.
This retirement investment company provides some helpful tools on its website, including savings calculators, articles on investing and documents regarding fund performance. Professional financial commentary and news articles are provided for those who want to remain educated on general economic outlooks, and you can view specific information about any plan before making an investment in it.
While Charles Schwab doesn’t charge any maintenance fees on a number of its IRA accounts, each type of fund comes with a different fee and expense structure, which is something to keep in mind during retirement planning. Most of the company’s IRA accounts require a $1,000 minimum to open, but you can open a custodial IRA with just $100. Opening fees for other types of accounts can range as high as $1,000, and some funds feature trade-based or commission expenses.
Charles Schwab offers a number of disbursement options. You can take advantage of direct deposits into Schwab bank accounts or, for a fee, transfer money to an account with a separate institution. Receiving money via a check may also come with a fee. The cost of disbursements may be outweighed by the large selection of products, particularly for small business owners planning for retirement.