do you provide retirement plans for your nanny

[kcampbell]

Hi all,

Was just curious if this was possible, and so, if anyone can provide more information on setting up an IRA or 401K for their Nanny and information on matching, close to the employer per month, etc.

Thanks everyone,

[Anonymous]

Following. This is a great idea.

[Anonymous]

I know GTM Payroll Services - which does nanny taxes/payroll - offers 401k plans for nannies.

[Anonymous]

Yes. My husband helped her set up an IRA and we give her $200/month towards it.

[Anonymous]

I thought about it, but my nanny was in so much debt that we just made her hourly rate as high as we could. I considered the idea of "nudge"ing her to save for retirement by setting something up, but it seemed destined to fail. It would have only amounted to a few thousand dollars over the time she was with us, and I anticipated her raiding it multiple times to pay for other things.

We paid her entire health care premium, and also did some 0% loans for a car loan, apartment deposit, and cc payoff over her four years with us.

Had she been on firmer financial ground to start with, this was something I had considered. It made me really think about how to weigh the value of saving for retirement vs. paying off debt in a way I hadn't before.

[Anonymous]

Why are you looking into providing retirement plans for your nanny, if you're unhappy with her and looking to fire her without severance?

http://www.dcurbanmom.com/nanny-forum/posts/list/349398.page#3291562

Similarly, you've asked about providing health insurance:
http://www.dcurbanmom.com/nanny-forum/posts/list/349355.page#3291378