Today’s marketplace offers lots of choices in terms of retirement planning vehicles. The 401(k) (or 403(b) for the nonprofit sector) and Individual Retirement Account (IRA) are two of the most common. While they share some similarities, the differences are more important for the impact they could have on the growth of your retirement funds. However, though the differences are clear, the question of which type of account is better does not have a clear answer. As you will see below, some features of the accounts may be perceived by some as advantages and as disadvantages by others. Investment preferences and retirement are personal matters, so you should weigh the options carefully before you choose an account that makes the most sense for you. In fact, if you can afford to contribute to both types of accounts, you should do so to round out your investment portfolio.

There is also a down side to these tax benefits. If you withdraw money from your IRA or 401(k) before you reach age 59 (and one half!), you will not only have to pay tax on the amount you withdraw, but will most likely be stuck with an early withdrawal penalty as well. The safest route is to not touch these accounts until you retire. If you must tap these funds, do so only with the advice of a tax professional so you are not surprised by unpleasant notices from the IRS come April 15.

The biggest difference is simply that a 401(k) is offered as part of an employee benefits package, while an IRA is owned and administered by the individual account holder. This difference accounts for one of the major advantages of a 401(k) over an IRA: your employer usually matches your contribution to your plan up to a given percentage. For instance, if your contribute 2% of your pay to your 401(k) each pay period, your employer might match your contributions, essentially doubling your money. For many people, this benefit alone is reason enough to choose a 401(k) over an IRA if they must choose one or the other.
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In the “post-crash” environment, businesses are increasingly looking for ways to cut costs while maintaining quality.  By outsourcing work to an office center or even an offshore outsourcing center is seen as a viable way of achieving this. 

Businesses are increasingly embracing the benefits of outsourcing which include lower payroll costs or more efficient use of capital.

The information technology field is perhaps uniquely suited to outsourcing.  The improved performance of the Internet now means that the firm “networked” systems can be remotely accessed from most parts of the world, opening up the possibility of outsourcing IT work to an offshore IT outsourcing center.

Outsourcing IT functions with cheaper labour costs has proven popular with firms seeking to minimize their exposure to the high labour costs and markets such as the US.  A further potential of outsourcing is that of “centralization”, namely the offshore IT outsourcing center may have greater resources available to it than the company doing the outsourcing.  This could lead to improved service in the form of faster and more useful responses.

“Virtual office solution” is another key element of the outsourcing trend.  Virtual office solution has the potential to generate significant cost savings, whether or not the work is being outsourced “offshore”.

Virtual office outsourcing usually involves delegating administrative or clerical tasks to specialized staff in the outsourcing center (tasks such as call-handling, scheduling and accounts payable). This allows you to free up existing staff to more high priority or value-creating activities.

While some may see outsourcing work as questionable on ethical or moral grounds, it may be necessary for the viability of your business as the money that is saved by sending IT and other work to an offshore outsourcing center may be what helps keep your business afloat, saving your job and other jobs. In these recessionary times, tough calls like outsourcing present situations where one must sacrifice the few for the well-being of the many.

While outsourcing has many benefits, there also exists some downsides.  Only about half of all businesses that use outsourcing are satisfied by it. Outsourcing is a two-way process, it requires competence not only on the part of the outsourcing entity but effective management, planning and oversight from the firm where the work originates.

Outsourcing is a complicated business, and one which many firms are just starting to become familiar with.This is why it is highly recommended that firms which are inexperienced with the process gain expert advice while attempting to outsource.This expert advice is necessary for your outsourcing outfit to run smoothly and keep the quality of your businesses output constant.