If your company has 401k must you go through them or can you get it independently?

Answer 1

401(k) is an employer sponsored program. You have to enrol through them to participate. But if you want to go independently, then you can open an IRA (Traditional or Roth). There are plus and minus to both.

In most of the cases, 401(k) offers only a limited choice of mutual funds. And my experience and discusssion with friends tells me that in most cases these mutual funds are junk. But if your employer matches your contribution, then it makes sense to put money in 401(k) get that "free, extra" money from your employer

If your employer does not match it, then I would recommend going for an IRA. with IRA, you are free to put money anywhere. You can put money in any stock, mutual fund, bank CD, Gold, Real Estate (ideally yes, but practically a big complicated process).

You can put $4000 for 2006 in IRA. If you are married, you can put another $4000 on your wife's name. Even if she is not working, still you can put that amount on her name.

Bottomline:
If employer matches 401(k), then put money in 401(k).
Else first put money in IRA. After, you have put $4000 in IRA (or $8000 if married), then think of putting additional money in 401(k)

Answer 2

If you go through someone else it wouldnt be called a 401(k), that would be like an IRA or Roth IRA. You may want to see what advantages your company 401(k) plan offers, many companies do match your contributions and sometimes even make a profit sharing contribution. Check the companys summary plan description for your 401(K) requirements.

Answer 3

Unless you have your own business, solo 401k,sep-ira,keosh plan are reserved for small business owner.
In your case, you have to go through your company
to get independently, open your own business,open IRA for yourself,like Roth or traditional

Answer 4

Yes you do, but some companies offer alternatives. My employer lets us choose between two mutual fund companies, Tiaa-CREF or Aig VALIC.

Answer 5

No, it's not required. But, you will miss out on employer contributions.