2007-01-16 23:07:27 · 6 answers · asked by vaneeka g 1 in Business & Finance ➔ Personal Finance
you can't
2007-01-16 23:10:24 · answer #1 · answered by an_articulate_soul 4 · 0⤊ 0⤋
You can't get a 401k without being part of a company. A 401k is a salary deferral program. If you don't have a salary, you can't defer it.
You can open an IRA or a Roth IRA. An IRA has the advantages of a 401k in that you can deduct it and pay less taxes. But it also has much lower contribution limits ($3000 in a year, 401k is $15,500 in a year). A Roth IRA doesn't give you an immediate tax advantage, you get the tax advantage when you take the money out of your Roth.
Your question doesn't give a lot of info. If you aren't part of a company, but you do want to defer taxes on your income, maybe you are self-employed. In that case, you can still get a IRA, but you also have options like a Keogh, PSP, and an individual 401k.
2007-01-17 02:05:53 · answer #2 · answered by Quixotic 3 · 0⤊ 0⤋
All you need to do is contact a financial advisor. The best way to find one you can trust is to talk to people you know and have them recommend someone. You don't have to be a part of any company to have a 401K. A good place to start is your personal banker. The bank where I work has a financial advisor we refer people to. If you are in Wisconsin by any chance, e-mail me and I'll try to help you more.
2007-01-16 23:11:55 · answer #3 · answered by ginabgood1 5 · 0⤊ 0⤋
you can get a Roth IRA to save for retirement on your own, but a 401k is offered by an employer for the benefit of its employees. a company can't offer that service to the general public. the Wisconsin girl seems a little mixed up on this.
2007-01-16 23:22:46 · answer #4 · answered by njyogibear 7 · 0⤊ 0⤋
If you are self employed you can open an Individual 401(k) with any financial institution (bank, brokerage, etc.).
If you are not self employed, then you can't open an Individual
401(k), and if your employer doesn't offer a 401(k) then I'm afraid you're not eligible for a 401(k).
Consider using an IRA if you can't get a 401(k).
2007-01-17 03:29:04 · answer #5 · answered by derek 4 · 0⤊ 0⤋
You can start an individual IRA with any reputable company. I know even banks are selling financial services.
A good place to check would be Vanguard because they have no load and low fee accounts.
2007-01-17 01:01:09 · answer #6 · answered by parsonsel 6 · 0⤊ 0⤋