Originally Posted by
ToiletDuck
That might have been how it has been in the past. However with my TD waterhouse account I can start my own 401k. My brother-in-law says you can do it with fidelity as well. He uses them.
For TD waterhouse they just require a minimum of $2k in funds to deposit into it. Take a look. An IRA does not allow you to contribute as much as a 401k does. Perhaps that's why you can do it. Perhaps it's just setup with TD waterhouse?
Toilet Duck I know the difference between an IRA and 401.
You cannot open an 401K for yourself .....Unless you have your own business. If you have your own business than you can open what is called a
"SEP-401k" which is similar to what is called a SEP-IRA.
The maximum deposit limits are higher than a regular IRA or Roth IRA per IRS codes.
If you (or your Brother in Law) has their own business than yes you can open a SEP-401K. Your average Joe who works for Brand X making widgets cannot open up his/her personal 401.