How to open and maintain your 401(k)
Expert Advice ı By Sean Corliss
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What if I don't have access to a 401(k)?
If you don't work for a company that offers a 401(k), you can save for retirement using one or more of these other accounts:- 403(b): A 403(b) is similar to a 401(k), but it's available only to public school employees, select ministers, and employees of tax-exempt organizations.
- SIMPLE IRA: A SIMPLE IRA is designed for self-employed individuals and small business owners. It offers fairly high contribution limits and has mandatory contribution requirements for employers.
- SEP IRA: A SEP IRA is available to self-employed individuals with or without employees. Contribution limits depend in part on annual income.
- Solo 401(k): A solo 401(k) is simply a 401(k) that a self-employed person can open for themselves. Contribution limits are higher than for traditional 401(k)s because you can make contributions as both employee and employer.
- IRA: Anyone can open and contribute to an IRA if they're earning income throughout the year, but these accounts have more restricted contribution limits.
How to maintain your 401(k)
While you shouldn't worry about your 401(k) daily (or even weekly), you must regularly revisit it to determine if you need to make any changes to your contribution amount or to your asset allocation. Check-in at least once or twice per year or following any major life event that could affect your finances or retirement plans such as if you get married or have a child.
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