How To Open a 401(k) Without an Employer in 2025
How to best save for retirement if your employer does not offer a 401(k).
If you're looking to grow your retirement savings, a 401(k) can be a game-changer—but what if your employer doesn't offer one or what if you don't have an employer at all? Let's break it down and explore your options for securing a rock-solid financial future. The options will vary depending on if you are self-employed or just working for a business that does not offer a 401(k) or other retirement account.
A 401(k) is a tax-advantaged retirement savings plan typically offered by employers. Contributions are either pre-tax (Traditional 401(k)) or post-tax (Roth 401(k)), allowing your money to grow tax-deferred or tax-free, respectively.
Employers often provide matching contributions, which are essentially free money to boost your retirement savings. If nothing else, you should contribute at least enough to get the full employer match.
In 2025, you can contribute up to $23,500 to a 401(k) as an employee. If you are 50 or older, you can also make an additional $7,500 catch-up contribution. The limits are even higher if you have self-employment income.
Unfortunately, you cannot open a standard 401(k) alone; an employer must set it up. However, if you're self-employed, an alternative called a Solo 401(k) lets you take advantage of this powerful retirement-savings tool without a traditional employer.
Not all companies offer 401(k) plans, but don't let that stop you from achieving your retirement goals! Here are a few alternatives.
These individual retirement accounts allow tax-advantaged savings, though the contribution limits are lower than a 401(k).
While not tax-advantaged, investing in a taxable account gives you flexibility and access to a wide variety of investment options. This is also a great place to build toward financial freedom once you've already maxed out your other retirement accounts.
If you have freelance income, a Solo 401(k), SEP-IRA, SIMPLE IRA and Cash Balance Plans may be excellent alternatives.
If you don't have an employer or any earned income, you won't be able to contribute to a 401(k). Retirement accounts require earned income (salary, wages, self-employment earnings) to fund contributions. However, you can still invest in taxable accounts or consider spousal IRA contributions if your spouse has income.
You can fund an IRA or Roth IRA if you have earned income during a tax year, even if you no longer have an active job.
Absolutely! If you run a business or work as a freelancer, you can open a Solo 401(k) (sometimes called an Individual 401(k)). As far as tax-planning strategies for small business owners, this is one of my favorites.
This lets you contribute as both the employer and employee, potentially allowing for higher contribution limits than a traditional 401(k). For 2025, you can potentially contribute up to $70,000 into a Solo 401(k), plus the $7,500 catch-up contribution. Think of how much money this could save you on taxes over time.
Other options for self-employed individuals include:
While traditional 401(k)s require an employer to set them up, you still have plenty of ways to save for retirement, even if you're self-employed or working at a company without a plan. The key is finding the best fit for your financial situation and maximizing tax advantages.
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Yahoo
12 hours ago
- Yahoo
How to invest as a teenager: 4 steps to get started
Investing as a teenager can help you get a head start on building wealth, and more time in the market often leads to higher long-term returns. There are several types of investment accounts teens can set up (with adult supervision) to buy stocks and funds, including custodial Roth IRAs. Teenagers don't need a lot of money to get started, thanks to low brokerage account minimums and the availability of fractional share investing. There are no age limits to investing, so teenagers have the opportunity to start early and set themselves up for future success. The benefit of starting at a young age? More time in the market, which has historically shown to lead to higher long-term returns. However, getting started is often the hardest part. While everyone's investing journey will look different, there are a few basic steps that teens and their parents can take to get a successful start on growing wealth for the future. Many people don't start investing until they're in their 20s or 30s. But getting a head start comes with distinct advantages. Investing early can help you develop financial literacy skills, learn about risk management and build a strong foundation for future financial success. Other benefits of investing as a teenager include: Time in the market: With time on your side, you can leverage the power of compounding to grow your investments significantly over the years. Higher potential returns than savings: Investment returns can outpace the interest earned in a traditional or high-yield savings account, leading to faster wealth accumulation. Cushion against inflation: Investments can provide returns that outpace inflation, preserving the purchasing power of your money. Creates good financial habits: Investing early can help instill good financial habits, such as regular saving and long-term financial planning. Higher risk tolerance: A longer investment horizon allows for a higher risk tolerance, potentially leading to higher returns. Learn more: Best investments for beginners Most teens can't directly open their own brokerage accounts — typically, you need to be at least 18 years old for that. But with the help of a parent or guardian, teenagers do have a way to start investing in the markets. Here are four steps to get started. Before you start investing, you'll need to understand the basics. This includes learning about different types of investments, including stocks, bonds, mutual funds and exchange-traded funds (ETFs). It also means understanding key investing concepts like risk tolerance, diversification and compounding. There are many resources available to help you learn about investing, from books and online courses to investment games and financial news sites. Identify what you hope to achieve with your investments. Are you saving for a big purchase like a car, college tuition, a home of your own or just aiming to grow your wealth? Having clear goals will guide your investment decisions and help you choose the right investments. Remember, investing is not about getting rich quickly but growing your money over the long term. For short-term goals, a high-yield savings account might be more appropriate. To start investing, you'll need a brokerage account, a type of account that allows you to buy and sell investments. If you're under age 18, you'll need a parent or guardian to open a custodial brokerage account on your behalf. The money and control of the account transfer to you when you reach legal age (18 or 21, depending on the state). Your main account options are: Custodial IRA: If a teen has earned income from a job, they can use some of that money to invest alongside an adult in a custodial Roth individual retirement account. A 529 plan: 529 plans provide tax advantages for savings that are intended to be used to pay for education expenses. Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts: These accounts are often used to save for educational expenses, but they have fewer restrictions about how you use the funds than 529 plans. Joint brokerage account: With this option, the adult and teen co-own the account, so it is not technically a custodial account. Because it offers no tax advantages like IRAs, 529s, UGMAs and UTMAs, there are no restrictions on how much money you can contribute and when you can access it. Compare your options: Differences between 529 and UTMA/UGMA accounts When choosing a custodial account, consider factors such as fees, investment options and customer service. The best online brokers offer account features such as no minimum deposit requirement, no account fees and no commissions for online stock and ETF trades. Some brokers offer accounts specifically designed for minors. 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Politico
13 hours ago
- Politico
IRA incentive boosters take to the airwaves
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The presidential transition and flip in control of the Senate can ripple into K Street bottom lines, with one-person firms especially susceptible.' — Still, 'more than 50 solo shops reported revenue of $1 million or more last year, according to a Bloomberg Government analysis of federal lobbying disclosures, accounting for nearly $80 million in fees.' INSIDERS, TRADING: 'As markets tanked in the wake of President Trump's 'Liberation Day' tariffs in early April, members of Congress and their families made hundreds of stock trades, shining a spotlight on a controversial practice that some lawmakers have pushed to ban,' according to the Wall Street Journal's Katy Stech Ferek, Jack Gillum, James Benedict and Gunjan Banerji. — 'From April 2, when Trump launched the sweeping tariffs, to April 8, the day before he paused many of them, more than a dozen House lawmakers and their family members made more than 700 stock trades, according to a Wall Street Journal analysis of disclosure filings.' 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The trade group was slated to meet with more than 40 offices on the Hill, including leaders in the House and Senate and on key committees. — And more than 1,000 homebuilders were fanning out across Washington for a fly-in focused on several priorities of the National Association of Home Builders, including loosening energy standards for new homes and addressing workforce shortages. — Tax policy was also expected to be front of mind in the group's more than 250 meetings on the Hill and with the Trump administration: NAHB is pushing for an expanded low-income housing tax credit, fewer SALT cap restrictions and the preservation of clean energy tax credits. — Leaders from the convenience services industry will be on the Hill tomorrow, but the National Automatic Merchandising Association will kick off the fun with a pop-up micro market at tonight's Congressional Baseball Game. SPOTTED at a reception hosted by the Alpine Group celebrating the recent opening of the firm's new Dallas-Fort Worth outpost, per a tipster: Keenan Austin Reed, Barry Brown, Rhod Shaw and Greg Walden of Alpine Group; Pat Shortridge of TrailRunner International; Stewart Hall of PPHC; Reps. Beth Van Duyne (R-Texas), Marc Veasey (R-Texas), Brandon Gill (R-Texas) and Jodey Arrington (R-Texas); Katie Vincentz and Russell Thomasson of Arrington's office; Andrew Leppert of Gill's office; Ryan Dilworth and Brayden Woods of Van Duyne's office; Tasia Jackson of House Minority Leader Hakeem Jeffries' office; Mark Longoria of Rep. Michael Cloud's (R-Texas) office; Matt Esguerra of Rep. Lance Gooden's (R-Texas) office; Karen Navarro of Rep. Monica De La Cruz's (R-Texas) office; Raven Reeder of Del. Eleanor Holmes Norton's (D-D.C.) office; Hayden Upchurch of Rep. Nathaniel Moran's (R-Texas) office; Jianna Covarelli of Cornyn's office; Emily Stipe of Vistra Corp.; Nick D'Angelo of Eaton Corp.; and Drew Wayne of Siemens. Jobs report — Doug Sellers has joined the advisory board at BGR Group. He's a senior counselor at Palantir and was a special assistant to Trump during his first term and served as White House associate staff secretary. — Adam Minehardt is joining Chainlink Labs as head of public policy. He was previously a principal at FS Vector. — Connor Rabb has joined the National Association of Manufacturers as senior director of tax policy. He was previously a legislative assistant for Rep. Randy Feenstra (R-Iowa). — Sabrina Singh is joining Seven Letter as a partner. She most recently was deputy press secretary at the Defense Department and is a Kamala Harris alum. — Tom Corry is joining Rubrum Advising to launch a government affairs practice at the firm. He was most recently managing director of Corry Advisors and was previously assistant secretary for public affairs at HHS and senior adviser to former Centers for Medicare & Medicaid Services Administrator Seema Verma. — Jennifer Short has joined Capital Park Partners as an adviser. She was most recently a senior military assistant to the secretary of Defense in both the Biden and Trump administrations and is an Air Force veteran. — Sam Varie is joining the Australian Embassy as U.S. media and external relations manager. Varie was previously communications director for Rep. Joe Courtney (D-Conn.). — Karina Lubell will be a partner at Brunswick Group. She previously led the competition policy and advocacy section at DOJ's Antitrust Division. — Ashley Moir has launched Ashley Moir Media, a PR company with booking services, media training and comms strategy. She most recently was director of national broadcast operations at Deploy/US and is a former senior booker at Fox News. — Gopal Das Varma is now a vice president at Cornerstone Research. He previously was vice president at Charles River Associates and is a DOJ Antitrust Division alum. — Allison Rivera will be vice president for government and industry affairs at the National Grain and Feed Association. She most recently was executive director of government affairs at the National Cattlemen's Beef Association. — Steven Ferenczy has joined the American Council of Life Insurers as assistant vice president for paid leave policy and implementation. He was previously a first vice president and compliance consultant at Alliant. — Richard Johnson has joined OpenAI as its national security risk mitigation lead, Morning Defense reports. 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Dc Advocacy, LLC: Logistec Marine Services Ulc Fgs Global (US) LLC (Fka Fgh Holdings LLC): Six Continents Hotels, Inc. Franklin Square Group, LLC: Fiat Chain Holdings LLC Holland & Knight LLP: Wood Mackenzie Invariant LLC: Oldendorff Carriers USa, Inc. King & Spalding LLP: Lifegift Kyowa Kirin, Inc: Kyowa Kirin, Inc Leavitt Partners, LLC: Orchard Therapeutics North America Mercury Public Affairs, LLC: Novant Health, Inc. Pillsbury Winthrop Shaw Pittman LLP: Flashpoint Intelligence Polsinelli Pc: Clairity, Inc. Resolution Public Affairs, LLC: Jp Morgan Chase Holdings Rutledge Policy Group, LLC: Brownstein (Bhfs, LLP) Obo Apollo Global Management Sorini, Samet & Associates, LLC: Popp Forest Products Inc. Stapleton & Associates, LLC: Intellisense Systems, Inc. Steptoe LLP: Early Warning Services, LLC Stoick Consulting, LLC: Resident Home, Inc. Sullivan Strategies LLC (Fka Sb Capitol Solutions): Vontier Business Services, LLC New Lobbying Terminations Brownstein Hyatt Farber Schreck, LLP: Vector Group Ltd
Yahoo
15 hours ago
- Yahoo
Arizona's GOP delegation chose tax breaks for billionaires over clean energy jobs and public health
Photo by iStock / Getty Images Plus As a registered nurse with over 25 years of experience serving vulnerable communities across Arizona — in school clinics, long-term care facilities, and public health programs — I've dedicated my career to helping people live healthier, safer lives. I've worked with families struggling to find affordable care, seniors battling chronic health conditions, and children suffering from asthma worsened by air pollution. That's why I was deeply disappointed to see Arizona's Republican delegation in the U.S. House of Representatives vote in favor of what President Donald Trump is calling a 'big, beautiful bill.' There's nothing beautiful about it. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX This bill would add $3.8 trillion to the national debt in order to give massive tax breaks to billionaires — at the direct expense of hardworking Arizonans. Reps. Andy Biggs, Juan Ciscomani, Eli Crane, Paul Gosar and Abe Hamadeh shamefully supported this reckless plan, which guts essential programs that keep people healthy and safe. (Rep. David Schweikert slept through the vote, but said he would have backed it.) That includes slashing Medicaid and food assistance that countless Arizona families rely on. It also repeals clean energy investments made possible by the Inflation Reduction Act (IRA). These programs are creating jobs, improving air quality, helping combat Arizona's extreme heat and lowering energy costs for our communities. In just two years, the IRA has created nearly 19,000 clean energy jobs and generated $12.75 billion in investment for Arizona. These are real, tangible opportunities, especially in rural and underserved areas, where job growth and energy affordability are most needed. Rolling back these investments would halt progress, increase electricity bills, and eliminate job opportunities in Arizona's growing clean energy sector. This is particularly dangerous in a state like ours, where the climate impacts are not some distant threat, but our day-to-day reality. Arizona just experienced one of the hottest years on record, and extreme heat is now a leading cause of weather-related deaths. Seniors are especially vulnerable, and many already struggle to pay rising utility bills. Repealing clean energy incentives would worsen those burdens, put lives at risk, and raise energy costs by nearly $400 per household. Our summers are growing longer and hotter, and Arizona is home to some of the fastest-warming cities in the country. Heat-related illnesses have been increasing in tandem with these extreme events. This kind of heat can cause a range of serious health issues, from dehydration and exhaustion to life-threatening conditions like heatstroke. It also worsens chronic illnesses like heart and lung disease, which are common among older adults. Rising temperatures have also been linked to increased mental health challenges, including anxiety, depression, and even suicide. As extreme heat events become more frequent, health leaders and policymakers must take action now to protect both physical and mental well-being through informed, climate-resilient strategies. These clean energy investments are also key in reducing utility bills by making homes more energy-efficient and expanding access to affordable, clean energy. Through rebates, tax credits, and incentives for home upgrades such as insulation, heat pumps and solar panels, the IRA empowers families — especially those in low-income and historically underserved communities — to reduce their energy consumption and save money each month. As climate-driven extreme heat becomes more frequent and severe, adopting stronger building codes and fully implementing IRA programs are essential to building resilience, protecting vulnerable communities, and easing financial burdens for those most at risk After a lifetime of work, our elders deserve dignity, not heatstroke and financial insecurity. As older adults, we also have a responsibility to protect future generations. Our choices today will determine whether our grandchildren inherit livable communities or face even more deadly heatwaves and health crises. Arizona's decision-makers should be fighting for policies that protect public health, economic security and our environment, not handing out tax breaks to billionaires while our communities suffer. The 'big, beautiful bill' does exactly the opposite. It's an attack on the people I've spent my life caring for — families, seniors, and those most vulnerable to both economic and environmental injustice. We deserve better. Arizona deserves leaders who will put people over profits and prioritize a healthier, more just future for all. SUPPORT: YOU MAKE OUR WORK POSSIBLE
