A 401(k) can only be set up by an employer, not by individuals on their own like an IRA. The speaker uses Dunder Mifflin from The Office to show how employees need their company to create the plan for them. Self-employed people have different options coming next.
Yeah. Let me say 401k. Okay. Here's my basic is a 401k has to be created by a business or an employer. So like IRAs are individual accounts. Like congratulations, you're an individual, you can have an IRA. But 401ks, if you're just an individual, you can't go set up a 401k. A business has to create it for you. So think of Dunder Mifflin. You know, Dunder Mifflin has their 401k plan. Dwight Schrute couldn't go just set up a 401k plan for himself. Maybe he could have done it in Shruit Farms. We'll come back to that. But you know, Michael Scott, Michael Scott couldn't even do a, a 401k. Right. The company has to create it for the benefit of its employees. That's the first thing. It's the employer adopts it. Now if you're self employed, we got some awesome strategies. Stay tuned.
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