How To Set Up A 401K? 
A 401 -LRB- k -RRB- plan is a tax favored retirement program established by an employer for the benefit of the employees . Individuals can establish Individual Retirement Accounts -LRB- IRA -RRB- to accomplish the same for their retirement in a tax favored manner . The investments for their 401 -LRB- k -RRB- or an IRA may be available outside the plan , some , annuities , retain some of their tax advantages and can assist a person in augmenting their plan to retire . 