Not everyone works for a company that supplies its employees with 401k retirement plans. Many companies simply do not offer them. Other people may be independent contractors or small business owners. Whatever the case, many people may be interested in setting up a 401k plan on their own. The benefits, like being able to contribute more than a standard IRA, may be attractive to many people saving for their retirement. Below are a few steps you can follow to set up your own 401k plan without the assistance of an employer. First, you will need to find an administrator for your 401k plan. Different 401k administrators may have different specialties. For example, if you are a small business owner, you should find an administrator that specializes in small businesses. Such an administrator should be able to be found at a brokerage firm or bank. Next, you should consider whether or not a 401k plan is the best solution for your retirement planning. The administrator should be able to help you decide this. For example, an IRA may actually be a better option depending on your financial situation. If you do stick with a 401k plan, you also need to decide what kind of 401k you want to set up. There are two options. These are Roth 401k retirement plans and traditional 401k retirement plans. Anyone considering setting up a 401k plan should be educated on both. The main difference between the two is how each plan taxes the growth produced by the funds put into the plan. The next step is to finish and submit all the required paperwork to set up the 401k retirement plan. Information that will need to be included in this paperwork includes information on your company, the exact tax structure the plan will use as well as the plan's adoption agreements. Once all the necessary paperwork has been completed, it should be signed and then submitted. Contributions into the plan can then be made. However, there are certain restrictions. How much a person can contribute to such a plan depends on that person's income level. This always means having to earn more income than what was contributed into the plan during a certain part of the tax year.