How do I open and manage my own 401k?

I'll be graduating college in May and be taking a job with an insurance firm. I'm well aware that this is prime time to start investing for retirement but I'm looking for some how-to help. My employer has a 401k plan that I need not contribute too and will still receive 15% of my base salary in contributions annually. I'd like to also personally contribute to my retirement plan but I do not want to be bound by their 401k earnings.

Is it possible to open a second 401k in my name? If so, I would also like to manage it myself.

I have an account with TD ameritrade and a do a bit of day-trading. Can you day-trade with 401k contributions?

How and what firms would you recommend to do this with?

Public Comments

1. Only an employer can establish a 401k pension plan. You are bound by its rules. (Now, if you're self-employed, you can establish your own plan.)

Given your youth, I would recommend that you contribute the maximum amount available to your 401k plan through your employer. Choose an investment option equivalent to cash or cash equivalents. Be thrilled with a positive 1% annual return on the contributions.

By the time you're ready to retire, you'll have a ton of money.

2. It is not possible to open a"second" 401(k). 401(k) plans are EMPLOYER plans. What you can do is open an IRA.

3. You DON'T. A 401(k) is an employer sponsored plan. What you CAN do is open an IRA (Individual Retirement Account). It is basically the same thing for individuals.