What acts like a 401K - where I can be in control of the money?

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Something about the idea that my cash is locked until I'm an old man is unsettling.

Quick financial brief -

I try to save about 20% of my bi-monthly cheques. But the effort seems futile as I have about 15K of school loans I'm trying to pay back.

If I save 20% - Couldn't I put that into an account that acts sort of like a 401K but I'm in control of how much money I can put in... how often I put it in... when I take it out (not that I will).

Or am I missing something about the 401K? My company doesn't match at this time.

What acts like a 401K - where I can be in control of the money?

Go with a Roth IRA. It's after-tax dollars, which is good if you plan on having a higher salary in the future. You choose what to invest in (stocks, bonds, etc etc) and you only pay a penalty for taking out your earned interest early.

You can only contribute 5000 a year, but you can contribute 4000 for the year 2007 if you do it by April 15...so you can put up to 9000 in it today.

Check out vanguard, they have good IRAs.

What acts like a 401K - where I can be in control of the money?

You could also contribute to your personal Traditional IRA or a Roth IRA (the roth contributions do vary by what you claim for income). IRA or Individual Retirement Account, places the owner in control, not your company. Currently the 2008 contribution limits state that if your under 50 you can contribute $5,000 a year into the IRA's and if your over 50 you can contribute an extra $1,000 catch-up.

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What acts like a 401K - where I can be in control of the money?

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