Question

Traditional and Roth IRAs are different from 401(k) plans because they are

Answer 1

Traditional and Roth IRAs are different from 401(k) plans because they are set up by individuals.

Step-by-step explanation:

401(k) plans are typically only available with an employer identification number (EIN). They cannot be set up by the individual themselves. Traditional and Roth IRAs do not require an employer's EIN.