There are many ways to save up for retirement, but there is perhaps no better way for most Americans to do so than by starting a 401(k). While it's common knowledge that many employers provide this as a benefit to their full-time employees, it's a little known fact that those who are self-employed or otherwise lacking full-time employment are able to start their own solo 401(k), also sometimes known as an individual 401(k). That said, it is important to only go with a reliable and experienced provider to set up a 401(k). This is in order to make sure it will be set up properly, doesn't cost an arm and a leg to maintain, and can be potentially transferred in the event that full-time employment through a company with an established 401(k) program is reached. The best providers on the market right now are Charles Schwab, Fidelity and E-Trade. Keep reading to learn more about each one and other people's experiences with them. 

The Charles Schwab Solo 401(k) plan is a great option because it offers its prototype for free and then only $4.95 per trade with no annual maintenance cost for the plan. Charles Schwab does only offer traditional IRA contributions (as opposed to also allowing Roth IRA contributions, which are not deductible but can be held for as long as possible after age 70), but this is still good because they are deductible. The investment options here are also numerous, including  commission free ETFs and mutual funds through Vanguard. Now, the rollover options here are a bit complicated and require extra steps, but they are not impossible, and all of this still makes Charles Schwab one of the best options around.

The truth about Fidelity is that while it does not necessarily offer a "full service" 401(k) plan for individuals, the plan it does offer is low cost and has a lot of the great amenities that other plans do. While it also doesn't offer a Roth investment option or many loan options, Fidelity's solo 401(k) plan does offer an extremely broad range of investment options. Rollover options here both in and out of the plan are also broad and comparatively simple to do, and there is also no annual maintenance fee for this plan. Like Charles Schwab, the cost per trade is also set rather low, at only $4.95 per one. Also like Schwab, Fidelity has high recognizability through the financial and business communities, and it has developed a reputation for being reliable. 

Believe it or not, E-Trade offers one of the best 401(k) options around today. Offering both Roth and Traditional IRA investments, the E-Trade solo 401(k) also allows easy rollovers both in and out of the plan and no setup fees. The range of investment options here are vast, although one of the few downsides is that the trade fee is a little higher than its counterparts at $6.95 per trade (though there are additional options through no-fee mutual funds). Still, the benefits with this plan outweigh the minor downsides, and this is a great option for many. Like Fidelity and Charles Schwab, there is no annual maintenance fee.