Any mutual fund company should be able to set it up where money is periodically taken from your checking account. I've personally done this through Janus and American Century. A great way to save. You pay taxes on income, moving money from your checking account and buying shares in a mutual fund is not taxable. The money in the checking account is already taxed when you got it from your employer.This would not be the same as a 401K since gains from the mutual funds would be taxable. If you did this in an IRA account then it would be equivalent. For all you need to know and more about IRAs head over to the Tax Strategies Area:http://www.fool.com/School/Taxes/Taxes.htmand check out this series:http://www.fool.com/Money/AllAboutIRAs/AllAboutIRAs.htmPatrick
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