my employers 401k does not allow long calls / puts what choices i have?

IB will let you trade long options and spreads. I trade long ops all the time in my IRA at IB.

https://ibkr.info/article/2187

"
Trading on margin in an IRA account
IRA accounts, by definition, may not use borrowed funds to purchase securities and must pay for all long stock purchases in full, may not carry short stock positions and may not hold a debit cash balance (in any currency). IRA accounts are eligible to carry futures and option contracts. In addition, IB offers a specific form of IRA account referred to as a “Margin IRA” that allows the account holder to trade with unsettled funds, carry American style option spreads and maintain long balances in multiple currency denominations."

 

But be aware that IB's auto-liquidator will very ham-fistedly close trades to relieve any margin violations that show up. Even violations that are caused by bogus quotes. An ET member recently had to go to arbitration when he got closed out of part of a large spread position.

 

an IRA is not the same as a 401k

 

ERISA really doesn't prohibit any particular instrument(s) or form of trading. Borrowing is an issue.

 

Yeah, that's why I said to open a separate IRA. When the OP changes jobs or retires, he can roll the 401 to a tradable IRA setup, if desired.

 

I might do that if i change my job. I see IRA vs 401k differences is mainly former is individual ret. plan vs. other one is employer sponsored. I am assuming from tax POV, there is no other differences? I assume gain made in IRA is not taxable until retirement right? as well as withdrawal penalty are also same? Thanks.,

 

My employer uses Fidelity and I can't even trade stocks through my "BrokerageLink" 401k.

 

that sucks, have you tried applying?

 

I talked to 'em the benefit admins, they won't even allow to roll into IRA while I am working. I dont know lobbying will have an effect. I can definitely ask around, but the organization is huge (200$ billion company), i doubt voice of a one guy and little guy will make any different lol.

 

Yeh, I called up the Fidelity Customer support and they confirmed that my company doesn't allow buying individual stocks. Although I can trade ETFs so I've basically turned it into my SPY buy and hold account. Too bad though. Wish I could sell options in that account although the commissions would probably be so high that it wouldn't be worth it.