Without employer-sponsored retirement plans, freelancers must take retirement savings into their own hands. Here’s how.

Why Freelancers Need Retirement Planning

  • No pension or 401(k) match from employer
  • Irregular income requires extra planning
  • Social Security may not be enough
  • Longer working years possible, but savings still essential

Retirement Account Options

Solo 401(k)

Maximum contribution up to $70,000 in 2025. Best for high earners.

SEP IRA

Contribute up to 25% of net self-employment income, maximum $69,000. Simple to set up.

SIMPLE IRA

Lower contribution limits but allows employee contributions. Good if you have employees.

Traditional/Roth IRA

Contribute up to $7,000 ($8,000 if 50+). Simple but limited contribution.

How Much to Save

Aim to save 20-30% of your income for retirement. If that’s not possible, start with at least 10%.

Tips for Success

  • Automate contributions
  • Start early, even with small amounts
  • Increase contributions when income rises
  • Use windfalls (tax refunds, bonuses) for retirement
  • Consider a financial advisor

FTC Affiliate Disclosure

This page contains affiliate links. If you click on a link and make a purchase, we may earn a commission at no additional cost to you. NUOBILINS only recommends products and services we believe provide value to freelancers.

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