Retire Rich: Best Options for Freelancers
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If you're self-employed and don’t have access to a traditional employer-sponsored 401(k), there are still several smart retirement savings options available. A SEP IRA allows you to contribute up to 25% of your net earnings, with a 2024 limit of $69,000. A Solo 401(k) is ideal for solo entrepreneurs, letting you contribute both as employee and employer—up to $69,000 total this year. The SIMPLE IRA is designed for small businesses with a few employees and allows contributions up to $16,000, with a catch-up option for those 50 and older. You can also open a Traditional or Roth IRA, which lets you contribute up to $7,000 annually—or $8,000 if you’re over 50. Starting early with any of these options gives you the benefit of compound growth and valuable tax advantages over time.
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