Retirement Calculator
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Projection
Assumes monthly compounding at 7% annual return.
Retirement Calculator FAQ
What retirement options do freelancers have?
Freelancers can use Solo 401(k), SEP IRA, SIMPLE IRA, or a personal IRA. Each has different contribution limits and tax benefits. A Solo 401(k) is great for high earners, while a SEP IRA is easy to set up with high limits.
How much should I save for retirement?
A common rule is to save 15-20% of your income. As a freelancer, aim to contribute the maximum allowed for your chosen retirement account type. Our calculator helps you project growth over time.
What is a SEP IRA vs Solo 401k?
\nA SEP IRA allows contributions up to 25% of net self-employment income, with simple administration. A Solo 401(k) lets you contribute as both employee and employer, potentially allowing higher total contributions, especially if you are over 50. A SEP IRA is simpler with higher contribution limits for employees; a Solo 401(k) offers more flexibility if you have no employees. For full details, read 2026 Freelance Tax Deductions.