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Retirement savings when you're self-employed

SEP IRA, solo 401(k) or a regular IRA.

5 min read

Without an employer plan, saving for retirement is up to you. Self-employed retirement plans can also lower your taxes.

Common options

Traditional or Roth IRA: simple, with lower yearly limits
SEP IRA: easy to set up, contributions based on your net self-employment income
Solo 401(k): for self-employed people with no employees (other than a spouse), often allowing higher contributions

Even a small percentage of each payment, moved automatically, adds up. Contribution limits change yearly; check IRS.gov.

General information, not investment or tax advice. Pocket Change Pros isn't paid by any bank, software company or tax service.