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Freelancer Retirement Savings Calculator

No employer 401(k) match? No problem. This calculator shows you how much to save monthly to hit your retirement goal — and the best account types for freelancers.

Savings Goal Calculator

Plan how much to save each month to hit your target

High yield savings accounts currently offer 4-5% APY

Progress to Goal10%

$5,000 of $50,000 saved

💰Monthly Contribution
$1786.71
🏦Final Balance
$50,000
💵Total Contributions
$42,881
📈Interest Earned
$2,119
Goal$50,000
Current Savings$5,000
Remaining to Save$45,000
Monthly Contribution$1786.71
Total You'll Contribute$42,881
Interest Earned$2,119

Uses future value of annuity formula for monthly compounding. With 0% APY, simply divides the remaining amount by months. APY is assumed to compound monthly at 1/12 of the annual rate.

Budget Tool
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Plan Your Financial Future Today

Retirement planning starts with knowing your numbers. This budget planner helps you allocate savings, track contributions, and visualize your path to financial freedom.

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Frequently Asked Questions

How much should a freelancer save for retirement?+

Aim for 15-20% of net income. Since you don't get an employer match, you may need to save more than traditional employees. A SEP IRA lets you save up to 25% of net self-employment income (up to $70,000 in 2026). A Solo 401(k) allows even more with employee + employer contributions.

What is the best retirement account for freelancers?+

SEP IRA: Simplest, contribute up to 25% of net SE income (up to $70k). Solo 401(k): Highest potential contributions with employee + employer portions, plus Roth option. Traditional/Roth IRA: Lower limits but Roth provides tax-free withdrawals. Most freelancers use a SEP IRA for simplicity or a Solo 401(k) for maximum savings.

Can I deduct retirement contributions as a freelancer?+

Yes. SEP IRA and Solo 401(k) contributions are deductible from your income, reducing both income tax and SE tax. A $10,000 contribution saves you $2,200-$3,200 in income tax plus $1,530 in SE tax. This calculator shows the exact tax savings.

How much should a freelancer save for retirement?

Aim for 15-20% of net income. Since you don't get an employer match, you may need to save more than traditional employees. A SEP IRA lets you save up to 25% of net self-employment income (up to $70,000 in 2026). A Solo 401(k) allows even more with employee + employer contributions.