Self-employed people have no automatic retirement savings. Learn the best account options in the US and EU with strategies for variable income.
Every retirement dollar must be deliberately set aside. Freelancers who build wealth do this; those who do not work until they cannot.
Solo 401(k): Contribute as employee ($23,000 in 2024) and employer (up to 25% of net income). Total potential: $66,000-69,000/year.
SEP-IRA: Simpler setup. Up to 25% net income, max $66,000. All pre-tax.
Roth IRA: $7,000/year after-tax. Tax-free growth and withdrawals.
Germany: Rentenversicherung voluntary contributions.
Netherlands: lijfrente.
UK: SIPP with 60,000 GBP limit and 25% tax relief.
15% of gross income toward retirement. At $80,000 income that is $12,000/year. Enough to build substantial wealth over 20-30 years.
Free to start. No bank connection needed. 150+ currencies, tax estimates for 20 countries.
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