Without an employer 401k, freelancers must take charge of their own retirement. Moneko demystifies the process, helping you choose the right account, calculate your contributions, and build a nest egg that supports your independent lifestyle.
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Get answers to common questions about budgeting for freelancers.
It depends on your income. A SEP IRA is simple and allows you to contribute up to 25% of your net adjusted self-employment income. A Solo 401k can be even better, as it allows for both 'employee' and 'employer' contributions, often resulting in a higher total limit.
Aim to save 15-20% of your income for retirement. Because your income is variable, it's crucial to be disciplined and save more in high-earning months to make up for leaner ones.
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