How to Save for Retirement If You're Self-Employed: No 401(k), No Problem

Apr 14, 2025

Navigating retirement as a self-employed individual can be daunting. This discussion dives into the best retirement accounts like Traditional and Roth IRAs tailored for freelancers. It emphasizes strategies for turning irregular income into consistent savings. Insights on budgeting and the unique challenges freelancers face highlight the importance of tailored financial education. Plus, there's a call to prioritize personal financial health, not just children's education, to ensure a secure future for the whole family.

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ANECDOTE

Freelancer's Budget Challenges

Stephanie shares her experience as a line producer managing budgets and schedules for film and theater projects.
She highlights the lack of a safety net and financial planning guidance in her freelance industry.

INSIGHT

Retirement Goal Setting Insight

Mapping out retirement requires setting a clear financial target based on your planned lifestyle and duration.
Estimating a 30-year retirement spending at current expenses helps set a nest egg goal.

ADVICE

Use Compound Interest Calculator

Use a compound interest calculator to project how your contributions will grow over time.
Adjust your monthly savings or retirement age based on these projections to meet your goals.

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Today’s caller is living the freelance dream—flexible schedule, creative freedom, but… zero employer retirement benefits. If you’re self-employed and wondering how the heck you’re supposed to save for retirement without a 401(k), this episode is for you. Nicole breaks down the best retirement accounts for freelancers, how to reverse-engineer your savings plan, and how to turn “irregular income” into “regular savings.” Because yes, you can have a dreamy retirement, even without a W-2.

To open your Traditional or Roth IRA today, go to public.com/moneyrehab

Paid endorsement for Open to the Public Investing, Inc., member FINRA & SIPC. This information is for educational purposes only and is not tax or investment advice. Consult your tax advisor for individual considerations. Visit the IRS website for more information on the limitations and tax benefits of Traditional and Roth IRAs. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, member FINRA & SIPC.

*Terms and Conditions apply.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Brokerage services for alternative assets are offered by Dalmore Group, LLC, member FINRA & SIPC. Brokerage services for treasury accounts offering 6-month T-Bills are offered by Jiko Securities, Inc., member FINRA & SIPC. Banking services are offered by Jiko Bank, a division of Mid-Central National Bank. Securities investments: Not FDIC Insured; No Bank Guarantee; May Lose Value. See public.com/#disclosures-main for more information.

*APY as of 6/20/24, subject to change.