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Saving for Retirement as a Freelancer/Contractor

KatherineLu'sKatherine·Feb 15, 2021
Posted in:Money
I've been freelance for a couple of years, and have suddenly woken up to the fact that I have not been taking care of my financial health. The first years out of college I was busy navigating what my career path should be, figuring out life etc, that I've been pretty disengaged with addressing what my retirement plan should be!I just started a Roth IRA and maxed it out at $6000 for 2020. Without the help of a fulltime employer, I am kind of lost as to what else I can do as a freelancer setting up their own retirement accounts.Can someone point me in resources or steps I can take? In general, I'm also looking to take charge while I'm still in my late 20s to take the right steps. Thank you!
teresaman'steresaman·Feb 15, 2021
I think you can open up a s Solo 401k as a freelancer! The contribution limit there is a lot higher than an IRA which would help with tax-advantaged investments for your retirement :)
jikajika'sjikajika·Dec 23, 2021
Hug a snuffleupaugus, I didn't know this!!!That's it. I'm getting a tax accountant this year...
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