Retirement Calculator

Freelancers do not get employer 401(k) matches, but they have powerful retirement options: SEP IRA, Solo 401(k), and SIMPLE IRA. Each has different contribution limits, tax treatment, and administrative requirements. Choosing the wrong one leaves money on the table or creates compliance risk.

Use this calculator to compare contribution limits and projected retirement savings under each plan. Consult a tax advisor before opening an account.

Project retirement savings based on current age, contributions, and expected returns.

How to use this tool

Fill in the form fields with your details.
Review the live preview as you type.
Use the action buttons below to download, print, or reset.

All calculations happen in your browser. No data is sent to any server.

Retirement Calculator

Your Details

Current Age

Retirement Age

Current Savings

Current retirement savings balance.

Monthly Contribution

Monthly amount you can contribute.

Expected Annual Return (%)

Expected annual return percentage.

Projection

Years to Grow35

Total Contributions$220,000.00

Projected Savings at Retirement$1,015,588.82

Assumes monthly compounding at 7% annual return.

Retirement Calculator FAQ

What retirement options do freelancers have?

Freelancers can use Solo 401(k), SEP IRA, SIMPLE IRA, or a personal IRA. Each has different contribution limits and tax benefits. A Solo 401(k) is great for high earners, while a SEP IRA is easy to set up with high limits.

How much should I save for retirement?

A common rule is to save 15-20% of your income. As a freelancer, aim to contribute the maximum allowed for your chosen retirement account type. Our calculator helps you project growth over time.

What is a SEP IRA vs Solo 401k?

A SEP IRA allows contributions up to 25% of net self-employment income, with simple administration. A Solo 401(k) lets you contribute as both employee and employer, potentially allowing higher total contributions, especially if you are over 50. A SEP IRA is simpler with higher contribution limits for employees; a Solo 401(k) offers more flexibility if you have no employees. For full details, read 2026 Freelance Tax Deductions.