Retirement Planning When You’re Self-Employed (aka: It’s Just You, Buddy) 

Okay, let’s be real. 

If you’re self-employed, you’re already juggling a lot. Finding clients, sending invoices, Googling “how to write a professional follow-up email” at midnight—you’re out here doing everything. Including panicking about the future sometimes. 

And while your 9–5 friends are out here with employer-matched retirement plans and automatic payroll deductions, you’re just trying to remember if you paid your quarterly taxes. 

So… what about retirement? 

Let’s talk about it. Like actual humans. No buzzwords, no shame. 

🤔 First: Yes, You Do Need to Think About This 

Even if you love what you do and never want to retire (okay, chill), you’re probably still going to want the option someday to: 

• Slow down 
• Take a break 
• Not stress about money when you’re 70 and your back hurts from just existing 

No one’s going to build that safety net for you. There’s no HR department coming to save you. That kinda sucks, but also—it’s empowering. 

This is your thing. And you’ve got way more control than you think. 

💸 Start Where You Are—Not Where You Think You “Should” Be 

This is not about maxing out some retirement plan tomorrow. It’s about starting. Even if that means $25 a month. Or $100 a quarter. Seriously. 

Small contributions + time = magic. Don’t wait until you’re “making more.” If you wait for perfect, you’ll miss the power of starting now. 

🔧 Your Options (Explained Like a Friend, Not a Finance Bro) 

You’ve got a few ways to start saving. None of them are as scary as they sound. 

1. Roth or Traditional IRA 

• You can open these on your own. 
• Roth = pay tax now, don’t later. 
• Traditional = save on taxes now, pay later. 

If you’re earning less now and expect to earn more later, Roth usually makes more sense. (But honestly, either is better than doing nothing.) 

2. SEP IRA 

• This one’s for self-employed folks. 
• You can put in up to 25% of your income. 
• It’s tax-deductible (aka helps lower that painful tax bill). 

Perfect if you had a good year and want to stash a bigger chunk. 

3. Solo 401(k) 

• Big saving potential (up to $69,000 in 2024 if you earn enough). 
• Great if you want to get aggressive with your retirement plan. 
• A little more paperwork but very doable. 

If your business is growing and you’re ready to level up, this is a great option. 

🤖 Automate It (So You Don’t Have to Think About It) 

Let’s be honest: if saving for retirement depends on you remembering to transfer money every month, it’s not gonna happen. 

Set up an automatic transfer from your checking account to your retirement account. Doesn’t matter how small it is. You can always increase it later. The key is: don’t rely on your memory. 

Future You will be grateful that Past You got it together. 

🧾 Bonus: It’s a Tax Win 

A lot of retirement contributions reduce your taxable income. Translation: you pay less in taxes now while saving for later. That’s the financial equivalent of a high-five. 

If you hate paying the IRS (and let’s be real, who doesn’t), this part should be extra motivating. 

🧠 Reminder: You’re Allowed to Adjust as You Go 

Your income probably changes month to month. So should your savings. 

• Had a big client? Save more. 
• Had a slow month? Save less. 
• Forgot to save for six months straight? Start again. No guilt, no shame. 

This isn’t about being perfect—it’s about building a habit. 

💬 Final Thoughts: You’re the Boss. Take Care of Future You. 

You’re already doing the hard thing—running your own show. You’re building something, figuring it out, making it work. 

So yeah, planning for retirement as a self-employed human can feel overwhelming. But it’s also empowering. You’re in control. You don’t need permission. You don’t have to wait for someone else to offer you a plan. 

Start small. Be consistent. Adjust when life gets lifey. Keep going. 

One day, when you’re older, wiser, and maybe sipping a margarita on a Tuesday because you can—you’ll thank yourself.