How Can I Save for Retirement as a Freelancer

How Can I Save for Retirement as a Freelancer

Recent highlights:

1. Traditional IRA tax benefits: Contributions to traditional IRAs are tax-deductible and can thus lower your tax bill for the year you contribute.

2. Tax benefits: Contributions are made on an after-tax basis, your money grows tax free within a Roth IRA, and qualified withdrawals are tax-free.

3. Just as with the SEP IRA, you're required to contribute to your employees' SIMPLE IRA accounts.

4. Because of the way traditional IRA tax benefits work, this option may be best for freelancers who expect to retire in a lower income tax bracket than they are in now.

5. Tax benefits: Contributions to a SEP IRA are tax deductible

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