Checklist: Retirement Planning for Freelancers & Building a Financial Future Without a 401(k)

There are several retirement account options. Explore them to see which would be the most beneficial for you. Some of the most common options include a Traditional IRA, a Roth IRA, SEP IRA, a Solo 401(k), and brokerage accounts.

Defining your savings goals for retirement can help you create an action plan to reach them. Estimating your retirement needs, calculating a feasible monthly contribution amount, and considering inflation or any financial challenges can help put you on the right path to reaching your goals.

Creating a diversified portfolio includes investing in a variety of assets, considering the level of risk tolerance you want to take on, and regularly reviewing your portfolio will help you to create a strong and diverse portfolio.

Maximizing your tax-advantaged contributions, planning and preparing for the self-employment tax, and tracking your business expenses are all key ways to stay on top of your taxes and be prepared to file.

Building a strong emergency fund, preparing and planning for health costs, and adjusting your savings contributions to match your income level are ways to maintain flexibility and financial stability throughout a variety of life’s circumstances.

**For information purposes only. Always consult a healthcare, financial, investing, tax, or legal professional, as this content is not a comprehensive resource on these topics, should not be relied upon, and should not be considered medical, financial or legal advice. No guarantee or any warranties or representations as to the accuracy, applicability, completeness, or suitability for any purpose of the information contained herein is provided.