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How to Save for Retirement if You’re Self-Employed

Nearly 30% of Americans had some kind of self-employment in 2019, according to Gallup and Intuit’s Gig Economy and Self-Employment Report, while 14% relied on self-employment as their primary income. While COVID-19 has likely produced significant temporary changes, the growth in self-employment and the gig economy remains intact.

There are many reasons for choosing self-employment, including greater flexibility or income potential, but one of the most common downsides is the lack of an employer-sponsored retirement plan. Unlike an employee that has a 401(k) or pension plan, self-employed individuals are on their own to save for retirement.

Let’s take a look at some of the best ways for self-employed individuals to save for retirement.

Be sure to check out the Retirement Channel to learn more about retirement planning concepts and strategies.

Determine How Much You Need

Choose the Right Type of Account

Find a Strategy to Be Successful

The Bottom Line