Without access to an employer-sponsored retirement plan, freelancers need to be more intentional about building retirement savings, but several account types are specifically designed for self-employed income.
Options commonly used by freelancers include a traditional or Roth IRA for simpler, lower-contribution needs, and a Solo 401k or SEP IRA for those wanting to contribute larger amounts as income grows. Each has different contribution limits and tax treatment.
Starting with even a small, automatic contribution creates a habit that is far easier to build on than waiting for the perfect moment to start with a large amount. This article is general education, not personalized retirement advice, and a financial professional can help determine which account fits your situation.