How much should I save for retirement?

Aim for 10-15% of income eventually. If that's not possible now, start with whatever you can (even 3-5%) and increase gradually. Something is infinitely better than nothing. Use our [Pay Calculator](/career-hub/tools/paycheck-calculator) to see what percentage is realistic for your situation.

Can I contribute to both an IRA and Solo 401(k)?

Yes! They're separate accounts with separate limits. Many self-employed workers max out a Solo 401(k) and also contribute to a Roth IRA for tax diversification.

What if I need the money before retirement?

Generally, early withdrawal triggers taxes and 10% penalties. However, Roth IRA contributions (not earnings) can be withdrawn anytime tax-free. Consider these accounts truly for retirement and keep separate [emergency savings](/career-hub/financial-tips/emergency-fund-guide).

Which broker should I choose?

[Fidelity](https://www.fidelity.com), [Schwab](https://www.schwab.com), and [Vanguard](https://www.vanguard.com) are all excellent choices with free accounts, no minimums, and low-cost index funds. Fidelity has the best mobile app. Schwab has branch locations. Vanguard pioneered low-cost investing. You can't go wrong with any of them.

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Retirement Saving for Gig Workers: IRA and 401(k) Guide | Indeed Flex

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Financial Tips

Retirement Saving for Gig Workers: IRA and 401(k) Guide

How gig workers can save for retirement. Traditional and Roth IRA options, Solo 401(k), contribution limits, and strategies for inconsistent income.

8 min read

Key Takeaways

Start saving for retirement now: even $50/month makes a significant difference
IRAs are accessible to anyone with earned income (no employer needed)
Self-employed workers have powerful options like Solo 401(k)s
Automate contributions to make saving effortless
Free accounts with no minimums are available at major brokers

Financial Information Disclaimer

The information on this page is for general educational purposes only and is not financial advice. Numbers shown are estimates that depend on your individual situation, location, and current market conditions. Consult a qualified financial advisor before making decisions about saving, investing, or managing income.

Why Must Gig Workers Self-Fund Retirement?

You can contribute up to $7,000/year to an IRA ($8,000 if 50+) with no employer needed, and every major broker lets you start with $0 (IRS, 2025). Without an employer 401(k), gig workers miss automatic payroll deductions and matching contributions, but the accounts available to you are actually more flexible.

Retirement and tax rules change. Consider having a US tax or pension specialist verify this for your situation.

The cost of waiting:

Starting Age	Monthly Savings	Value at 65
25	$200/month	~$500,000
35	$200/month	~$245,000
45	$200/month	~$115,000

Assumes 7% average annual return (S&P 500 historical average)

Start now, even if it's $50/month. Time is your biggest asset.

Traditional vs. Roth: The Tax Choice

Start earning on your own terms

Find flexible shifts that fit your financial goals

Download the app

Retirement Saving for Gig Workers: IRA and 401(k) Guide

Key Takeaways

Why Must Gig Workers Self-Fund Retirement?

Traditional vs. Roth: The Tax Choice

Frequently Asked Questions

Take Control of Your Finances

IRA Basics

Solo 401(k) for Self-Employed

SEP-IRA: The Simpler Alternative

Making It Automatic

Start Today: Even if It's Small

Manage Your Money Better

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