Freelancers do not get an employer 401(k) match, but self-employment opens up retirement accounts that W-2 employees usually cannot touch, including ones that let you shelter far more than a Traditional or Roth IRA alone. The table below shows 2026 IRS contribution limits.
| Account | 2026 limit | Best for |
|---|---|---|
| Traditional or Roth IRA | $7,500/yr ($8,600 if 50+) | Simple, low-cost, works alongside any other plan |
| SEP-IRA | 25% of net self-employment earnings, up to $72,000 | Solo freelancers who want to save aggressively with minimal paperwork |
| Solo 401(k) | $24,500 employee deferral ($32,500 if 50+, $35,750 if 60–63) plus employer contributions, combined up to $72,000 | Higher earners who want the highest possible contribution ceiling |
| SIMPLE IRA | $17,000/yr | Freelancers who plan to hire employees soon |
Figures are 2026 IRS limits and subject to future inflation adjustments. This is general information, not personalized tax or investment advice. A CPA or fee-only financial planner can confirm what applies to your situation.