Planning for retirement as a freelancer or solopreneur can be tricky, but a Self-Employed 401(k) (also called a Solo 401(k)) makes it possible to build serious retirement savings — while saving on taxes too. This Self-Employed 401(k) Calculator helps you estimate how much you can contribute based on your income.

If you’re your own boss, use this tool to find out your maximum annual 401(k) contribution limit for freelancers and prepare for a financially secure future.

What This Calculator Does

This freelancer retirement calculator determines the maximum contribution you can make to a Solo 401(k), factoring in your:

  • Net self-employment income
  • Age (special catch-up rules apply if you’re over 50)
  • Employer vs employee contribution split

Freelancers wear two hats — both as employee and employer — and this tool helps you figure out both parts of your potential contributions.

How the Calculator Works

To get started, you’ll enter:

  • Net Business Income – Your income after expenses (pre-tax)
  • Your Age – Determines if you qualify for catch-up contributions
  • Contribution Type – Calculates solo 401k contribution limit (both employee deferral and employer profit-sharing portions)

The result shows your total Solo 401(k) contribution limit, broken down into:

  • Employee Contribution – Up to $23,000 (2025 limit), or $30,500 if age 50+
  • Employer Contribution – Up to 25% of net income
  • Total Possible Contribution – Capped at $66,000 (or $73,500 if age 50+ in 2025)

Bonus Tip: Contributions are tax-deferred, which lowers your taxable income for the year!

Why Freelancers Should Consider a Solo 401(k)

If you’re self-employed with no full-time employees (other than your spouse), a Solo 401(k) is one of the most powerful retirement tools available. Here’s why:

✅ Major Benefits:

  • High contribution limits compared to IRAs
  • Tax-deferred or Roth options for flexibility
  • Reduces taxable income, saving you thousands in taxes
  • Easy to set up and maintain with most brokerages

When to Use This Calculator

Use the Self-Employed 401(k) Calculator if you:

  • Are a freelancer, consultant, or solopreneur
  • Want to maximize retirement contributions
  • Are planning end-of-year tax strategies
  • Need to decide between a Solo 401(k) vs SEP IRA
  • Want to determine if you qualify for catch-up contributions

How to Open a Solo 401(k)

If you don’t already have one, here’s how to get started:

  1. Choose a brokerage (Fidelity, Vanguard, Charles Schwab, etc.)
  2. Open a Solo 401(k) or Individual 401(k) plan
  3. Fund your account with employee and employer contributions
  4. Track your contributions with this 401k calculator for independent contractors regularly

Secure Your Future with Smarter Freelance Finances

You work hard to build your freelance income — now make sure you’re saving smart. This freelance tax-deferred savings calculator gives you clarity on what’s possible, whether you’re doing year-end planning or setting goals for the new year.

Bookmark this page and use it every year to max out your contributions and grow your wealth — the self-employed way.