Contractor Retirement Calculator
See if you're on track for retirement and what you need to save as a self-employed contractor.
Self-employed contractors can often save MORE for retirement than W-2 employees—with bigger tax deductions. This calculator compares your options and shows your maximum contribution limits.
tune Your Situation
savings Retirement Projection
Projected Savings at Retirement
$0
20 years to retirement
$0
Monthly From Savings
$0
Total Monthly Income
$0
Target Nest Egg
0
Years Savings Last
Based on your current savings rate, you're projected to reach your retirement goals.
How to Use This Calculator
- Enter your net self-employment income
- See maximum contributions for each account type
- Compare tax savings between SEP IRA and Solo 401k
- Use the projection to see your retirement growth
SEP IRA vs Solo 401k for Contractors
| Feature | SEP IRA | Solo 401k |
|---|---|---|
| 2024 Max Contribution | $69,000 | $69,000 + $7,500 catch-up |
| Contribution Limit | 25% of net SE income | 25% employer + $23,000 employee |
| Setup Complexity | Simple (1 form) | More complex |
| Loan Option | No | Yes (up to $50K) |
| Roth Option | No | Yes |
| Best For | Simple needs, lower income | Max savings, want Roth/loans |
Quick Rule of Thumb
If your net self-employment income is under $150K and you want simplicity, go with a SEP IRA. If you want to maximize contributions or need loan access, choose a Solo 401k.