How to Save for Retirement If You're Self-Employed: No 401(k), No Problem

Money Rehab with Nicole Lapin

Money News Network

Education, Self-improvement, Business

4.4 • 1.4K Ratings

🗓️ 14 April 2025

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s caller is living the freelance dream—flexible schedule, creative freedom, but… zero employer retirement benefits. If you’re self-employed and wondering how the heck you’re supposed to save for retirement without a 401(k), this episode is for you. Nicole breaks down the best retirement accounts for freelancers, how to reverse-engineer your savings plan, and how to turn “irregular income” into “regular savings.” Because yes, you can have a dreamy retirement, even without a W-2. To open your Traditional or Roth IRA today, go to public.com/moneyrehab Paid endorsement for Open to the Public Investing, Inc., member FINRA & SIPC. This information is for educational purposes only and is not tax or investment advice. Consult your tax advisor for individual considerations. Visit the IRS website for more information on the limitations and tax benefits of Traditional and Roth IRAs. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, member FINRA & SIPC. *Terms and Conditions apply. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Brokerage services for alternative assets are offered by Dalmore Group, LLC, member FINRA & SIPC. Brokerage services for treasury accounts offering 6-month T-Bills are offered by Jiko Securities, Inc., member FINRA & SIPC. Banking services are offered by Jiko Bank, a division of Mid-Central National Bank. Securities investments: Not FDIC Insured; No Bank Guarantee; May Lose Value. See public.com/#disclosures-main for more information. *APY as of 6/20/24, subject to change.

Transcript

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0:00.0	So I have written, count them five books now, but each time I'm in the writing process, I stay at an Airbnb. I love to stay at an Airbnb. When I was actually first launching this show, I was at an Airbnb in Arizona. It was so peaceful. It was stunning. I could be productive and comfortable. The Airbnb was also surrounded by a ton of havelinas. If you know Arizona,
0:23.3	you know they're like wild pig creatures, but honestly, I love them too. Being a way for work,
0:29.4	for fun, or both is a perfect opportunity to host your space on Airbnb. And if you think
0:35.5	that hosting is overwhelming, I have a solve for you. With Airbnb's
0:39.8	co-host network, it's easier than ever before to host. It's also a great way to earn some extra
0:44.9	cash, which I know we all love. Now you can hire a quality local co-host to take care of your
0:50.5	home and your guests. They can do everything from creating your listing to managing
0:55.4	reservations to messaging guests and even providing on-site support. So if you've got a secondary
1:01.1	property or an extended trip coming up and you need a little help hosting while you're away,
1:06.0	you can hire a co-host to do the work for you. Find a co-host at Airbnb.com slash host.
1:13.6	I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand. It's time for
1:19.4	some money rehab. When you're making your financial plan, there is a very, very important person that you always need to keep in mind.
1:33.7	Your future self, who deserves an awesome, dreamy retirement. Today I'm talking to a money rehabber who wants to make sure they're on track for retirement.
1:42.4	So today we talk about the different ways to reverse
1:44.4	engineer your retirement goals and the different retirement accounts that can help get you there.
1:49.2	Plus, I also give her my recommendation for which company to use when opening those accounts.
1:53.3	So let's get into it.
1:57.6	Stephanie, welcome to Money Rehab. Thank you. Thank you. I'm excited to be on and talking to you.
2:04.6	Well, I'm excited to have you. So I know you have a question about planning your financial future,
2:09.7	specifically retirement as a freelancer. And I love this question. It's a really important one
2:15.9	because you might not necessarily have the whole system of a 401k at a company.
2:20.6	So tell me a little bit about what you do for work and why retirement planning is hot on your mind.
	...

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