4 Best Retirement Plans for Self-employed - According to Research

While traditional employees often have access to employer-sponsored retirement savings plans, freelancers are masters of their own financial futures, including their retirement planning. In an economy where the traditional job market is evolving, freelancers must embrace the responsibility of establishing and contributing to retirement savings. Independent workers forego the pension and matching 401(k) contributions that come with conventional employment, which necessitates a proactive approach to ensure financial stability in later years. Moreover, given the uncertain nature of freelance income, it is vital to plan ahead to avoid future financial instability. 

According to the Freelancers Union, an estimated 53 million Americans are freelancing, which accounts for around 34% of the workforce. This statistic not only highlights the significance of freelance work in today's economy but also underscores the urgency for a sizeable fraction of the workforce to understand and utilize self-managed retirement savings options.